YAM, a project in the DeFi cryptocurrency space, began as an algorithmic stablecoin, using a rebasing mechanism to peg its value to the US dollar and counteract market volatility. However, in a significant shift, community governance disabled this feature on December 29, 2020, altering its function within the DeFi sector. Initially, YAM sought price stability, closely shadowing the US dollar, but the disabling of its rebasing feature has ushered in a new phase. Instead of primarily regulating price stability, YAM's role has evolved to include key DeFi operations such as yield farming, liquidity provision, and involvement in governance protocols. For holders, YAM now presents diverse utilities, from speculative asset to governance token, empowering them to propose, vote, and directly influence the project’s future developments.
