Yala Coin Plummets, Triggering Shockwaves in DeFi

Stablecoin Yala (YU) has experienced a dramatic 52.9% decline in the past 24 hours, plummeting to $0.44 and wiping out a market capitalization of $39.6 million. Trading volume has significantly reduced by 98.7%, with volumes hovering at $11,600. Despite a brief recovery attempt, Yala lost its dollar peg early on and continued its downward trend, settling at $0.42. The YAM team had previously warned of potential liquidity issues due to bridge vulnerabilities and unusual borrowing practices. Leading funds such as Polychain, Amber, and Galaxy supported the coin.