Decentralized finance protocol Yam Finance has been largely under the radar recently, but that does not mean that the team has not been forging ahead with developments as their 2021 roadmap reveals.
In a recent blog post, DeFi protocol Yam Finance has wrapped up 2020 and revealed its plans for 2021 in an updated roadmap. Despite a shaky start, the yield farming protocol, launched in mid-August, released a number of products in 2020.
The first of which, called Degenerative Finance, was launched through collaboration with UMA and the Yam community. Its first offering was a synthetic asset called uGAS, which allows users to hedge and speculate on the price of gas.
🆕 Just released! Yam 2020 Recap & 2021 Roadmap
In 2020, Yam put into action some important initiatives. 2021 promises to be even bigger as we bring exciting new products to market
Key highlights below!https://t.co/D0RMfl7Krt
— Yam DAO (@YamFinance) January 12, 2021
The platform also developed a DeFi insurance system called Umbrella, which aims to provide hack and exploit protection for users. Its treasury was also expanded in 2020 through the rebasing mechanic, asset purchases, farming, and other investments. It grew to the fiat equivalent of $4.3 million, according to the blog post.
Yam Finance Into 2021
The first launch of the year planned for January is Yam DAO Sets, which is the first investment product in collaboration with TokenSets, a crypto portfolio provider. The YDS will feature built-in functionality to charge a management fee for “Assets Under Management,” enabling DAOs to manage their treasuries. YDS will also begin actively managing the Yam Treasury in 2021.
The aforementioned Umbrella protocol will get a Peckshield audit in January, and the beta launch is likely to follow. Yam Finance also plans to expand on the number and diversity of synthetics available through its Degenerative Finance platform.
“The next steps for Degenerative Finance will be to improve the user interface for uGAS, begin concepting and developing additional synthetics, and build out the Degenerative product line.”
It will also launch a DeFi incubator and decentralized product accelerator called Yam Factory. It will allow teams that want to build products within the Yam ecosystem to apply for funding, technical support, and marketing/design support from the Yam DAO, according to the roadmap.
There is also a planned protocol called the Great Yam Wall, which is a mechanism to create a Yam price floor by keeping the market cap above the value of the Yam Treasury.
YAM Token Price Update
The native YAM v2 token has moved very little over the past 24 hours, trading around the $4.55 level, according to Coingecko. It has dumped over 13% over the past week, however, in line with the general crypto market correction.
Since its all-time high of $47 following the rebase and relaunch in September 2020, YAM prices have collapsed by around 90%.
Join us on Telegram to receive free trading signals.
For more cryptocurrency news, visit the Altcoin Buzz YouTube channel.
