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YAM's Market Cap Falls From $60M to Zero in 35 Minutes

YAM’s market cap fell to zero just minutes after the co-founder pronounced the yield farming project dead. A rescue plan is now in the cards.

Aug 13, 2020 at 9:45 a.m. UTC
Updated Sep 14, 2021 at 9:43 a.m. UTC

Two-day-old DeFi project YAM has seen its market cap evaporate in under an hour as a desperate last-minute attempt to fix a bug in the code ultimately failed.

  • Data from price site CoinGecko shows the total value of YAM collapsed from roughly $60 million at 07:40 UTC to $0 by 08:15 – barely 35 minutes later.
  • The price of YAM tokens, which peaked at roughly $167 at 17:30 UTC, had spiraled down to barely $14 at just before 08:00.

YAM Market Cap (CoinGecko)

  • Having only launched Tuesday, YAM was a yield farming protocol where tokens were intended to keep parity with the U.S. dollar through loosening or contracting supply.
  • Its relative newness, though, meant the code hadn't been properly audited; a bug was soon discovered that effectively meant the protocol would keep printing "dud" YAM tokens that would prevent token holders from making any governance decisions.
  • A last-minute attempt to save the protocol ultimately failed and co-founder Brock Elmore pronounced the project dead at 08:01 UTC.
  • Yam's market cap went to zero moments later.
  • The project announced a plan to migrate to YAM 2.0 just before press time.
  • Crypto exchange Gate.io announced it will reinstate deposits, withdrawals for YAM, with trading set to resume at 14:30 UTC.

UPDATE (Aug. 13, 10:45 UTC): This article has been updated to include the Gate.io announcement.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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