Share this article
BTC
$79,255.81
+
1.32%ETH
$1,527.73
+
1.41%USDT
$0.9993
+
0.00%XRP
$1.8962
+
0.16%BNB
$568.95
+
2.01%USDC
$1.0001
+
0.01%SOL
$109.68
+
3.31%DOGE
$0.1504
+
2.62%TRX
$0.2322
-
0.43%ADA
$0.5885
+
1.26%LEO
$9.1615
+
1.74%TON
$3.0829
+
3.49%LINK
$11.65
+
4.31%AVAX
$17.57
+
5.72%XLM
$0.2273
+
0.07%SHIB
$0.0₄1127
+
3.28%HBAR
$0.1549
+
2.76%SUI
$2.0151
+
1.13%OM
$6.3407
+
2.05%BCH
$279.33
+
1.64%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menuConsensus
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars & Events
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.
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.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- 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.
- 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.
See also: Deposits in ‘Monetary Experiment’ Meme Token YAM Break $460M
UPDATE (Aug. 13, 10:45 UTC): This article has been updated to include the Gate.io announcement.
Paddy Baker
Paddy Baker is a London-based cryptocurrency reporter. He was previously senior journalist at Crypto Briefing. Paddy holds positions in BTC and ETH, as well as smaller amounts of LTC, ZIL, NEO, BNB and BSV.
