2020-12-1 21:49 |
Yearn Finance continues its landmark week with yet another collaboration, as the project appears to be leveraging its name and capabilities to improve its reach.
This time, the decentralized finance (DeFi) protocol is partnering with Akropolis, a fellow DeFi project.
Mutual Benefit Going ForwardAccording to a press release published earlier today, lending and savings protocol, Akropolis confirmed that it had partnered with yield farming project Yearn Finance. The announcement explained that both projects would merge to leverage each other's strengths, thus enabling each other to “do what they do best.”
Diving deeper, the announcement explained that Akropolis' developers would use Yearn Finance's infrastructure to enhance their operational strategies. They will benefit from the expanded Yearn Finance ecosystem, which now includes lending protocol Cream.
Yearn Finance also announced a partnership with Cream last Thursday. At the time, protocol founder Andre Cronje explained that both projects would collaborate to launch Cream v2, an upgrade to the latter's protocol. They will also merge their development resources and strengthen the integrations between each other.
As for Yearn, the protocol will benefit from Akropolis' institutional contacts and business development acumen. Akropolis has also committed to deprecate Spart and AkropolisOS, two of its products that aren't related to yield farming. Both products will be moved to an open-source development mode, focusing on a front end that will allow professional traders to access the new ecosystem from both companies.
Better Insurance CoverThe merger also includes a commitment to help Akropolis recover funds lost in a recent security breach. Earlier this month, the protocol confirmed a hack that was executed across several smart contracts in its savings pools. Akropolis explained that the hackers had targeted areas which it already audited twice. Nevertheless, the Curve sUSD and Curve Y savings pools were affected.
Blockchain records on the Ethereum chain show hackers managed to steal over 2,030,000 DAI tokens by exploiting smart contract vulnerabilities. They moved the funds to a different address shortly after.
Akropolis confirmed that the majority of its assets locked were safe in an official statement. However, it has paused all stablecoin pools, adding that it looked into ways to reimburse affected users.
Looking to leverage Yearn Finance, the protocol explained that it would introduce an IOU token to track the stolen funds. Akropolis will also redirect profits into its token fund to reimburse all affected users, adding that it would streamline insurance protocol integrations to ensure that more users get coverage going forward.
The post Yearn Finance to Join Forces with Akropolis; This is The DeFi Leader’s Fourth Merger In a Week first appeared on BitcoinExchangeGuide.Similar to Notcoin - TapSwap on Solana Airdrops In 2024
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