The DeFi space continues to amaze as there’s something unbelievable happening almost every other day.
YAM – a cryptocurrency created less than a day ago with absolutely no economic value at launch, is currently trading at over $150.
And that’s not even the part that’s hard to grasp. In less than 24 hours, the cryptocurrency community has locked $500 million in DeFi protocols to farm YAM. This led to a market-wide increase as all of the supported protocols see their native tokens skyrocket.
YAM Pushes DeFi Tokens Higher
CryptoPotato reported earlier today that YAM is driving the entire DeFi space higher. At the time we published the article, however, the TVL in YAM-related pools was about $300 million. Now, less than 12 hours later, the number has increased to half a billion.
There are eight tokens that are available for YAM staking and high yield farming. These include COMP, MKR, LEND, LINK, YFI, SNX, wBTC, and ETH/AMPL Uniswap v2.
In other words, people who stake in these pools receive YAM tokens, which are currently trading at around $156 each.
Consequently, people have been buying all of these protocols tokens, which propped a massive surge in their prices.
At the time of this writing, COMP is up by 55%, Ampleforth is up 36%, SNX is up 32.35%, MKR is up 31%, LINK is up 21%, and so forth. Virtually all of the respective tokens are charting double-digit increases.
The most exciting thing about YAM is that it combines bits of both YFI and AMPL – it had no pre-mine, and it has an elastic supply with a target price of $1. This means that if the price remains where it is right now, users are in for a rebase of around 1500%, should the formula be the same as that for AMPL.
The Hype is Real
The entire crypto Twitter is talking about YAM. Some of the most influential accounts have talked about it, including BitMEX CEO Arthur Hayes, whos said that he’s also a “YAM farmer.”
— Arthur Hayes (@CryptoHayes) August 12, 2020
Binance Academy, the educational arm of the leading cryptocurrency exchange, also dove deeper into the project, outlining some of its characteristics.
In any case, the rebase period for YAM is set to 12 hours, unlike AMPL’s 24 hours rebase. The first one should take part after the second distribution, which is scheduled for today at 8 PM UTC. It’s interesting to see how this will turn out.
If one thing is certain, though, it’s that there’s a 2017-like feeling amid a lot of the people who’ve gone through the ICO bubble back then.