Yam Finance Is Considering Sharing Its Treasury With Token Holders
In an effort to save what’s left of the project, token holders of DeFi initiative Yam Finance are debating whether to dissolve the project’s treasury and split the funds among token holders.
A project dubbed YFI gave birth to the automated yield farming protocol known as Yam Finance during DeFi Summer. Before it was momentarily shut down due to a problem, it experienced initial success, seeing $600 million in assets in its first 48 hours after inception. During the yield farming boom, the platform would grow to be the seventh-largest DeFi platform.
Yam Finance lost ground
However, as the DeFi hoopla subsided and focus shifted to NFTs, initiatives like Yam Finance lost ground. Its token’s price dropped as a result, from highs of more than $6 to its current level of $0.17. Its community has lost faith in the trajectory’s current course as a result of this and a lack of substantive development.
“After years of Yam contributors making various efforts in different and sometimes conflicting directions, we believe that Yam has reached a critical juncture where it can either continue on its downward trajectory (~97.69% value destruction from ATH) or allow token holders to redeem the assets that they rightfully own,” wrote a community member called 1tx in the proposal.
According to 1tx, core contributors are withdrawing more than $30,000 from the treasury each month to pay for development efforts, yet there is little to show for it. According to the idea, the project would essentially be abandoned, financing for further development would halt, and treasury assets would be divided among token holders, with any leftover money donated to charity.
“The correct, but unfortunate, choice is that Yam should be dissolved before there is further value destruction” the proposal said.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Website: coincu.com
Annie
CoinCu News
Author
DeFi
Yam Finance Is Considering Sharing Its Treasury With Token Holders
In an effort to save what’s left of the project, token holders of DeFi initiative Yam Finance are debating whether to dissolve the project’s treasury and split the funds among token holders.
A project dubbed YFI gave birth to the automated yield farming protocol known as Yam Finance during DeFi Summer. Before it was momentarily shut down due to a problem, it experienced initial success, seeing $600 million in assets in its first 48 hours after inception. During the yield farming boom, the platform would grow to be the seventh-largest DeFi platform.
Yam Finance lost ground
However, as the DeFi hoopla subsided and focus shifted to NFTs, initiatives like Yam Finance lost ground. Its token’s price dropped as a result, from highs of more than $6 to its current level of $0.17. Its community has lost faith in the trajectory’s current course as a result of this and a lack of substantive development.
“After years of Yam contributors making various efforts in different and sometimes conflicting directions, we believe that Yam has reached a critical juncture where it can either continue on its downward trajectory (~97.69% value destruction from ATH) or allow token holders to redeem the assets that they rightfully own,” wrote a community member called 1tx in the proposal.
According to 1tx, core contributors are withdrawing more than $30,000 from the treasury each month to pay for development efforts, yet there is little to show for it. According to the idea, the project would essentially be abandoned, financing for further development would halt, and treasury assets would be divided among token holders, with any leftover money donated to charity.
“The correct, but unfortunate, choice is that Yam should be dissolved before there is further value destruction” the proposal said.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Annie
CoinCu News
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