"It Was Exciting But Also Terrifying:" Yam Finance's Backstory

In this week’s episode, I spoke with Dan Elitzer and Clinton Bembry, who were part of the founding team of Yam. Yam Finance is an experiment in rebasing cryptocurrencies, plus token incentives, plus full on-chain governance, plus a DAO-like treasury managed by token holders. It’s also testing the power of the emoji and opened the flood gates to meme-based DeFi tokens. Dan and Clinton tell me the back story of how this crazy project was created, how the group loosely coalesced in a chat group and from there it was just 10 days until launch. They talked about how the project blew past all their wildest expectations, and about the absolute terror of having hundreds of millions of dollars flow into the unaudited code they had pushed into the world.

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