2020-12-2 16:31 |
DeFi protocol Yearn.finance appears to be on a merging spree
Yearn.finance has announced its fifth merger in the space of two weeks, this time with SushiSwap. The two DeFi projects will bring together their development resources and combine their total value locked (TVL).
“Yearn will participate in Sushi governance and add to its treasury some SUSHI. SushiSwap will participate and add to its treasury YFI”, said Yearn founder Andre Cronje.
According to DeFi pulse, Yearn’s TVL is $454.4M – up 2.1% in the last 24 hours. SushiSwap, on the other hand, has a current TVL of $734.8M, having climbed 7% in the last 24 hours. This makes SushiSwap the largest protocol Yearn has acquired.
The protocol has already completed mergers with four other decentralised finance (DeFi) platforms – Akropolis, Cover, Cream and Pickle Finance. Yearn Finance came to the rescue of Pickle Finance, a yield-farming project involved with stablecoins’ pegs, after it suffered an exploit that saw it lose almost half its value.
This was followed by a collaboration with Cover on 26 November – Yearn’s second merger. Yearn then announced it was joining forces with Cream, a decentralised lending protocol that runs atop Ethereum on 28 November. On Friday, rumours surfaced that Cronje was looking to join forces with SushiSwap.
The protocol announced a collaboration with Akropolis yesterday, followed by a merger with SushiSwap earlier today. Speaking on the subject, Andre Cronje proclaimed that Yearn’s work was similar to that of SushiSwap. As such, it was logical that the two projects merge and work together in the future.
“As Sushi focused on expanding their AMM [automated market maker] ecosystem, and as Yearn focused on expanding their strategies, more and more overlap became apparent, Yearn needed custom AMM experiences for their strategies, and Sushi started pushing the boundaries of yield and money market. 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”, Cronje wrote.
Yearn.finance will borrow SushiSwap’s expertise to develop its forthcoming project, Deriswap that is currently under audit. The project blends options, loans and swaps into one contract.
The post Yearn.finance announces merger with SushiSwap appeared first on Coin Journal.
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