Recap: DeFi Week of Aug. 10 🦄

Hello Defiers, hope you’re having a great weekend! Summing this past week up: In the last seven days some have started calling DeFi not Decentralized Finance but Degenerate Finance as the levels of speculation is reaching levels not ever seen in this corner of crypto. Yam Finance and its YAM token launched with no tests or audits but with plenty of sweet potato emojis, seemingly custom-designed to capitalize on the recent hype for DeFi tokens. The project drew $400M overnight but ended the next day after the team found a bug on its code. The team is now preparing to launch YAM V2. Other meme tokens like BASED also popped up, while yearn.finance’s YFI soared above $6k after Binance listed the token. As frenzy around these new tokens reached a fever pitch, yield farmers were impatiently waiting for Curve Finance’s CRV to launch. The stablecoin-focused DEX has been at the center of the yield farming frenzy, so its token has been highly anticipated — so much so, that someone found the code on GitHub and decided to launch it themselves. The Curve team decided to just go with it.

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