{"id":434372,"date":"2020-08-12T18:19:42","date_gmt":"2020-08-12T18:19:42","guid":{"rendered":"https:\/\/wncen.com\/?p=434372"},"modified":"2020-08-12T18:19:42","modified_gmt":"2020-08-12T18:19:42","slug":"ethereum-defis-yam-protocol-encounters-first-bug-user-funds-secure","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-defis-yam-protocol-encounters-first-bug-user-funds-secure\/","title":{"rendered":"Ethereum DeFi’s “Yam” Protocol Encounters First Bug; User Funds Secure"},"content":{"rendered":"

Ethereum’s Yam Finance protocol has been the hottest crypto project of the past 24 hours. As reported by NewsBTC previously<\/a>, the unaudited<\/em> protocol managed to garner $400 million worth of value in under 24 hours, with investors throwing boatloads of capital at the project.<\/p>\n

The token of the protocol, YAM, is behind this exponential explosion in activity and value in the DeFi space.<\/p>\n

Unfortunately, it was just revealed that Yam’s developers found a bug in one of the contracts pertaining to the protocol. Fortunately, though, the funds of users should be safe for the time being.<\/p>\n

Bug Found In Yam’s Rebasing Contract<\/strong><\/h2>\n

According to a thread shared by Yam’s developers,<\/a> a bug was just found in the rebasing contract. The rebasing contract is the platform through which the supply of YAM is recalculated and redistributed every 12 hours to bring the price of the asset towards $1.<\/p>\n

The staking contracts, which hold over $400 million worth of value, are “safe, as this is an unrelated part of the protocol.” The YAM that users hold is also unaffected.<\/p>\n

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We have found a bug in the rebasing contract, please read below.<\/p>\n

All funds in staking contract are safe, as this is an unrelated part of the protocol. <\/p>\n

User YAM balances are also unaffected.<\/p>\n

— Yam DAO (@YamFinance) August 12, 2020<\/a><\/p><\/blockquote>\n