Yield farmers deposit $76M in unaudited DeFi project in less than an hour

Yield farmers are going wild for YAM — not the vegetable, the newly launched DeFi project.

Mimicking the elastic supply of Ampleforth, Yam is an "experimental protocol mashing up some of the most exciting innovations in programmable money and governance," according to a Medium post by the team. Launched at 7:00 PM UTC on Tuesday, the project began distributing its YAM tokens to eight staking pools. Liquidity providers are required to provide one of the eight tokens in one of the pools to receive YAM tokens in return. These tokens are: COMP, LEND, LINK, MKR, SNX, WETH, YFI and ETH/AMPL Uniswap v2 LP tokens.

By The Block's count, roughly $76 million in tokens have been deposited in these contracts despite Yam's blog post warning that no audits have been performed on its contracts. 

"We strongly urge caution to anyone who chooses to engage with these contracts and think a proper professional audit would be highly advisable if this project gets any meaningful use," the blog post reads.