What is YAM V1 ?
YAM is an experimental protocol mashing up yield farming, community governance, and elastic supply. At its core, YAM is an elastic supply cryptocurrency, which expands and contracts supply in response to market conditions, initially targeting 1 USD per YAM. YAM supply rebases every 12 hours at 8am UTC and 8pm UTC. This stability mechanism is supplemented by one key addition to existing elastic supply models such as Ampleforth: a portion of each supply expansion is used to buy yCRV (a high-yield USD-denominated stablecoin) and add it to the Yam treasury, which is controlled via Yam community governance. The initial distribution of YAM will be evenly distributed across eight staking pools: COMP, LEND, LINK, MKR, SNX, WETH, YFI and ETH/AMPL Uniswap v2 LP tokens. YAM is the governance token used to determine its value and future development via on-chain voting. There's not any public audit report for YAM yet. YAM token has been migrated to newer versions due to smart contract bugs.