What is Yam? The YFI-AMPL clone with lures of 10,000% returns

Yam, a new DeFi project put together in ten days with no audit, guaranteed risks, and never-seen-before returns locked upwards of $180 million hours after launch on August 11.

It is the latest in line of a bunch of "Governance" protocols making big returns in the crypto market.

So here's a primer on Yam: For starters, the token has no inherent value and takes Ampleforth's rebase features to promise a better token economy.

YAM is an elastic supply cryptocurrency, which expands and contracts supply in response to market conditions, initially targeting 1 USD per YAM, said the blog.

"This stability mechanism is supplemented by one key addition to existing elastic supply models such as Ampleforth," it added, adds a portion of each supply expansion is used to buy yCRV and add it to the Yam treasury, which is controlled via Yam community governance.

"We have built Yam to be a minimally viable monetary experiment, and at launch, there will be zero value in the YAM token."

The future of Yam is wholly in the hands of YAM holders, who help determine and update the functionality of the Yam protocol, including oracle usage, rebase functionality, inflation, incentive design, the Yam treasury, it added.

YAM tokens surged to trade over $120 at the time of writing, as per data on Coingecko.

Yield farmers can get 10000% apr on comp at yam, you think people arent going to market buy $comp and send it to valhalla right now?

The project is valueless and a great experiment in decentralized platform governance, with users holding the power to make or break the protocol's immediate and long-term future.