The absence of an audit did not prevent the YAM DeFi project from raising $ 76 million in its pools per hour
DeFi farmers continue to look for new ways to capitalize on the latest trend in the cryptocurrency industry. This time, the YAM project with a flexible volume of tokens in circulation model similar to Ampleforth aroused massive interest.
Yam is described by its creators as “an experimental protocol that incorporates some of the most exciting innovations in programmable money and management.” The project started on Tuesday at 22:00 Moscow time. It allows you to earn tokens by making deposits to eight staking pools. Liquidity providers are encouraged to deposit the following assets: COMP, LEND, LINK, MKR, SNX, WETH, YFI and ETH / AMPL Uniswap v2 LP tokens.
According to The Block’s estimates, $ 76 million worth of tokens were deposited into Yam pools in the first hour of the project’s operation, despite the developers’ warning that their contracts were not audited..
“We urge you to be vigilant if you choose to interact with these contracts. It is highly desirable to conduct a proper professional audit if this project is to be used at a meaningful level, “they write..
Earlier it became known about the likely exit scam of two small projects listed on the Uniswap decentralized exchange.
The organizers of the Chinese project Nugs.space (NUGS) referred to a bug in the smart contract and stated that it was impossible to fix it. They noted that their proposal “should not be seen as an investment,” however several people on Twitter said they had invested in NUGS. The token was listed on Uniswap on Monday and experienced a 20 percent rise before losing value entirely.
The Nexeum Protocol (NEXE) project has also been added to Uniswap; soon his social media accounts were disabled. Scammers take advantage of the decentralized nature of Uniswap, allowing anyone to add tokens without any selection criteria.