• Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
Subscribe
  • Login
  • Register
No Result
View All Result
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
No Result
View All Result
No Result
View All Result

Unaudited Yam Finds Bug

12/08/2020 20:46
Comments Off on Unaudited Yam Finds Bug
Yam Farming

Hours after an Ampleforth like project launched, with the twist being free tokens for liquidity providers to defi projects, a bug has been found in Yam.

“We have found a bug in the rebasing contract… all funds in staking contract are safe, as this is an unrelated part of the protocol. User YAM balances are also unaffected,” the project said.

But, “rebases following the initial rebase will mint more YAM than intended.”

Just hours before, Emin Gun Sirer of Cornell said “this YAM thing has become the biggest talk of the town today. Can’t wait to look through the contract.”

It’s not clear currently whether he had a hand in discovering this bug, with no base assets affected according to Yam which said a token holders vote will now take place to fix the matter.

To understand the rebase, this is a project that tries to smooth the ups and downs of supply and demand by increasing supply if price increases and by contracting it if it decreases, with a twist here in that some of the supply increase goes to the ‘treasury.’

The rebase is the mechanism that manages that part, with this newly launched project finding the attention of some VC media despite it declaring “audits: none.”

That being an attempt to chad meme with people’s money, in a space where we have seen many catastrophes.

Thankfully, this doesn’t appear to be one. More, well negligence we’ll kindly say. For a lot of this was apparently copy pasted with some modifications.

My audit/review of the YAM staking rewards contracts – thread ⬇️

— thΞ3d.eth( 👻, 👻) (@The3D_) August 12, 2020
The tweet that presumably made Sirer look, August 2020

Defi is growing at a near stratospheric pace currently with significant risks of discipline laxation which as the ICOs learned, can bring very unwanted attention.

Memes are fine and good and always welcomed, but all OGs and newcomers do well to remember or learn that promises can be methed in this space and that crypto abides by certain laws of reality.

Which is why we audit, and not only once. And we audit especially if such contracts are by ‘insiders.’

With it in this case seemingly being the Synthetix team, a pretty cool dapp but this Yam gimmick hopefully gets them to slow down and drink some water after maybe too much dancing.

See: Yam Crashes 98.79%, Governance Can’t Save, Project Abandoned, Yam2 Coming

Comments

Related Posts

Bitcoin on a TV tower, fan art

Bitcoin Resilient at $23,000

The PBoC printer as of Jan 2023

Did China Print Half a Trillion?

World Holds Breath For Russian Surge

MicroStrategy Increased Bitcoin Holdings

Load More
  • Trending
  • Comments
  • Latest
UK starts training Ukrainian troops on Challenger tanks.

World Holds Breath For Russian Surge

Backed Finance tokenizing stocks, Feb 2023

BlackRock ETF Tokenized on Uniswap

A Nationwide bank branch

Nationwide Restricts Payments to Binance

MicroStrategy HQ

MicroStrategy Increased Bitcoin Holdings

The PBoC printer as of Jan 2023

Did China Print Half a Trillion?

UK starts training Ukrainian troops on Challenger tanks.

World Holds Breath For Russian Surge

Crypto art

Can Ethereum’s Variable Tokenomics Address Inflation?

MicroStrategy HQ

MicroStrategy Increased Bitcoin Holdings

Comments

Latest News

  • Bitcoin Resilient at $23,000
  • Did China Print Half a Trillion?
  • World Holds Breath For Russian Surge

About Trustnodes

Terms of Service

Privacy Policy

Our Ethics and Values

Trustnodes Newsletter

(You have to be a paid subscriber)

Trustnodes © 2017-2023. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com RSS Feed

No Result
View All Result
  • Login
  • Sign Up
  • Cart
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics

Trustnodes © 2017-2023. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com RSS Feed

Welcome Back!

Login to your account below

Authenticate with MetaMask Loading...

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?