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$200M Staked in YAM-Inspired DeFi Protocol in Under 12 Hours

The DeFi craze continues as investors stake $200 million in a new yield farming protocol that's not even 12 hours old yet.

Aug 19, 2020 at 9:03 a.m. UTC
Updated Sep 14, 2021 at 9:45 a.m. UTC

The yield-farming craze continues: Investors have poured $200 million into a meme coin that's barely 12 hours old, has no public figurehead or any audited code.

  • Spaghetti Money offers staking pools in several DeFi tokens, including yEarn (YFI), Maker (MKR), and Compound (COMP).
  • Launching 10 hours ago, investors have so far staked a total of $203 million in digital assets into its protocol. Total value locked (TVL) had surged by $3 million just as CoinDesk was going to press.
  • Spaghetti doesn't have a public team nor has its code been audited. Some of the code for staking rewards came from YAM – another yield farming protocol that went up in a fireball last week.
  • There's also a native PASTA token – that has no function since there isn't a governance model – that will be publicly distributed through a staking pool sometime in the next seven days.
  • Spaghetti is the latest in a series of "meme" coins that come up overnight with a catchy name and emoji to attract traders to stake millions of dollars into their pools.
  • There's now a prediction on decentralized survey site Prediqt betting Spaghetti will attract a total of $500 million TVL within the first 36 hours – something it's currently on track to make.
  • On Twitter, founder Robert Leshner of Compound, the first protocol to experience a yield farming craze, said that if Spaghetti's TVL hits $500 million then "the industry needs to self-regulate and stop launching these meme farming games."
  • The protocol's Twitter account caused confusion after it said Spaghetti was an ETC20 – rather than ERC20 – leading some to think it was launching on Ethereum Classic. The erroneous tweet hasn't been corrected.

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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