This week we report from CriptoTendencia several crypto news: Bitcoin price increases, YAM Finance launch, new personalities and companies that decided to join the crypto ecosystem, among others. In retrospect, we could say that it was a very positive week for the cryptosystem.
However, today we want to summarize four of the most outstanding crypto news of this week according to our criteria.
YAM Finance: The project that had 24 hours in heaven and 24 hours in hell
We consider this crypto news to be the most relevant of the week because it represented an event never seen before in the crypto market.
On August 11, as reported from Crypt Trend, a presentation of a new DeFi project was published. Until that moment it seemed to be nothing special. However, 24 hours later, on August 12th, we reported how the token had gone from a $0 rating to a $138.89 rating in such a short time.
In fact, 24 hours after the project was launched, more than $500 million had already been deposited.
Clearly, the situation generated a lot of debate on social networks. However, as early as August 12, the experts‘ warnings were heard and skepticism described the atmosphere.
The warnings made sense when, within 24 hours of August 12, the project was falling apart after the developers found a major problem in the code.
Basically, the problem in the code would have „minted too much reserve“ rather than rebalancing the supply. That’s how Yam inflated 10 times more than anticipated.
After crashing, the Yam Finance team announced on Friday a two-phase migration proposal. First, Yam owners will burn their tokens to create YAMv2.
And, the second, a full audit of the protocol will be conducted (unlike the first release) which will be implemented as YAMv3. After which YAMv2 owners can migrate to YAMv3 through another migration contract.
However, as expected, the crypto project lost the confidence it could have generated in its first 24 hours. And, as is well known, it is very difficult to regain it.
Bitcoin: A week of new investors and upward trends
The second in this week’s Top News is about Bitcoin Rejoin after having a pretty busy week in the crypto market.
Bitcoin started the week testing new limits and surprising the crypto market. On Monday, August 10, BTC reached $12,046, the highest level ever recorded in 2020.
Previously Bitcoin had managed to taste the $12,000. However, it hadn’t managed to beat it, let alone keep it. However, this time, even though it managed to surpass it, it didn’t manage to keep it and gave a major setback.
But, crypto managed to position itself for its market capitalization along with giants known as Netflix and AT&T.