Yearn Founder Announces Spate Of High-Profile Mergers And Collaborations For Multi-Faceted DeFi Protocol
Yearn Founder Announces Spate Of High-Profile Mergers And Collaborations For Multi-Faceted DeFi Protocol
December 2, 2020
Yearn Founder Announces Spate Of High-Profile Mergers And Collaborations For Multi-Faceted DeFi Protocol
Yearn Founder Announces Spate Of High-Profile Mergers And Collaborations For Multi-Faceted DeFi Protocol
December 2, 2020

Andre Cronje, the founder of Yearn Finance, has announced the latest in a spate of high-profile mergers and collaborations for the multi-faceted decentralized finance (DeFi) protocol. Yearn Finance will be “joining forces” with market coverage provide Cover. 

It has been reported in a blog post that Cronje notes the merger will be a natural one, as Yearn and Cover developers have been working together since Cover’s inception.

Cronje also listed a series of promising possible synergies, including enhanced utility for the Cover’s CLAIM token, which will act as collateral and become a borrowable asset for Yearn, as well as enhanced security for Yearn vaults via Cover’s market coverage.

However, the Cover merger is just the latest in what has been a wild week for Yearn, as Yearn announced the upcoming projects with yield farming protocol Pickle Finance, vault integration with crypto wallet Argent, and a merger with lending protocol Cream Finance.

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The acquisitions are notable for how they improve both the core competencies of Yearn while also pushing the protocol into new markets, both vertical and horizontal expansion.

As per the report, Cream and Pickle will enable superior efficiency for Yearn’s vaults, while Cover grants the protocol a new product line as Cover representatives insist that they do not offer “insurance” like yInsure, but instead “cover.”

It has been analyzed that there is some nuance to each ‘acquisition.’ While Cronje’s blog posts describe the work with Cover and Cream as “mergers,” Banteg, the Senior Developer, noted on Twitter that the Pickle announcement is a “developer collaboration,” and it has been described by the official Yearn Twitter account as a “symbiotic relationship.”

In addition, one observer compared the moves to those of legendary tech executives and investor Keith Rabois, who is notable for his focus on talent acquisition and management.

Incentivizing, training, and bringing in new developers have also been a priority for the protocol.

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Thus, two recent Yearn Improvement Proposals (YIPs), YIP-52 and YIP-53, increased the quantity of vault rewards allotted to smart contract engineers who develop the vault strategies and established the “yAcademy,” an audit training program.

Source: Cointelegraph


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.