Yearn Finance creator Andre Cronje revealed that the team plans to take several steps to improve the ‘safety and security of all money markets.’ These steps include holding full security reviews, audits, improving leveraged yield, introducing tokenized debt, and much more. Cronje shared the ambitious plans in a Twitter post on November 26.
Following an announcement from Cream Finance stating that the platform plans to delist SWAG, Cronje decided to reveal his intentions. As stated in the original post, Cream intends to remove supplying and borrowing collateral in the form of SWAG on its platform. In the near future, the team will publish a full asset review, as well as further updates. On the other hand, Yearn Finance has plans of its own.
Within the new Twitter post, Yearn’s main developer revealed a plethora of features that he will work on. These include full security reviews, full asset audits, zero collateral protocol lending, leveraged yield, isolated risk, and tokenized debt. Deploying these changes will not only improve the security of Yearn Finance but of all DeFi as well. While he did not share too many details, Cronje stated that he will shortly delve deeper into the subject.
The news come shortly after today’s announcement of a merger between Yearn and Cream. The two teams will now work together and leverage each other’s experience to develop Cream V2. The next protocol version introduces core lending and leverage products. Upon launch, V2 will enable users to earn yield with launchpad. Moreover, the platform will serve as a launchpad for future collaboration between Yearn and Cream Finance.
Simply put, the merger will lead to more upgraded Cream vaults with more features. However, the official announcement notes that the protocol will retain most of its features.
Second Yearn Finance ‘merger’ this week
Yearn Finance announced the second merger this week. As Defiye previously reported, Yearn Finance merged with the recently hacked Pickle Finance. After losing more than $19 million in DAI on Monday, the developers decided to integrate their protocol into Yearn.
The move was most likely made to cover the costs of refunding the assets that were lost. Prior to the hack, the Pickle team held no insurance fund that would protect users in the event of a hack. Because of this, the community believes that developers turned to Andre Cronje for protection. After all, the partnership led to the creation of a new token that the two teams plan to distribute to victims.
However, the partnership was not taken kindly by the community. In fact, most YFI holders were concerned about now being partnered with a controversial project. Moreover, most users believed that they had the right to vote on the integration through a governance proposal.
But considering that the integration affected Pickle Finance and brought almost no change for the Yearn protocol, except one vault integration, the action is considered to be decentralized and fair by the team. While this may be true, most are angered by the lack of transparency, seeing that the integration was not mentioned at all before.