January 27, 2021

Cryptheory

24/7 crypto news, cryptocurrency meaning, guides, learning, #cryptohelpschildren

Yearn Finance integrates Cover Protocol

2 min read

  • Yearn Finance partners with Cover Protocol
  • Yearn has entered into different partnerships in this week

In recent times, Yearn Finance has been integrating different DeFi protocols into its system. There appears to be no stop to that as the firm has announced a new partnership with Cover Protocol.

Andre Cronje, the founder of Yearn, announced this partnership earlier today. According to him, Cover would henceforth serve as backstop coverage provider for Yearn product suite. Not only that, Cover would also be serving the whole of DeFi.

Immediately news of this merger became public, the value of COVER moved from $280 to $419.

According to available information, developers of both firms have been working together from the very beginning. This means that this new partnership is not totally new to either parties. 

This partnership allows Cover to make an entrance into the new cover money market. It would also allow the CLAIM token to be used as an asset that can serve as a collateral and at the same time, it can be borrowed.

On the other hand, Yearn would be able to offer their users a product that is almost risk free. Yearn Finance LP would also be covered by this new partnership. The crypto firm, through this partnership, has gotten coverage for its vaults too.

Yearn Finance multiple partnership

Yearn Finance has entered into multiple partnerships in this week alone. This week, Yearn has announced its partnership with Cream Finance and Pickle Finance.

Yearn’s partnership with Cream Finance will lead to the launch of Stable Credit. This new platform offers a collateral free lending avenue for users.

Yearn’s also merged with Pickle Finance. This merger will birth a better resolve in boosting the yield farming activities. This partnership also seeks to incentivize every yield farming actions.

Yearn Finance token, YFI, has had its price fulctuating due to the recent drop in the prices of BTC and ETH. However, YFI is currently selling for $23,300. 

Source link

Leave a Reply

Your email address will not be published.