A new Yield farming DeFi project, Spaghetti Money gains over $200 million in investments hours after launch.
With the DeFi buzz not planning to leave anything soon, another project has ridden the wave as it has amassed nothing less than $200 million hours after it launched. The project in question, Spaghetti Money, offers investors pools in staking via a host of DeFi tokens, including yEarn(YFI).
According to records, the new project was launched not less than ten hours ago, and it has recorded a massive $203 million in investments by traders. In about three hours, the project has already registered $3 million in the total value locked down.
New Spaghetti money doesn’t have a team behind its operations
Experts have warned those are rushing to the new Spaghetti Money project as it doesn’t possess anything that makes it legit. Presently, the new project has no official team behind its operations, and its codes are not audited either.
A huge portion of the staking codes was pulled from the DeFi project YAM token, a new token that witnessed massive patronage when it started last week. Also, there is another token called PASTA, which possesses no function since it lacks a core governance model that might be shared amongst members who join the staking pools in some days to come.
Founder of Compound says the sector might need regulation
Spaghetti Money is the latest to push the DeFi buzz into the news due to its trendy name, which has been used to draw in traders to stake money in their pools. Bets are now underway at pediqt, a prediction website that the new Spaghetti money will record a $500 million total value locked in the next three days.
With the way things are going presently, the coin is well placed to reach that mark. Founder of Compound, Robert Leshner said if this new Spaghetti money token reaches $500 million, the whole sector needs regulation.