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¿Qué es Yam Protocol? (YAM)

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The Yam Protocol is a software running on Ethereum that seeks to incentivize a global network of users to operate a cryptocurrency mirroring the price of the U.S. dollar. It does so by using a new crypto asset called YAM. 

In this way, YAM is an example of what’s often called a “stablecoin,” or a cryptocurrency meant to mimic the price of another asset. Popular examples of stablecoins include USDT and DAI.

The software achieves this feat by adjusting the supply of YAM tokens daily in a process called rebasing. Should the price of each YAM token go above $1, then the supply of YAM will rise, driving the price down. If the price is below $1, the supply shrinks, pushing the price up.

In its short life, Yam has helped popularize a concept called decentralized finance (DeFi), in which multiple crypto assets are used together to provide a product or service. 

However, despite the promise of Yam’s premise, it has become somewhat of a cautionary tale, as it has struggled to maintain its dollar equivalency.

What is yam protocol


¿Quién creó el Protocolo de Yam?

El Protocolo de Yam tiene cinco fundadores: Brock y Trent Elmore, Clinton Bembry, Dan Elitzer (un inversor de IDEO CoLab) y Will Price (un científico de datos de la firma de investigación Flipside Crypto). 

Según su documentación, el protocolo Yam se creó a partir de un mosaico de código de proyectos DeFi existentes, que incluyen Ampleforth, Compound, Synthetix y yEarn.

¿Cómo funciona YAM?


The Yam Protocol’s defining feature is its ability to maintain price stability with the U.S. dollar by changing the supply of YAM cryptocurrency available on the market. 

The intended target per YAM is 1 yUSD, yEarn Finance’s stablecoin intended to maximize yield when deposited into its protocol.

Every 12 hours, the supply of YAM tokens is adjusted to reflect the demand for the coin. If YAM demand is high, the price of YAM would be over $1, meaning the supply would need to increase to drive the price down. 

The protocol will either add tokens if the price of YAM exceeds $1.05, or burns tokens if the price drops below $0.95. Of note, is that YAM supply readjustments happen proportionately for all token holders. 

This means if a user holds 1% of all YAM before the supply readjustment, they would still hold 1% of all YAM if the supply increased or decreased in the next 12-hour window. 

yUSD/YAM

Currently, users are able to earn YAM by providing liquidity to the yUSD/YAM Uniswap pool

Those that do so will earn a portion of the rewards given out each week. The protocol was scheduled to release 92,500 YAM in the first week, a reward that decreased by 10% every subsequent week. 

Further, when YAM undergoes a positive rebase, the protocol mints an additional 10% YAM tokens that it uses to sell into the yUSD/YAM pool to buy yUSD tokens.

The purchased yUSD tokens are then deposited into a treasury governed by YAM holders. It is important to note that the treasury uses yUSD because it is a high yield stablecoin, allowing consistent value with exponential growth. 

Yam v2 and v3

The YAM token itself has undergone some changes over time. Because of the bug uncovered after its launch, YAM holders had to move to a new token called YAM v2. However, this new token has no rebasing function, meaning it doesn’t attempt to maintain a stable price. 

The YAM v2 token is used for voting on decisions that govern the protocol. As a result, YAM holders have been able to come to an agreement on various parameters around the system. 

This includes relaunching the original token as a YAM v3 token. The first rebase is expected to take place three days later. 
 


¿Por qué YAM tiene valor?

YAM obtiene valor de su uso en el funcionamiento del protocolo Yam. 

Además de servir como recompensa para los usuarios que bloquean activos en el protocolo, todos los propietarios de tokens YAM pueden votar las decisiones relacionadas con el funcionamiento del software. 

Por ejemplo, cuando el protocolo Yam se desconectó temporalmente, fueron los propietarios de YAMv2 quienes votaron sobre el camino a seguir para relanzar el protocolo. 

Otros creen que YAM tiene valor porque se lanzó al mercado sin ninguna venta inicial que asignara una parte de su oferta a grandes inversores. 

Más bien, YAM tenía valor porque era una nueva forma interesante de lanzar una criptomoneda estable, los usuarios deseaban poseerla y establecer su precio en el mercado abierto. 


¿Por qué usar YAM?

YAM puede ser de su interés si cree en participar en un enfoque experimental para operar una criptomoneda estable que podría volverse ampliamente utilizada. 

También es posible que desee conservar YAM si desea votar sobre propuestas que podrían afectar el futuro del software.

Por último, YAM es útil si desea diversificar su cartera de criptomonedas estables. En el mercado existe una gran variedad de criptomonedas estables, muchas con diferentes mecanismos para mantener sus precios. 

Empiece a comprar criptomonedas


Todavía no ofrecemos YAM en Kraken pero consulte nuestra selección completa aquí y ¡regístrese para obtener una cuenta!