Yearn.finance Takes Pickle Finance Protocol Onboard to Enhance DeFi Rewards
Brian Njuguna Nov 25, 2020 08:40
Leading DeFi protocol Yearn.finance has absorbed Pickle Finance to create a structure that will leverage shared expertise, boost specialization, and minimize work duplication.
Two leading decentralized finance (DeFi) protocols Yearn.finance and Pickle Finance, have teamed up to formulate a structure that will leverage shared expertise, boost specialization, and minimize work duplication. Yearn.finance will absorb Pickle protocol into its own DeFi ecosystem.
Working symbiotically
Through the strategic partnership, the two DeFi protocols will work symbiotically as Pickle will be integrated into Yearn’s ecosystem and provide its security and development expertise.
Per the report:
“Pickle and Yearn developers have worked out a structure to allow the two projects to work together in symbiosis. This is done to reduce duplicate work, increase specialization, and to leverage shared expertise.”
Yearn is a yield optimization protocol aimed at aggregating liquidity and automating marketing by moving investments between platforms like Compound, Aave, and dYdx. Despite this DeFi platform being launched in July, its popularity has risen to the extent of its token YFI one time hitting $38,000 in late August, and this run beat Bitcoin’s record price rally in 2017. Later on, in early September, it smashed this record by rising to $39,600.
On the other hand, Pickle is a yield farm DeFi platform that helps key stablecoins stay on track with their target price. For instance, it induces the sale of stablecoins trading above their set goal and the purchase of those hovering below.
Boosting yield farming
Under the new Yearn.finance framework returns accrued from yield farming with Pickle will be boosted. Furthermore, Pickle will avail reward gauges that will enable Yearn vault depositors to earn additional rewards. As per the announcement:
“Pickle tokens are rewarded through staking Yearn vault tokens in Pickle gauges. The emissions schedule stays roughly the same. Rewards can be boosted by DILL. Reward gauges may earn Pickle based on the underlying Yearn vault token.”
Recently, Yearn.finance’s founder Andre Cronje introduced Deriswap, a new protocol that combines different DeFi Services like swaps, loans, and options into a single contract.
The booming DeFi sector has made Ethereum (ETH) price shoot through the roof, as evidenced by new data by Glassnode that showed crypto wallets holding more than one ETH hit a record high of 1,170,598 addresses. ETH is currently trading at around $595 at press time.
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