The stablecoin YU, in which Polychain invested, has lost its stable price. The current situation raises concerns among users and the project team.
YU Price Decline
According to DEX Screener data, the price of YU fell to $0.2074 at 05:14 CET, before rising to $0.923. It is currently trading at $0.70, with only 1,450 USDC in liquidity in the YU/USDC pool on Uniswap.
Yala Team Statement
The Yala team confirmed that the protocol had recently been subjected to an attempted attack. In their statement, the company noted that they had identified the issue in collaboration with their security partner, SlowMist, and that necessary fixes were underway.
Future Steps and User Support
Yala stated that as part of system improvements, the Convert and Bridge functions will be temporarily unavailable to ensure the protocol's full stability. "Our priority is to make the system more robust and increase stability. We will share additional updates once maintenance is complete," the company said.
The instability of YU underscores the importance of stablecoin functionality and the need for safeguarding digital assets. The Yala team is working on system restoration and ensuring the safety of user assets.
