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Revenge of the Yams (Yam Finance)

Feb 9, 2021 · 9 min read

By Alex Gedevani

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 vi

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