Pickle Finance to merge with yEarn.Finance after $20 million loss

Developers of the decentralized finance protocol Pickle Finance announced a merger with the DeFi project yEarn.Finance, led by Andre Cronje.

🤝Yearn @iearnfinance & Pickle INTEGRATION🤝

Read more in this post from @AndreCronjeTech https://t.co/Ua0hmrKL2M

/1

— Pickle Finance 🥒 (@picklefinance) November 24, 2020

In a post, Cronje stated that the symbiosis of the two projects would reduce duplicate programming work, increase specialization and leverage shared experience. The Pickle and yEarn pools are similar in code, so the teams do not anticipate problems in the merger process.

The developers announced the launch of the CORNICHON token as a debt instrument to help those affected by the hack. It will be distributed pro rata based on balances at the time of the attack.

The second token, DILL, will incentivize users to hold PICKLE coins.

“The longer PICKLE is locked, the more DILL you can earn. The minimum lock period is one week, the maximum is four years,” Cronje said.

Earlier on November 21, an unknown attacker withdrew about $19.76 million in the Compound DAI stablecoin from one of Pickle Finance’s smart contracts via counterfeit swaps and a malicious storage.

Follow ForkLog news on Twitter!