The DeFi protocol yearn.finance (YFI) is set to merge with SushiSwap (SUSHI), another leading DeFi protocol, with their respective tokens surging.
SUSHI is up 27% in the past 24 hours, trading at USD 1.87 (09:11 UTC), YFI jumped by almost 8%, to USD 27,380.
Per a blog post from YFI founder Andre Cronje, the former’s work with SushiSwap has been overlapping, making a merger the most logical thing to do.
Cronje wrote,
“With these overlaps, more and more work started to become mutualistic, and at this point, it makes [sense] to take the relationship to the next level.”
The deal is not yet complete with “a few core items” to be “voted on via governance” at both protocols.
But Cronje’s tone suggested that the vote would be little but a formality, adding bullish statements, including the following:
“This is one of the more aggressive synergies. I believe the items presented will not only help foster the ecosystem, but help us expand to something much greater.”
The deal will see Yearn and SushiSwap’s development resources merge – and will see a pooling of their respective total value locked (TVL).
SushiSwap is a fork of the decentralized Uniswap exchange and has USD 738.8m TVL at the time of writing, a figure that is up 7% on the past 24 hours, per DeFi Pulse data.
Also per DeFi Pulse, YFI’s respective figures, meanwhile, are USD 456.9m and 2.3%.
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