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What's with all the food-themed token names for crypto projects like SushiSwap (SUSHI), PancakeSwap (CAKE), BurgerSwap (BURGER), Yam Finance (YAM), BakerySwap (BAKE), etc?
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Anyone remember YAM? From nothing to $40, and within days back to a dollar again. Those were the days. Literally.
2020 had the COVID crash and DeFi summer **YAM** 2021 had meme, NFT and cryptoverse pumps galore. What does 2022 bring us?
YAM. Went to buy it. Checked the price, looked ok. Then I checked again. The price had just fallen x100. I thought - wow that can't be right, checked again. Now it was x1000. I was literally about to click buy when their infinite printing bug happened. TITAN / IRON. Was going to buy a very large amount and farm it with high yields (Mark Cuban can't be wrong right?). Somebody on the ALCX discord said they had a bad feeling and were selling, so I decided to sleep on it. Woke up in the morning to utter chaos. Thank god.
this is literally the first time I've ever seen the name YAM finance mentioned
YAM 🍠 Finance was constantly shilled. Ya'll told me to buy, stake it and foget about it for a year. Now no one is even talking about the coin. Wtf man?
Ok sure. I take a break from crypto for two days and there’s some new bullshit called YAM in the top 20. Why not?!
It's been a year and I'm starting to recover from all the YAM farming shill I bought into. What's the new and hot thing now?
I did this with YAM 🍠 last year. #NoLookTill2030
Couple of months ago, food was all the rage. CAKE, BAKE, YAM, HOTDOG, BURGER.
This was in August when their was a yield farming craze. YFV, YFII, YFFI, YAM etc. They used high inflation to pump up TVL and since that was the main metric at the time price followed. That was unsustainable and it all collapsed. YFI however has released all its supply since then and is still growing exponentially in TVL and revenue. They've earned more profit this quarter than the whole of last year combined. This isn't really a rebuttal to what vitalik said. I'm just saying it has settled down into something sustainable. Their are still concerns on how much value to actually place on governance tokens but that's another story.
Anyone complaining about shitcoin names can't forget that YAM was basically the one that started off the yield farm crazy, and that led to a massive DeFi craze
It goes back to the DeFi summer last year. There was a huge craze of all these food farming tokens going on. I believe it may have started with YAM, and from there we saw a whole bunch of tokens try to copy its success with their own food names. HOTDOG, BURGER, PIZZA, KIMCHI. SUSHI was one of them at the time but they've gone on to actually build something, most of the others were little more than ponzis ultimately as their only purpose was to farm itself with crazy APYs.
One of the first and biggest DeFi crazes was a token called YAM and the food names just grew from there. Yea Sushiswap is very confusing at first. But like everything else in crypto you figure it out.
My portfolio of sushiswap, YAM, pancakeswap and cream thanks you for your sacrifice
It started with YFI (yearn finance). Their where multiple forks all starting with Y or YF. One of them was YAM. Then it spiralled from that into other foods. With that said don't buy tokens based on names that doesn't matter whatsoever.
BNB is cut from the Cosmos Tendermint cloth and supports Ethereum smart contracts on a more scalable platform with higher throughput. It’s basically Ethereum but better. “bUt dEcEntRaLizeD” Binance are also the largest ETH 2.0 validator competing with Kraken. ETH2 is going to be validated by centralized exchanges; who validated BSC? The same nodes that are validating ETH 2.0 for Binance. Binance Smart Chain isn’t lying about what they are. It’s a proof of authority chain offering a lower fee alternative to those seeking services of Ethereum. It’s the same shitcoins just in a different platform. SUSHI and CAKE are the same garbage. Meerkat rug pull was no worse than YAM or the initial SUSHI scandal.
https://decrypt.co/60242/binance-chain-defi-meerkat-finance-hack-rug-pull Meerkat finance rug pull on BSC. Funny this article is written shitting on Binance like this isn’t what happened with YAM and SUSHI. Ethereum has the same shit happening.
Probably YAM which died horribly in a contract bug.
I've been looking through the contract, seems to be a YAM fork
I’m not sure what the volume/liquidity is like as I’m not a trader, but yea they’re used. Just this week [SNX added synthetic $TSLA](https://twitter.com/DeFi_Dad/status/1360291045263687681), can be traded afterhours on Balancer and [YAM listed 'ustonks' on UMA](https://yamfinance.medium.com/degenerative-finance-presents-ustonks-4df596e11daf), 10 synthetic stocks of WSB favs. Still early days and I also wonder if regulators will step in (or if they can, given a decentralized governance structure). SNX is really the leader and one to watch here imo
If you're interested in keeping up to date on ETH and DeFi, I'd highly recommend http://weekinethereumnews.com/ Some highlights from this week: * [Tool to check and sign up for notification of claimable airdrops ](https://claimable.vercel.app/) * [Coingecko adds function to add tokens to MetaMask](https://twitter.com/coingecko/status/1358724757110276099) so you don't have to do it manually * [SNX adds synthetic $TSLA](https://twitter.com/DeFi_Dad/status/1360291045263687681), can be traded afterhours on Balancer * [YAM creates 'ustonks' on UMA](https://yamfinance.medium.com/degenerative-finance-presents-ustonks-4df596e11daf), 10 synthetic stocks of WSB favs * [St Louis FED paper on DeFi](https://email.mg2.substack.com/c/eJxNkc2u4yAMhZ-m7BIREghdsJjNvEbEj5OgEqjAuVXn6cdppdFIlkHysT75HG8RtlLf5lkasqst-H6CyfBqCRChsrNBXWIwgxqE5NPIgpnCoKVmsS1rBThsTAbrCex5uhS9xVjyZ4PPA9uN1m6VTqlx0pMPYparcpMb7Dx7Hfikvlh7hgjZg4EfqO-SgSWzIz7bbfx1E7-pKjSw1e99w1TO2FYIfakbTf7jto_wJ8KLPoKLgR4uriapBfCQsdoU_0Do1pgtEbuSO5eKf_jdxtzZHLp22IqdL5fWY-ds-yePNnU0fQA2Fs1FoJKDkmKU_dBrOmimW70W0uk7t6v3wCEE7twACm4TPzbRt9M1tP7R-3KwanCHnbgJnK2k2C5LPyO6bKH3OHPE9wLZugThazZ-M_vYv2yQoVKWYbF4JTVOfL6rUXD9dZfSGMWo7lLPjNih0FY2L4BHzED0CufxFyqPsnQ)