Yearn is "joining forces" with market coverage provider Cover, capping a busy week for the decentralized finance (DeFi) protocol.
- Yearn's Andre Cronje said Cover will become the backstop coverage provider for Yearn, and for DeFi as a whole.
- Cover will also be able to expand into a new Cover money market, making the CLAIM token collateral and a borrowable asset.
- For its part, Yearn will get coverage for its vaults and be able to offer its users a reduced risk product.
- Yearn developers have worked with Cover Protocol developers since inception, so this collaboration came "naturally" for both parties, Cronje said.
- In the past week, Yearn announced a partnership with Pickle Finance, a yield farming protocol; a vault integration with Argent, a crypto wallet; and a merger with Cream Finance, a lending protocol.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.