Rewind back to the summer. Remember the madness triggered by Yam Finance? The yield farming experience, coupled with the ups and downs made Yam the talk of the town. One thing I’ve learned so far is to not so easily count out projects that have had missteps in the past. Sushiswap had a remarkable turnaround and it won’t be the last protocol to do so. The list goes on with the likes of Harvest, Pickle, and the best case example being Aave.
As a quick refresher, last summer Yam went through a rollercoaster period in a span of 48 hours. The project witnessed deposits surge to $600m, a skyrocketing price, a bug in the rebase contract, followed by a failure in the attempt to fix it. The months following were a difficult phase with a number of implementations for users to move to: Yam, YamV2, YamV3. Funny enough, the rebases ended up boosting the treasury with yUSD being purchased on positive rebases. However, the rebase mechanism was not a sufficient means for the long term viability of the project and was shut off in December. February 15th marks a new beginning for the project. It’s the deadline for Yam V2 migration to V3, after which Yam v2 will no longer have a purpose. This reduces confusion with now one token in focus.
Yam Finance is undergoing a shift in identity from an elastic supply project to a community driven group aiming to build synergistic DeFi products for the emerging DeFi ecosystem. At the core of this is Yam, for which the DAO is driving