Five Hours to Failure: The 'Save Yam' Proposal Is Falling Short

The future of the Yam Finance yield farming protocol hangs in the balance as it awaits token deposits for a governance vote that could save the project.

With less than five hours to go, Yam is only a third of the way towards the 160,000 tokens required.

A code bug discovered earlier today in one of Yam Finance's smart contracts sent the hottest thing in DeFi into a tailspin as it scrambles to find a fix through its decentralized governance system.

If we are successful, YAM holders will very likely vote to reward those voters who help save the protocol.

Co/N56vSYgeVF.- Yam Finance August 13, 2020 The code flaw causes more tokens than were intended to be minted through a system called 'rebasing' which was supposed to allocate ten percent of them into a treasury via a dollar-pegged stablecoin.

It was initially thought that 35,000 YAM tokens would be enough to achieve a governance vote.

The 'Save Yam' blog post summarizing recent events added that if governance is unable to submit a bug-fix proposal prior to the second rebase, no further governance actions will be possible due to the amount of YAM in the reserve.

"If this happens, the YAM treasury will become ungovernable and these funds will be lost."

Delegated tokens need to remain in Yam wallets until 9am UTC Sunday, August 16, for them to count, which presents another risk for yield farmers if the platform collapses.

Coopahtroopa August 13, 2020 Hero to zeroThe YAM token was launched with zero value, but rapidly surged to a high in excess of $165 according to Coingecko.