About YAM v1 Defi Coin
YAM v1 Defi Coin launched on August 12th, 2020 as An Experiment in Fair Farming, Governance, and Elasticity. Yam Protocol mashes up some of the most exciting innovations in programmable money and governance. Built by a team of DeFi natives, but now controlled by the community. On December 29th, 2020 the Yam community has voted to disable the rebasing / elastic supply function of Yam and the scaling factor of Yam has been fixed at 2.50.
Originally, YAM was an elastic supply cryptocurrency, which expanded and contracted supply in response to market conditions, targeting 1 USDC per YAM. This stability mechanism was supplemented by one key addition to existing elastic supply models: a portion of each supply expansion was used to buy yUSD/ETH and added to the Yam treasury, which is controlled via Yam community governance.
YAM v1 Defi Coin now acts as a DAO governance token and has evolved into a launch pad for DeFi projects supported by a community governed treasury. Yam is currently developing multiple projects including Umbrella (Smart Contract Insurance), Degenerative.Finance (Synthetics) and Yam DAO Set (Set Protocol DAO Investment fund). All of which will generate revenue for Yam. For most current projects, please visit us on Discord.
Quick Fact About YAM v1 Defi Coin
|DEFI Coin Name||YAM v1 Defi Coin|
|Circulating Supply||28,619,369 YAM|
|Source Code||Click Here To View Source Code|
|Explorers||Click Here To Visit|
|Twitter Group||Click Here To Visit Twitter Group|
|Documentation||Click Here To View|
|Official Project Website||Click Here To Visit Project Website|
Before the Yam community voted to disable the rebasing/elastic supply function, every positive rebase, the treasury mints 5% of the rebase amount and sells YAM to the YAM/ETH Sushiswap pool. The ETH acquired through this action is sent to the treasury which is managed by YAM holders. The current treasury amount can be seen on yam.finance.
YAM v1 price today is $2.98 USD with a 24-hour trading volume of $10,738.67 USD. YAM v1 is up 87.82% in the last 24 hours. The current CoinMarketCap ranking is #250, with a market cap of $85,249,701 USD. It has a circulating supply of 28,619,369 YAM coins and the max. supply is not available.
The Yam treasury is controlled by the Yam community and as the community and Yam evolves there have been multiple use cases for the treasury.
YAM v1 Defi Coin is a community run Decentralized Autonomous Organization (DAO) innovating at the intersection of decentralized governance and programmable finance, bound by shared financial incentives with the goal of empowering people with greater economic benefits and financial well being within the emerging world of Decentralized Finance (DeFi). Yam mission and vision is supported via three guiding pillars.
Fair and Ethical Distribution
By the community, for the community. We are an ultra-committed community of doers embracing an open, fair and ethical philosophy. The Yam community fosters an inclusive, energetic and collaborative culture committed to building valuable products and infrastructure that benefit the Yam community.
Decentralized On-Chain Governance and Treasury
YAM v1 Defi Coin is committed to decentralized protocol ownership, leveraging its powerful and forward-looking community to both build and guide the protocol forward. The community decides together how best to invest the treasury and grow the protocol which can only be performed with approval from YAM holders’ on-chain votes.
Innovation: Unique economics with cutting edge experimentation
Yam seeks to enable the very promise of what DeFi can become for the world: a global, permissionless financial ecosystem. Think of Yam as an idea factory dedicated to creating new innovations and launching experiments. Yam is therefore in uncharted waters, full of unknowns and possibilities, and we like it here. In the midst of these unknowns and possibilities, Yam’s mission serves as its north star.
YAM Factory is designed to support teams who want to build applications and tools for the YAM Ecosystem and help Yam’s network grow and flourish. To help teams succeed, YAM Factory will provide capital, mentorship, and support services. YAM Factory’s goal is to foster a creative space to help teams workshop their ideas, build them up, and share with users of the YAM Ecosystem..
YAM v1 Defi Coin smart contract exploits have been a constant threat to the ecosystem, and it’s become clear that new risk management solutions must be created to supplement security audits. These solutions should be DeFi native, leveraging Ethereum’s unique capabilities, operating as open and permissionless, and balancing decentralized governance and immutability.