Yam Finance Unveils DeFi Plans For The Year
The business year might have just started for many Blockchain networks and DeFi protocols, and as expected, there is always a slow upturn in activities. Considering that most organizations will be taking their time before settling fully into the new year.
DeFi protocol, Yam Finance has been working tirelessly to provide their users with top notch services this year. The yield farming, which made giant strides at the end of 2020, in a news announcement on its website, has now announced its plans for the DeFi community in 2021.
Yam Finance plans for 2021
The Yam protocol who launched the product in August 2020, has revealed that it has the same plans for the new year. The YAM DAO Sets is the first launch of the Defi protocol year, pegged for January. The investment product was developed in partnership with TokenSets and is set to feature products tailored to asset management, creating an enabling environment for DAOs to manage their treasuries.
In the blogpost, the protocol mentioned that it was working in several synthetics that would be made available to members of its community with the Yam Factory, an integral product launched. Yam Factory is set to allow the building of products within the YAM space.
The product will also allow its users to apply for funding and technical support from the Yam DAO. The blog mentioned a new product called Great Yam Wall, which the protocol hopes to add to their treasury’s market cap.
Yam Finance is expanding growth from 2020 into 2021
The DeFi protocol has been working hard behind closed doors, gearing up towards a big 2021 and building on the successes of 2020. Yam Finance had decided not to leave it late like last year when the DeFi protocol waited towards the previous quarter in August to release new products, in a very quiet year for the yam farming protocol.
One of the products released last August was Degenerative Finance, a product launched in partnership with UMA. The product allows its users to analyze and mitigate risk affiliated with gas pricing, and its first offering was an asset called uGAS. With this in mind, the peckshield audit is one of the first things lined up to be launched, with another beta launch scheduled for late January this year. The yam protocol in 2020 also launched an insurance protocol called Umbrella. As it sounds, Umbrella aims to provide shield and protection for Yam farmers and the DeFi community at large.
The DeFi protocol also expanded its market capitalization and treasury through investments, asset management, and yield farming. The growth of the protocol is now pegged to more than $4million as of today. Unfortunately for Yam Finance, 2020 had also witnessed the YAM token, whose market capitalization falls from $60 million to zero dollars in 35minutes, struggle immensely amidst a price collapse of about 80%.