零点课堂 | Elastic Supply Tokens Explained（3）
taoYam Finance
Yam Finance is one of the other elastic supply token projects that has gained some traction. The Yam protocol’s overall design is sort of a mashup between Ampleforth’s elastic supply, Synthetix’s staking system, and yearn.finance’s fair launch. YAMs also aims to achieve a price target of 1 USD.
YAM is a completely community-owned experiment, as all tokens were distributed through liquidity mining. There was no premine, no founder allocation – the playing field to acquire these tokens was even for everyone through a yield farming scheme.
As a completely new and unknown project, Yam had achieved 600 million dollars of value locked in its staking pools in less than two days. What may have attracted a lot of liquidity is how YAM farming was specifically targeting the holders of some of the most popular DeFi coins. These were COMP, LEND, LINK, MKR, SNX, ETH, YFI, and ETH-AMPL Uniswap LP tokens.
However, due to a bug in the rebasing mechanism, much more supply was minted as planned. The project was ultimately relaunched and migrated to a new token contract thanks to a community-funded audit and joint effort. The future of Yam is completely in the hands of YAM holders now.
The risks of elastic supply tokens
Elastic supply tokens are highly risky and very dangerous investments. You should only invest in them if you completely understand what you’re doing. Remember, looking at price charts isn’t going to be all that helpful, since the amount of tokens you hold will change after rebases occur.
Sure, this can amplify your gains to the upside, but it can also amplify your losses. If rebases occur while the token price is going down, you not only lose money from the token price going down, you’ll also own less and less tokens after each rebase!
Since they’re quite tricky to understand, investing in rebasing tokens will likely result in a loss for most traders. Only invest in elastic supply tokens if you can fully grasp the mechanisms behind them. Otherwise, you’re not in control of your investment and won’t be able to make informed decisions.
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