Yearn.Finance (YFI) and Pickle Finance have partnered to help Pickle after hackers attacked the protocol. The partnership will help Pickle compensate victims of the recent hack and boost its yield farming incentives.
Less than a week ago, hackers stole $20 million worth of Dai in deposits from farming project Pickle Finance. The new venture has now launched a token called CORNICHON to “track losses stemming from the recent Evil Jar attack.” The victims will receive newly-minted CORNICHON as compensation.
In the published announcement on Medium, Yearn.Finance founder Andro Cronje said:
“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.”
Apart from the newly introduced token, the announcement mentioned six other benefits of the partnership. In addition, Pickle will integrate into Yearn’s ecosystem, and the two protocols will merge their TVL. The announcement further revealed that the two companies are still planning further integrations.
Recently, Andre Cronje launched a new DeFi protocol called Deriswap. According to the founder’s announcement on the 23rd of November, the new protocol will focus on three combined features to users. The feature includes Swaps, Options, and Loans.
Before Deriswap, no DeFi protocol offered the combined features.
Image Credits: Pixabay
