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.

Yam Finance Is Considering Sharing Its Treasury With 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

Yam Finance Is Considering Sharing Its Treasury With Token Holders

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.

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Annie

CoinCu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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