At the week's onset, Blockonomi took a closer look at some of the current happenings in the decentralized finance sector. top yield aggregator projects , including Yearn and Pickle Finance.
These initiatives seek to offer DeFi enthusiasts lucrative profits through strategies crafted around automated 'vaults' smart contracts. Picture this: deposit your crypto, the vaults work their magic to generate earnings, and you retrieve your funds whenever you wish.
Projects like Yearn and Pickle Finance are united by their shared ambition to simplify the process of earning passive income through DeFi. However, looking more closely, the new pact aims to increase their shared resources and expertise significantly.
Yearn and Pickle Merging
Breaking new ground in decentralized finance, Yearn and Pickle teams have opted to join forces in a novel collaboration.
This week, Andre Cronje, the creator of Yearn, humorously announced the merger with a post titled: Pickle and Yearn embrace collaborative harmony amidst dill vibes. ,\" which he began as follows:
Pickle and Yearn's developers have crafted a partnership that ensures both entities benefit from shared expertise and reduced duplication, taking advantage of specialization. This marks just the beginning, with more integration lined up.
The upcoming merger will align with the launch of Yearn's v2 framework, with several test vaults already in development. This means that Pickle Finance's infrastructure will become a part of Yearn's enhanced v2 yVaults.
Yet the integration isn't just about technology. The projects will unify their assets, leveraging their combined total value locked—Yearn's TVL being $440 million at the last count.
The deal will see Pickle's developers joining Yearn to work on its offerings, sharing in strategy fees, and creating a boosted rewards system with 'reward gauges' to promise users enhanced returns, underscoring a potent alliance.
PICKLE, DILL, CORNICHON, Oh My!
Pickle Finance enthusiasts can rest easy knowing their beloved PICKLE token will remain after the merger.
That's because Yearn users can stake their yVault tokens in PICKLE reward gauges, with new PICKLE rewards receivable thanks to the DILL token. Locking up PICKLE earns you DILL, with rewards increasing based on the duration (up to 4 years) of the lock-up.
At present, DILL holders are at the helm of Pickle's governance, jointly making decisions on key areas like 'gauge weights, fee allocations, and other protocol settings.'
And then there's the introduction of the CORNICHON token, which steps in to address the previous $20 million breach of Pickle Finance, with a snapshot readying the token for those affected to 'monitor losses.'
Argent Integrates Yearn
Yearn also made headlines this week as the well-regarded Ethereum smart wallet project is now embracing Yearn's yVaults via a direct app integration. Argent Yearn Vaults within Argent are now just a tap away.
You asked, we delivered.
This development is notable as the push for better user experiences within DeFi has been a significant topic. Argent's adoption of yVaults represents a step forward here, simplifying DeFi participation and yielding with Yearn in a potentially winning partnership. https://t.co/jdaPtGQQMU
— Argent (@argentHQ) November 25, 2020
Many users prefer an in-app, user-friendly interface rather than diving into Yearn independently. Argent caters specifically to these preferences, promising a brighter path for DeFi's growth as accessibility improves across the ecosystem.
William M. Peaster, accomplished in the fields of Ethereum, Dai, and Bitcoin, frequently writes and edits in crypto circles. His work spans Blockonomi, Binance Academy, and others, as he follows smart contract innovations and DAOs. Currently honing his skills in Solidity, connect with him on Telegram at @wmpeaster.
