A novelty within the social media and cryptocurrency universe has been the talk of the town.
Recently, the Twitterverse who has a fascination in crypto has been captivated by a newly-introduced protocol called YAM.
Resembling like its other kinds called Ampleforth, the systems have provided almost, if not exceeding, in terms of its regular rebasing – with the usual “meme potential” as other popular DeFi tokens such as YFI.
Launched as a DeFi protocol named yam.finance can be concluded as a hybrid of the features of YFI and AMPL.
A promising new model for crypto, this is predicted to boom, with combined potential and flexibility
In an interval of 12-hours, the token will undergo a rebasing that navigates the circulating supply to try to bring the token’s price down to parity with its intended $1.00 peg.
Called, YAM – the experimental ideas have gone viral on social media, with luminaries from the industry like BitMEX founder Arthur Hayes announcing that they subscribe and make the token be known more.
With this endorsement, its price to rocket to well over $100, notably above its intended price of $1.00. The total value locked (TVL) within the platform has also skyrocketed nearly $500 million. This all happened less than 24 hours after it had been introduced to the mark.
Some also forecasted massive volatility for the mentioned crypto-token is set to be expected in the coming days.
The protocol launch is said to reignited investor’s interest in DeFi.
Shortly after its launch, the COMP farming pool’s high yields and popularity catapulted the compound government tokens to balloon to over 50%. This, in turn, proceeded with the entire Defi sector to climb higher.
The far-reaching impacts that YAM’s popularity turned the entire crypto market in an uproar, suggesting that decentralized finance is still an incredibly influential trend.