This DeFi Platform Is Discussing The Idea To Dissolve Itself And Distribute Its Altcoins!

DeFi project Yam Finance altcoin The owners are debating whether to dissolve the project treasury and distribute the funds among the token holders in order to save what is left of the project.

Yam Finance, born in the DeFi Summer, where the industry gained popularity, and YFI It is an automated yield farming protocol that emerged from another project called

Yam Finance’s Altcoin Was Once Running A Record

$600 million in the first 48 hours after launch, before the platform was briefly shut down due to a bug. cryptocurrency collected his first success. The platform remained the seventh largest DeFi platform during the yield farming craze.

Still, projects like Yam Finance fell off the spotlight as the DeFi craze waned and attention turned to NFTs. As a result, the platform’s altcoin also continued its decline, dropping from highs above $6 to its current price of $0.17.

This situation and the lack of meaningful progress has caused the community to lose faith in the current trend.

Regarding the proposal to terminate the platform, a community member named 1tx said:

“After years of various efforts by Yam contributors in different and sometimes contradictory directions, we have reached a critical point where Yam can either continue its downward trajectory (~97.69% depreciation from ATH) or allow token holders to use assets they rightfully own. We believe it has arrived.”

1tx wrote that the main contributors to the platform are pulling more than $30,000 from the treasury each month to fund their development, but there isn’t much to show for it in return.

The proposal would largely shut down the project, halt further development funding and split treasury assets among token holders, with anything unclaimed going to charities.

“The right but sad choice is that Yam should be dissolved before further depreciation occurs,” the proposal said.

*Not investment advice.