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- Ethereum-based DeFi Yearn Finance protocol announces partnerships with Cream, PowerPool, Cover and Pickle protocols.
- Y-vault users will receive greater rewards thanks to the new partnerships formed by Yearn Finance.
The decentralized finance protocol Yearn Finance had a week of important announcements about new partnerships. In one post, the Yearn Finance team confirmed 4 collaborations, partnerships or mergers with other protocols of the DeFi ecosystem on Ethereum. This is in line with the vision Yearn Finance has followed since its founding, according to the post:
There have been several mergers and / or partnerships formed within the Yearn ecosystem over the past week. We want to remind readers that within it the Yearn ecosystem promotes and encourages a collaborative development environment. Yearn is a yield aggregator and is based on the composability of many different protocols within DeFi on the Ethereum blockchain. This results in a developer community that encourages collaboration between other developers and protocols in order to create new and innovative technology.
So far the cooperation or merger announcements concern the following protocols: Pickle Finance, Cover Protocol, PowerPool and the CREAM lending platform. According to the post, the platform still wants to consolidate more collaborations. Therefore, they invited developers interested in contributing to the expansion of Yearn Finance.
Details on the collaborations between Ethereum’s DeFi protocols
With Pickle Finance, Yearn’s team explained that its developers will act as “strategists” in a yVault of the protocol’s second iteration, Yearn 2.0. As part of the collaboration, strategists will be rewarded with a management fee of 20% and a performance fee of 2%. The latter will be divided to deliver a portion of the funds to the governance of Yearn Finance.
The protocol of strategies to optimize agricultural production hopes that its collaboration with Pickle Finance will allow them to reduce the number of forks that use their model, in some cases to make scams. In addition, Yearn Finance believes it can benefit from the greater specialization of its protocol and from “shared experiences”.
The cooperation allows Yearn Finance users to receive rewards in their partner’s Pickle governance token. Y-vault users of the next iteration of Yearn Finance will be able to use the Pickle pJars token and receive tokens for staking in the vaults.
The merger with Cover Protocol will allow its platform to be used as a cover provider for all Yearn Finance products. In this way, users will be able to benefit from a future Hedging feature that will have “perpetual protection against adverse events, with no expiry”. Yearn Finance’s products will offer this benefit natively.
On the other hand, PowerPool integration will add loan, loan and pool functionality. Additionally, the protocol has the PowerIndex with “decentralized ETFs” for 8 governance tokens. Therefore, users and holders of the PowerPool CVP token will be able to participate in the voting of Yearn Finance using the funds in YFI stored in its DeFi protocol partner.
Finally, the latest collaboration of Yearn Finance was announced by its inventor, Andre Cronje, together with the CREAM team. In a publication, Cronje said it will launch Cream v2 to allow users to earn leveraged rewards. The company will be able to allow other products to be enabled on its launchpad.
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