29.07.2021

Crypto News

Insider information in the world of cryptocurrencies.

Yearn. Finance and Pickle Finance announce merger

Yearn. Finance and Pickle Finance announce merger

The management of the Yearn.Finance decentralized finance project decided to lend a helping hand to the recently hacked Pickle Finance and unite. This will help compensate users for their losses.

According to the founder of Yearn. Finance, Andre Cronje, the merger will reduce the duplication of programmers ‘ work, increase the specialization of projects and increase the experience of developers. Pickle Jars pools are similar in code to Yearn Vault V1, so the pooling should go smoothly.

The first step will be to merge the Pickle and Yearn liquidity pools, and then Pickle will be fully integrated into the Yearn ecosystem. The funds blocked in the projects ‘ smart contracts will also be combined.

Pickle users will be able to profit from their funds in the same way as Yearn users, so their profits should increase. In order to make a profit, Pickle users will need to block their PICKLE tokens and receive DILL tokens. You can block tokens for a period of 1 week to 4 years.

Recall that on the night of November 23, the Pickle Finance project was hacked, as a result of which hackers withdrew $19.7 million in DAI tokens. After that, the price of the PICKLE token halved to $10, but at the moment the rate has increased to $16.