What kind of people are The YAM founding team?

On August 12, DeFi project Yam Finance made its first scrip allocation and distributed 2 million scrip equally among 8 pledge pools of 250,000 each. The initial scrip allocation will last for 7 days. In less than 12 hours of launch, the project lock is worth nearly $400 million. Then on the afternoon of August 12, BitMEX founder tweeted that it was involved in the Yam liquidity mine.

But it is in NBSP; YAM  In the early hours of August 13th, when it looked as if the future was looking bright, YAM was suddenly exposed as a hole in its own flexible supply-adjustment contract, casting a lot of extra yCRV.

8 月 13 日下午， YAM 发生大规模崩盘，团队负责人之一的 Brock Elmore 出面致歉，在其推特下不少行业大咖对其表示支持和理解，并附上自己的鼓励。然而二级市场的用户却无处讨要说法，散户投资人资金损失巨大。

As its official blog says, Yam Finance is a pilot agreement designed and launched by Brock Elmore, Trent Elmore, Clinton Bembry, Dan Elitzer and Will Price. So who is Brock Elmore, backed by so many big men? What is the background behind Yam Finance? Beat BlockBeats to find out.

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Brock Elmore

Brock Elmore is co-founder of Topo Finance and founder of cryptographic investment fund Block Torch Capital, a family office hedge fund founded in 2017 that USES proprietary ARTIFICIAL intelligence algorithms and deep knowledge of blockchain technology to generate market-beating risk-adjusted returns. Block Torch Capital is backed by Elmore Companies Investments, an investment firm with which Brock Elmore is closely related, according to Pulse. Elmore Companies Investments has been around for more than 30 years and is focused on the acquisition of small, medium and low market Companies.

Note: Brock Elmore tweeted an apology on August 13th after a contract breach at Yam was revealed, saying: "I'm so sorry I failed..." Yam's brief plunge was triggered by a suspected contract loophole that could not be fully fixed.

Recommended reading:YAM briefly plunged by 87% as developers apologised or a BUG could not be fixed"

Trent Elmore

Trent Elmore, like Brock Elmore, is a co-founder of DeFi service Platform Topo Finance, where he also serves as CEO. Topo Finance's first product is an unmanaged lending platform that integrates with Compound, dYdX, and Fulcrum to optimize interest rates for users in market-based loan agreements.

Clinton Bembry

Clinton Bembry is co-founder of Astro Wallet (which has been acquired by Coinbase)

Astro wallet is the Web3 wallet similar to Metamask. Coinbase began studying economic abstractions in their various forms in 2018 (NBSP; Economic Abstraction, to solve many user experience problems faced by decentralized applications, Coinbase will acquire Astro Wallet in December 2019.

Astro Wallet (Coinbase) combines tokens and transaction fees to achieve a complete economic abstraction. Users can pay 0X'S ETH transaction fee, 0X's ZRX, CryptoKitty's DAI, and handling fees with USDC alone.

Dan Elitzer

Dan Elitzer is probably the most prominent investor in YAM's project. He is a founder of IDEO CoLab Ventures (with NEAR) and MITBitcoinClub.

IDEO CoLab Ventures has invested in many well-known blockchain projects, including the Elem-seed round, the Brick chain Internet API service provider, Plasma Group's former researchers established in 2019. It also established the Film Chain NEAR, the Braintrust seed round financing for freelance market, and the famous "Loss-free Lottery" DeFi Project PoolTogether.

IDEO CoLab with & have spent 0x, Alto, Braintrust, Compound, Dharma, dYdX, Fairmint, UMA, etc. Defi  The project was cooperative.

IDEO CoLab has partnered with Amazon, Deloitte, Fidelity, Messari, Eethum Foundation, Stellar Foundation and others to launch the blockchain accelerator Startup Studio. The MIT Bitcoin Club is one of the oldest blockchain clubs in the world.

Will the Price

Will the Price be & have spent Flipside Crypto's data scientist.Flipside Crypto, a cryptocurrency valuation firm, raised $4.5 million in seed rounds including Coinbase and DGC in 2018. Flipside Crypto, whose founder Dave Balter is also the CEO of Mylestone, provides investment data tools for cryptocurrencies through artificial intelligence algorithms. It USES proprietary volatility, blockchain node tracking algorithms to evaluate encrypted digital assets and licenses this tool to funds, investors and related companies to seek information about encrypted asset metrics.

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"Clearly, we are in the early stages of the DeFi bubble." However, if DeFi has a chance to be the new financial future, its valuation remains low. & have spent

conclusion

According to an official disclosure by Yam Finance's team, it includes two cryptographic fund founders (one of whom is also a high-profile investor in IDEO CoLab Ventures); A COO for the DeFi service platform; A founder of encrypted wallet, acquired by Coinbase, and a professional data scientist. Arguably DeFi's "fuerdai" project, Yam was more or less advertised by the founding team members, although the team had said Yam was an experimental project that had not been rigorously vetted.

The founders themselves have strong appeal, and many secondary users are already Fomo in the DeFi craze. As a senior practitioner in the industry, the more important role should be to promote the development of the industry, improve the overall security coefficient of the industry, and protect the ecology of the overall encryption industry. Rather than rushing out a project and letting secondary market users share the risk on the grounds that it has not been fully audited.

Finally, rhythmical BlockBeats should remind users again that the encryption market itself is a very risky area. DeFi market requires investors to have high risk awareness and investment experience, do not generate Fomo sentiment blindly to participate in order to prevent irreversible asset losses.

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