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Yam plans protocol overhaul despite first successful V3 rebase



Yam, the decentralized finance (DeFi) sector’s original food-themed clone protocol, has successfully completed its first rebase since its V3 relaunch.

Yam’s relaunch on September 18 followed the spectacular failure of Yam V2 last month — where a bug in the protocol’s unaudited code rendered governance impossible after only two days by rebasing the token’s supply 10 times higher than its design intended.

The style protocol describes itself as “an experiment in fair farming, governance, and elasticity,” with Yam seeking to maintain a peg of 1 yUSD per token through adjusting or ‘rebasing’ its supply at 12-hour intervals. If Yam’s price is between $0.95 and $1.05 yUSD, no rebase will occur.

Yam V3’s first rebase took place on September 21, adding $571,000 worth of yUSD to its treasury and expanding tokens holders’ YAM positions by 2.49 times — driving down the price of YAM from $20 to $7.

Despite the rebase, Yam emphasizes that its protocol is not yet fully optimized.

It notes that while Yam V3 retained “most parameters from V1” to “enable an efficient governance and audit process,” improvements still need to be made to the governance, liquidity incentivization, and rebasing processes underpinning the protocol. It recommends that in future rebasing should be executed with greater frequency to reduce the market impact of purchases made by the Yam treasury.

On-chain governance is expected to go live in the coming days, with Yam’s developers also hoping to launch on-chain analytics, improvements to Yam’s Uniswap routing, and detailed documentation in the near future.

Yam also hopes to establish greater rewards for community contributors, including core developers, community moderators, and infrastructure contributors.

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Coin98 gains 1,200% after Binance listing, Ampleforth soars on Aave integration




Few things in the cryptocurrency space generate more hype than a new token listing because the prospect of finding a rare 1000x coin continues to be a top goal of many crypto investors. 

Coin98 (C98) is the most recent example of this phenomenon after the Binance Smart Chain-based decentralized finance (DeFi) solution rallied 1,200% from its initial coin offering price at $0.075 to $0.928 on its first day being listed on exchanges.

Coin98 is the 20th project to come out of the Binance Launchpad and describes itself as “a DeFi gateway for traditional finance users to access any DeFi services on multiple blockchains.”

Along with being listed on Binance, C98 is also available to trade on and MEXC Global and token holders can also earn a yield through staking and liquidity pool options on PancakeSwap (CAKE).

Altcoins post double-digit gains

Bitcoin’s (BTC) rally to $33,000 led to a prolonged boost in several altcoins and data from Cointelegraph Markets Pro and TradingView shows Ampleforth (AMPL), Amp (AMP) and Axie Infinity (AXS) as the top movers over the past 24 hours. 

Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro

AXS’s month-long rally picked up steam again after the price rebounded from its lower support touch at $14 and the rally in AMPL demonstrates the benefit of cross-protocol integrations.

Related: Bull or bear market, creators are diving headfirst into crypto

According to Ampleforth’s Twitter, the new-found interest in AMPL is the result of the token being added to the AAVE DeFi ecosystem

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for AMPL on July 19, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. AMPL price. Source: Cointelegraph Markets Pro

As seen on the chart above, the VORTECS™ Score for AMPL first turned green on July 17 and climbed to a high of 75 on July 19, around 15 hours before the price increased 57% over the next three days.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.