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In a blog post published on Nov 28. Yearn founder Andre Cronje revealed the merger between the two DeFi protocols. He further stated that the merger was a natural one since Yearn developers worked with Cover protocol developers since its inception. Cover will provide backstop coverage for Yearn DeFi and its product suites.
Yearn also revealed the synergies that would be obtained as a result of the merger. The cover will expand its operations into a wider market, making its token CLAIM collateral and borrowable asset. Yearn will be provided with coverage for its vaults enabling the protocol to offer reduced-risk products for users. Besides, Yearn LP’s will be covered through Cover’s perpetual products.
Cronje also revealed plans for the launch of Cover v1.1, which will focus on core lending products. Some of the features expected to be released include a model for perpetual coverage on the Cover protocol. The cover will also be used as a provider for other DeFi protocols, allowing communities to create their own coverage ecosystems with no additional costs.
Third Major Partnership in a Week For Yearn Finance
The partnership with the Cover protocol is the third major merger announced by Yearn Finance this week. The DeFi protocol had earlier on Wednesday announced a merger with Pickle Finance to boost yield farming rewards. This was followed by another merger with DeFi lending protocol Cream Finance on Friday. Yearn revealed that it will launch a zero collateral lending platform, Stable Credit, using the Cream protocol.
Its latest partnership with Cover protocol continues this trend as Yearn continues to expand its ecosystem. Unlike with Pickle Finance, the token economics and governance of Cover will remain unchanged. The two protocols will remain largely independent, resembling that of a close partnership than an outright merger.