Inspired by YAM, meme project Spaghetti Money raised $ 200 million in assets in 12 hours Investors have invested over $ 200 million in pools of the meme project Spaghetti Money 12 hours after its launch.

YAM-inspired meme project Spaghetti Money raised $ 200 million in assets in 12 hours

Investors have invested over $ 200 million in the pools of the Spaghetti Money meme project 12 hours after its launch.

Spaghetti Money supports collateral in WBTC, WETH, MKR, COMP, YFI, LINK, SNX and LEND. By the time of publication, users have entered over $ 207 million into the protocol.

Developers urge users to independently audit their code before starting staking. They admit that part of the code for organizing staking was borrowed from the yam.finance project, which was also not audited before launch and last week faced a critical bug that caused it to be migrated to a new version of the smart contract..

At the same time, the names of the developers of Spaghetti Money are unknown, and its own PASTA token has no practical purpose, since the project does not use a decentralized management model, unlike other DeFi protocols, thus justifying the value of its tokens. PASTA distribution to stakers will start during the week. At the same time, the token will become available for trading on decentralized exchanges, for example, Uniswap.

The founder of the Compound project, which started the "DeFi farming" trend, Robert Leschner, said that if Spaghetti Money raised $ 500 million in its pools, "the industry will need to self-regulate and stop running meme farming games." So he commented on the emergence of the prediction market, whose participants are invited to place a bet on whether Spaghetti Money can reach the named amount in 36 hours..

On Twitter, the creators of Spaghetti Money wrote that they are launching "the best noodle-based ETC20 token." This announcement caused confusion among the community members, leading them to believe that the token is being launched on the Ethereum Classic blockchain, and not Ethereum, whose main standard is ERC20. The developers did not fix the error.

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