The DeFi project Yam Finance initiated the token distribution, and liquidity miners injected USD 76 million in less than an hour

The DeFi project Yam Finance conducted its first token distribution at 3 AM today, and evenly distributed 2 million initial tokens to 8 staking pools, each with 250,000 staking pools. The initial token distribution will last for 7 days. The 8 pledge pools are COMP, LEND, LINK, MKR, SNX, WETH, YFI and ETH/APML Uniswap v2 LP tokens. Seven days later, at 3 o’clock in the morning on August 13, Yam will make a second distribution (3 million in total) through the YAM / yCRV Uniswap fund pool. 1.5 million will be distributed in the first week, and a 50% decrease every week thereafter. According to the chain, Yam Finance is an experimental agreement designed and launched by Brock Elmore, Trent Elmore, Clinton Bembry, Dan Elitzer and Will Price. It incorporates some innovations in programmable currency and governance. It has flexible supply and is completely chained. Governance-driven, fair distribution mechanism, and non-distribution to teams. The initial target was 1 USD per YAM. Yam Finance adds a key supplementary mechanism to the existing elastic supply model, that is, the part of each supply expansion is used to purchase yCRV (high-yield USD stable currency) and add it to the Yam repository. Community governance. The total supply of YAM is 5 million (it may change through reset in the future), and the reset/rebase period (Rebase Period) is once every 12 hours, that is, 4 o’clock and 16:00 Beijing time. When submitting governance proposals, YAM’s threshold is 1% of the total supply, and the voting time for proposals is 48 hours. It is worth noting that Yam Finance reminded investors that its contract has not yet been formally audited, and that the project only took ten days from its inception to its launch. According to The Block statistics, within less than an hour after Yam Finance started the distribution, liquid miners deposited $76 million worth of tokens into the project pledge pool.

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