YAM V1
Crypto Overview
Overview
YAM V1 was launched in August 2020 as an experimental DeFi protocol attempting to create an elastic supply cryptocurrency with a fair launch distribution model. The project gained significant attention during the 'DeFi summer' of 2020.
Purpose and Utility
The intended purpose was to create a stablecoin-like asset with elastic supply that would maintain a peg to $1 USD through rebasing mechanics. The protocol also included governance mechanisms allowing token holders to control the protocol's treasury.
Current Status
YAM V1 experienced a critical bug shortly after launch that rendered the governance system inoperable. The project team quickly launched YAM V2 and later YAM V3, effectively abandoning the V1 version. YAM V1 is now essentially non-functional and has no active development or legitimate utility.
Business Model Analysis
The original business model involved legitimate DeFi mechanics including yield farming and governance. While these mechanics could potentially align with halal principles when properly implemented, the V1 version is now defunct and serves no practical purpose.
Platform Activity
There is no meaningful development activity or ecosystem growth for YAM V1 as it has been superseded by later versions.
Crypto Impact
To assign a comfort level investing in YAM V1 from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to YAM V1.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.