Today in DeFi - SnowSwap Launches, YAM Potential Exploit & Fix

SnowSwap Launches

SnowSwap, a specialized DEX for Yearn Finance Vault coins, has launched. You can swap yDAI, yUSDC, and other assets in Yearn Finance Vaults between each other at Snowswap.org .

Why would you want to do this? Yields often change between vaults, however switching vaults can be costly and complex. Snowswap lets you easily switch between vaults without having to pay Yearn’s 0.5% withdrawal fees, or Curve’s deposit/withdrawal fees.

YAM Potential Exploit & Fix

Yam Finance @YamFinance

Due to a potential economic exploit discovered by one of the YAM creators, the YAM Deployer, controlled by @brockjelmore has submitted a proposal to designate itself as Guardian over the Governor Alpha contract.

YAM Finance, everyone’s favorite resurrected root vegetable, is once again facing an issue soon after its rebirth. The Medium article explains:

Once again, there is a proposal active for people to vote on to fix it.

Yam Finance @YamFinance

An on-chain proposal has been submitted. Details: Set Guardian on Governor Alpha to Yam Deployer. Limit Guardian power to cancel-only, dictated by off-chain voting on snapshot.page.

medium.comYAM Update: Guardian ProposalA proposal has been submitted by YAM Deployer to switch to a new Governor Alpha contract, which makes the following modifications:

The Guardian Proposal allows the lead developer of YAMS to have veto-only power over proposals in the YAM system. This is meant to be a temporary measure, according to the medium post. While this increases centralization of the system, progressive decentralization is in fact a common practice in DeFi, and it seems like it would be a prudent measure here.

Click through on the Medium article above to find out more about the proposal and how to vote on it if you have YAMs.

Disclaimer: DeFi projects or tokens mentioned in this article may be risky to use or buy. Do your own due diligence.