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1. What is YAM
Yam is an experimental protocol building upon the most exciting innovations in programmable money and governance. Built by a team of DeFi natives, it seeks to create:
• an elastic supply to seek eventual price stability
• a governable treasury to further support stability
• fully on-chain governance to enable decentralized control and evolution from Day 1
• a fair distribution mechanism that incentivizes key community members to actively take the reins of governance
At its core, YAM is an elastic supply cryptocurrency, which expands and contracts its supply in response to market conditions, initially targeting 1 USD per YAM. This stability mechanism includes one key addition to existing elastic supply models such as Ampleforth: a portion of each supply expansion is used to buy yCurve (a high-yield USD-denominated stablecoin) and add it to the Yam treasury, which is controlled via Yam community governance.
As a new DeFi project, it only costs 6 hours after it is launched that YAM had more than $170 million in funding into the protocol.
The project was launched at 19:00 on August 11 and began to distribute its YAM tokens to eight staking pools. Stakers only need to provide corresponding assets in one of the pools to receive YAM tokens, and the assets that can be deposited include: COMP, LEND, LINK, MKR, SNX, WETH, YFI, and ETH/AMPL Uniswap v2 LP tokens.
2. How to stake YAM in HyperPay
(Take LEND token for example)
①Exchange LEND token
②Stake LEND token to get YAM income
Enter HyperPay on-chain wallet, click “DApp” in the lower right corner, and pull down to select “1 inch.exchange” or “Uniswap”. It is recommended to select “1 inch.exchange” for it has lower slippage.
After entering 1 inch.exchange, pull down to click “CONNECT WALLET”, check the “I accept...”, and click Web3 to complete the connecting of wallet.
Then you can exchange the LEND token you need. Fill in the amount of ETH you need to exchange, complete the payment and you can receive the LEND token, or you can choose other assets to exchange according to your own needs.
Back to the DApp page, pull down to find the “Investment” category, enter “YAM Farmer” and click “unlock Wallet”.
After connecting to your wallet, find a token pool that supports deposit LEND and click “Select”. New users first need to authorize the stake, and once finished, you can fill in the corresponding LEND amount to stake to earn YAM incomes.
Risk warning: YAM’s smart contract has not been through any audits, and YAM officials have clearly said that they strongly urge anyone who chooses to participate in these contracts to proceed with caution, and believe that if this project is used for any meaningful purpose, a proper professional audit will be very desirable. Therefor, it is strongly recommended that users must conduct a risk assessment before investing
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