Pickle Comes Home – The DeFi ecosystem’s first M&A deal has just been unveiled. Thus, the Pickle.finance protocol will be absorbed by yEarn.finance, when version 2 is released.
The deforked fork
Less than a week ago, the Pickle.finance protocol was the target of an attack that resulted in the loss of nearly 20 million DAI . Following this bitter failure, a publication from yEarn.finance announces the absorption of Pickle.finance by the parent protocol:
“The developers of Pickle and yEarn have built a structure that allows the two projects to work together in symbiosis. This helps reduce duplication, increase specialization and take advantage of shared expertise ”
The merger will take place during the deployment of the V2 of Immediate Bitcoin, currently in development.
What will happen after the merger?
Following this merger, the 2 protocols will continue to exist, but will work in symbiosis.
First, the Pickle Jars and the yEarn Vaults V2 will be merged . As a reminder, the Pickle Jars are copies of the yEarn Vaults, which will facilitate merging. However, the Pickle developers will continue to be the source of their vaults‘ strategies.
Once the merger is initiated, the protocol will create 2 new tokens:
The DILL token will be the reward distributed to users who have staked their PICKLE tokens in the new vaults. The PICKLE can be staked for a period ranging from 1 week to 4 years;
The CORNICHON token (you are not dreaming), will be distributed to users who have been victims of the Pickle.finance hack.
“Tokens will be created based on a snapshot of balances at the time of the attack, and distributed to victims proportionately. “
Publication de yEarn
This news also marks the merger of the development teams and the total value involved in the 2 protocols. A boon for Pickle.finance which will benefit from the enthusiasm that exists around yEarn.