Author Nikolay Bondarchuk on Tuesday launched its new project decentralized financing (DeFi) YAM. Despite the fact that smart contracts have not passed any audits, investors have invested $76 million in just over an hour.
YAM is “token with elastic quantity”, that is, the project produces and burns tokens if necessary, in response to market conditions. The developers have distributed the tokens to 8 steningevik pools. In exchange for the YAM fit COMP, LEND, LINK, MKR, SNX, WETH, YFU and ETH/AMPL v2 Uniswap LP.
Note that the project was created by five developers and acts more as an experiment. The developers warn that smart contracts have not passed a security audit, so you need to invest with extreme caution:
“We urge caution to all who choose to participate in this project. We believe that a professional audit would be a good addition, if the project is of any real use”.
Recall that, as reported earlier this month, the company launched a Alchemy platform with the necessary tools to create decentralized applications on the blockchain.