YALA (Yala) has pumped 17.15% in the last 24 hours.

Gate News Bot report, on November 20th, according to CoinMarketCap data, YALA (Yala) is currently priced at $0.04, having risen 17.15% in the past 24 hours, with a high of $0.05 and a low of $0.03. The current market capitalization is approximately $9.29 million, an increase of $1.36 million from yesterday.

Yala is a platform that mints the $YU stablecoin by over-collateralizing Bitcoin. $YU can generate yields in DeFi protocols and real-world assets, enabling cross-chain liquidity. Yala offers true autonomy: self-custody, low liquidation risk, and complete Bitcoin exposure. The platform has currently launched a loyalty program where eligible users can earn double Berries by remaining active from September 23 to December 8. Additionally, Yala has extended the Q2 snapshot to December 8 at 9:00 UTC, increasing the airdrop allocation for all eligible users to 5%.

Important news about YALA recently:

1️⃣ YU stablecoin significantly unpegged The stablecoin YU on the Yala platform has experienced a severe de-pegging phenomenon, with its price dropping to the $0.1 range, a decline of nearly 90% over the past 7 days. As a Bitcoin-backed stablecoin, YU was originally supposed to maintain a 1:1 price with the US dollar, but it has now completely lost its stablecoin functionality.

2️⃣ Security vulnerability leads to unauthorized token minting The Yala project has encountered a major security incident, where a vulnerability was exploited leading to the unauthorized minting of YU tokens. This incident has severely impacted the price stability of YU, causing a significant devaluation of the token and triggering panic in the market.

3️⃣ The project party announces the recovery plan timeline The Yala team has recognized the seriousness of the issue and is taking urgent measures. They have committed to fixing the security vulnerabilities as soon as possible and plan to establish a clear recovery plan by December 15, which includes a path for fund recovery and subsequent operational measures. However, restoring market confidence may take a considerable amount of time.

From a technical perspective, the price of YALA has rebounded in the short term, which may be a technical correction following the previous significant decline. However, considering the major issues faced by the YU stablecoin, the fundamentals of YALA still face enormous challenges. The project's credibility and stability have been severely impacted, and in the short term, there is considerable uncertainty regarding the value and application prospects of YALA.

This message does not constitute investment advice; investors should be aware of market volatility risks.