Yearn Finance partners with Pickle to promote DeFi rewards

Nicholas Say
Nicholas Say

Decentralized finance protocol Yearn and Pickle Finance announced a new partnership designed to enhance yield farming rewards, and reimburse victims of the recent attack on Pickle that swiped $20 millions in Dai.

The project aims to minimize redundant work, increase skills and use joint knowledge, according to a statement made by Andre Cronje, founder of Yearn. The code is identical as the program of Pickle Finance vaults, or "Pickle Jars" that replicates the original Yearn's v1 yVaults. Pickle Finance enables “farmers” to sell stablecoins trading beyond their peg, and to purchase ones that are below, so that they are closely matched to the value they are based on.

The final objective is to raise returns for yield farmers by growing output charges under the new Yearn's pricing model with Pickle strategies. Yearn Finance recently formalized a financial plan and implemented a strategic focus on onboarding Pickle developers and creators for new strategies and pricing models for the new vaults. Pickle will implement Gauges as a reward, and tokens will be distributed to the participants in the Yearn vault. With these tokens, participants can join and gain rewards from Year Vault gauges. These tokens can now be time-locked in escrow and are classified as DILL.