YAM finance in danger due to bug in rebase logic
YAM finance project is in huge danger as there is a severe bug in the rebase logic. Due to this, governance cannot happen anymore. YAM is an ERC-20 Ethereum token.
More than 750,000 Curve Y tokens are locked in the governance. Staking pools, however, are safe for as far as we know and every 12-hours, more Y tokens are locked.
So what does this mean for the users? They should get out of YAM on Uniswap now. If you have buy orders on Uniswap, remove them. Here is direct link to Uniswap to withdraw liquidity.
YAM finance is currently investigating this potential flaw that would prevent proposal execution. Infact, they are themselves asking users to exit Uniswap YAM / yCRV pool prior to rebase at 8AM UTC.
This is address of pool and there are still plenty of funds inside it.
The concern is the same as before: the yCRV accumulated in the reserves during rebase is at risk of being stuck if governance cannot pass proposals. https://t.co/KJxRIxk0ZP
— Yam Finance (@YamFinance) August 13, 2020
If you do not exit the liquidity pool, YAM farmers of curve pool will get dumped upon. YAM token’s value has become valueless and yCRV will be bought up and you end up bagholding a valueless token. Staking is less risk, since you don’t have initial capital involved, only stake rewards are at risk of losing value.