Aug 112020
 
how to buy yam from yam finance defi token on ethereum

This guide is for people looking to buy YAM token from YAM Finance. YAM Finance dubs itself as “An Experiment in Fair Farming, Governance, and Elasticity” in their introductory post.

As you can imagine, it combines a bunch of new DeFi protocols and also adopts many best practices from the space. For instance, YAM token will launch with full on-chain governance, similar to Compound. It has elastic supply, so has many properties similar to AMPL. The treasury (similar to AMPL) is held in yCRV – the stablecoin pool on Curve that has yTokens from YFI.

Another big selling point for YAM is that it is taking a leaf out of the YFI playbook, i.e. no premine, no founder allocation, no VC allocation.

YAM is going to be distributed in 2 phases:

  • Phase-1: 8 staking pools of COMP, LEND, LINK, MKR, SNX, WETH, YFI, ETH/AMPL.
  • Phase-2: YAM/yCRV Uniswap pool

The above is very similar to what YFI did with its initial Curve pools and then Balancer pool for YFI. The interesting thing is the Uniswap pool would be 50/50 for YAM/yCRV whereas the YFI Balancer pool was 98/2 DAI/YFI.

How to Buy YAM

Step-1: Convert your tokens to ETH via 1inch.

Step-2: Convert your ETH to YAM on Uniswap

Token: YAM

The above will get you the best price for YAM. Once 1inch lists YAM natively, you can combine the two steps into one.

Edit: 1inch has natively listed YAM! Just enter the tokens you have and the conversion to YAM and you should be good to go. For example, here is how they route the order to exchange a few BAL from Balancer to YAM

1inch YAM token

Staking YAM

Instead of buying YAM, you could also stake your crypto to earn YAM based on the phase-1 distribution mentioned above. To stake, go to yam.finance and then stake your tokens. Be aware though that YAM smart contracts are not audited and it has a much higher smart contract risk than some other projects.

Also see how to buy YFI if you’re interested in projects like YAM.

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