After a tense day, the most talked about topic of the new decentralized finance protocol (DeFi) Bitcoin Storm YAM Finance, has overcome an almost catastrophic code error.
The future of YAM Finance was abruptly put into question today, when an error in the protocol code led to excessive reserves at YAM, making „no government action on the future“.
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The project quickly called for community support, offering rewards to YAM miners and token holders who were willing to commit their tokens to a pool of 160,000 coins to recover the government on the protocol by the 7 a.m. UTC deadline, allowing only seven hours to save the project.
A final wave of support caused YAM to exceed its goal with only 90 minutes to spare.
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DeFi community unites to save YAM
While Yam’s outlook seemed bleak, with only a third of the necessary chips provided within two hours of the campaign’s launch, the widespread efforts of the entire DeFi community quickly built strong support for the protocol.
Support included efforts by CoinGecko, Synthetix, and Curve Finance to encourage contributions to Yam’s campaign, while numerous „YAM benevolent whales“ cultivated YAM at Uniswap to increase the number of tokens allocated for governance recovery.