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YAM Finance Explodes in surprise launch, garners millions in just hours.

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yam finance

YAM Finance: What is it? The YAM Token

YAM v1 (YAMV1)
5.66%
$ 0.010198
$ 0.000577
⇣ 0.010198
21 Sep
⇡ 0.011961

UPDATE: As of Wednesday 8/12/20 12:51 pm PST :

First rebase was successful, so essentially a “stock split” happened and YAM holders that first bought yesterday, multiplied their shares by 8.9x.

Over 509 million in Total Value Locked (TVL) in just 24 hours for YAM Finance!

yam token
yam.tools

Yam Finance shocked the DeFi world Tuesday morning, making a surprise announcement detailing their new project:

yam finance

Twitter was quick to pick up on the hype about YAM.




YAM is an “elastic cryptocurrency” that will expand its offering over time. Its initial $1 target per YAM is now valued at $71.42 USD as of 5:07 pm Pacific Standard Time. It is an experimental protocol that brings together two of the most important components of blockchain technology: the YCRV and the token. Once the Treasury starts to consider the growth potential of y-CRV, the future allocation of capital by its token holders can be controlled, as can the return it can generate.

You can view the etherscan link for YAM here: https://etherscan.io/token/0x0e2298E3B3390e3b945a5456fBf59eCc3f55DA16#balances

yam finance

YAM Finance is certainly interesting, and many are comparing it immediately to Yearn Finance and $YFI. We will definitely be keeping an eye on it. You can either farm YAM or get it on UniSwap here, which is the only way to purchase it currently.

You can follow YAM Finance at https://twitter.com/YamFinance .

Thanks for reading about YAM Finance!

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Hot Projects 🔥

UNI Token- Uniswap Token: Here’s what you need to know about its usecase.

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UNI Token – The new Governance token from Uniswap

uni token

UNI, the Uniswap governance protocol token is live. In order to combat the strong competitive force especially from the AMM Sushiswap, Uniswap initiated their surprise launch. Ever since Uniswap started its operation it has always vouched to be a trustless platform with a vision to make it as decentralized as possible. The new UNI token protocol will be available through four liquidity mining pools. UNI token holders can in the future vote to add more pools after the initial 30-day governance grace period. Read on to find more out details about the usecase of the token itself.

About Uniswap 

Uniswap has always been inspired by Ethereum’s vision and has for long committed itself to the vision of permissionless access, security, and immutability. These three aspects are extremely important from the perspective of reaching out to financial services without the need to worry about discrimination or lack of accessibility. Uniswap to date stands as a huge competition to some of its centralized counterparts. And whatever success Uniswap has achieved until now has been without the involvement of the core development team indicating demand for permissionless financial services.

In less than 2 years, the protocol has already Supported over $20bn volume traded by 250,000 unique addresses across 8,484 unique assets. It has roped in integrations with hundreds of interfaces and applications. Uniswap is deemed fit to be positioned for community-led growth and self-sustainability. The introduction of UNI, an ERC-20 token serves the purposes and will also facilitate shared community ownership which will actively guide the project further. 

Further Uniswap is known to embrace and apply the philosophies of neutrality and minimization. The governance framework will be limited to contributing to the protocol’s usage and development and in the long-term, it will look at broadening the scope of Uniswap. 

How will the UNI Toke be allocated?

1 billion UNI have been minted at the genesis which will be accessible over a period of 4 years. The 4-years of initial allocation will be executed in the following manner.

  • 60.00% to the members of Uniswap community [600,000,000 UNI]
  • 21.51% to team members and future employees with 4-year vesting [215,101,000 UNI]
  • 17.80% to investors with 4-year vesting [178,000,000 UNI]
  • .069% to advisors with 4-year vesting [6,899,000 UNI]

Also, there will be a perpetual inflation rate of 2% per year which will start after 4 years. This will ensure there is continuous participation and relevant contributions are made to Uniswap. 

uni token allocation

For Uniswap, its community has the biggest hand in registering success over the last two years. 

UNI Token + Uniswap Liquidity Mining program

An initial liquidity mining program will go live on September 18 2020 12:00 am UTC. The initial program will be functional until November 17 2020 12:00 am UTC and will target 4 pools on Uniswap Version 2

  • ETH/USDT
  • ETH/USDC
  • ETH/DAI
  • ETH/WBTC

5,000,000 UNI will be allocated to each and every pool to LPs proportional to liquidity, which can be roughly estimated as given below:

  • 83,333.33 UNI per pool per day
  • 54 UNI per pool per block

Once the 30-day governance period will reach its vesting edge point, the Uniswap governance will manage and administer all UNI vested to the Uniswap treasury. In this period, governance can vote in order to allocate UNI towards grants, partnerships, additional liquidity mining pools, and other important concerns. 

Community Matters

Uniswap governance is live from day 1, but the control over the treasury will be delayed until October 17th, 2020. The grace period will provide the community with an understanding of the nuances of the governance system. They can easily begin their deliberations on potential governance proposals.

UNI token holders will also ensure that governance decisions are taken keeping in mind laws and regulations surrounding it. In order to make this happen a fee switch has been initialized so that the UNI holders can use their contracts to vote on tokens for which they will collect fees. Major credit for the success of the Uniswap protocol goes to its community and it will continue to rely on the community to ensure great proposals are voted for.

UNI holders will have immediate ownership of:

  • Uniswap governance
  • UNI community treasury
  • The protocol fee switch
  • eth ENS
  • Uniswap Default List (tokens.uniswap.eth)
  • SOCKS liquidity tokens

UNI Token Resources

UNI Token: https://etherscan.io/token/0x1f9840a85d5af5bf1d1762f925bdaddc4201f984

Liquidity mining: 

Governance:

https://etherscan.io/address/0x5e4be8Bc9637f0EAA1A755019e06A68ce081D58F

CoinGecko:

https://www.coingecko.com/en/coins/uniswap


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PERSON OF THE WEEK

Bobby Ong of CoinGecko: DeFiRev.com Exclusive Interview

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This week DeFiRev.com caught up with Bobby Ong of CoinGecko. We are a huge fan of CoinGecko, which is consistently delivering excellent features and is an incredible resource for the entire DeFi Community.

This interview is special because Bobby Ong is also DeFiRev.com‘s Person of the Week! Bobby, you truly deserve it, you and the entire team at CoinGecko has been working tirelessly to provide the latest and greatest to all of us DeFi fans. We really appreciate all your hard work.

Thanks CoinGecko and Congrats Bobby!

bobby ong

Hi Bobby! Please tell us about your origin story and the CoinGecko journey.

BO: I did my studies in University College London, majoring in Economics. After graduating in 2012, I came back to my home in Malaysia. I found out about Bitcoin in 2013 as I was learning how to code and got really interested in the potential that blockchain technology has to offer. 

I knew that I had to play a role in this industry that will be fast-growing in the coming decades. A chance encounter with my co-founder, TM Lee led us to start CoinGecko. We were both interested in cryptocurrencies and wanted a way to get additional data related to cryptocurrencies such as community and developer stats to help us quickly compare cryptocurrencies and help us with some fundamental analysis. There was no such service and we started CoinGecko to solve our own needs. 

How has CoinGecko become so dominant? What differentiates CoinGecko with some of the other aggregators?

BO: CoinGecko is the most comprehensive crypto data aggregator. We track close to 6,000 tokens from nearly 400 exchanges. Any actively traded token that is of interest, you would be certain to find it on CoinGecko. We track multiple decentralized exchanges and was the first crypto data aggregator to track DeFi DEXs such as Uniswap, Curve, Balancer, Mooniswap and more. 

We are also the first crypto data aggregator to track the crypto derivatives market. We also track the leveraged ETF / leveraged token market too. The crypto market moves fast and constantly introduces new products which we work hard to accurately track for the benefit of the crypto community. 

We also offer a free-to-use crypto API, which is very popular and easy to use. We see it as our duty to the crypto community to expand this industry and, by having a user-friendly API, we aim to inspire more people to join this ecosystem and provide a better user experience by making such crypto data available to users. Many crypto analysts also use our crypto API to look at market performance on their Google Spreadsheets and we are very pleased to support it.

CoinGecko was also the first crypto data aggregator to introduce a solution to exchanges’ rampant wash trading and fake volume issue. Our Trust Score algorithm incorporates other variables beyond trading volume such as the bid/ask spread, ±2% orderbook depth, exchange website traffic estimate, and cybersecurity features to assess the actual liquidity and quality of exchanges. Our Trust Score algorithm has improved the experience of users on CoinGecko and now we have higher quality exchanges sorted at the top of CoinGecko instead of exchanges conducting massive wash-trading. 

Bitcoin to date has solved some of its biggest challenges. Now resolving much of the survival issues, do you think the right question to be asked is whether Bitcoin will reach $100k or when will it reach $100k?

BO: It is always very hard to make price predictions but I believe that Bitcoin will eventually hit $100k. It’s not a matter of if but when. Maybe it will happen in the coming bull cycle or in the next few bull cycles. I don’t know when but I believe it will reach it at some point in the future.

Why do you think DeFi is getting so much attention from crypto investors at this very moment?

BO: DeFi started getting a lot of attention this year due to the liquidity mining / yield farming craze. In this zero or negative interest-rate environment, people are looking for asset classes that can protect their wealth and provide higher yield than bank deposits.

The incentives being offered by the various DeFi protocols are very lucrative despite the high risks involved. All of this was started by Compound which distributes their COMP token to borrowers and lenders to grow their liquidity pool. The success of Compound got other stakeholders in the crypto industry to take notice and to implement a similar incentive structure. The new incentives are typically offered with higher yield to get the attention of the crypto community thus fuelling the DeFi growth further.  

What are the best blockchain adoption strategies in your opinion?

BO: I think games will be a key driver for blockchain to reach mainstream adoption in the future. I foresee a future where users will be using applications on their mobile devices that interact with the blockchain on the backend without the user even realizing it. 

Any thoughts on the lack of political will to address the lack of any streamlined regulations regarding digital assets and their elemental technologies?

BO: Innovation is constantly happening at breakneck speed in the blockchain ecosystem. However, regulations are always lagging behind innovation. At some point, regulators will catch-up with the progress and put in place regulations. All we can do is lobby and hope that the regulations will be progressive for the development of this industry.

When you’re not working what do you like to do for fun?

BO: I enjoy road biking and like to cycle with my friends when I have time.

No crypto interview is incomplete without a prediction question; Which cryptocurrency is likely to explode in 2021?

BO: It’s really hard to give predictions as the crypto market as we know can be crazy! I would say 2021 may be the year to watch Ethereum’s development closely as it goes ahead with its ETH 2.0 plan.


Thank you Bobby and congratulations again on being the Person of the Week! We can’t wait to see what CoinGecko has in store for all of us next!

-The DeFiRev Team


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News

YFI to be added to Coinbase

yfi coinbase
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YFI, arguably the most beloved DeFi token will be added to Coinbase Pro next Monday, September 14th, 2020.

This signals a major new chapter within the YFI community, which has taken the whole DeFi sector by storm.

YFI is currently trading at $32,786 USD or 3.19167 BTC as of 8:07pm PST.


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