Yearn & Andre Cronje to “Lead This DeFi Powerhouse Towards Continued Success:” Cream Founder
After Pickle, Yearn.Finance has announced its merge with Cream.Finance.
Much like the merge with Pickle.Finance, Cream, and Yearn will be working together, and there hasn’t been any announcement of acquisition or token shopping whatsoever.
The developers of both teams have joined forces to launch Cream v2, which will focus on lending and leverage products.
On this lending protocol, a shortlist of Blue Chip tokens will be accepted as collateral.
“Cream v2 enables earning yield with leverage, and is a launchpad for future Yearn & Cream collaborative lending products.”
— Hsaka (@HsakaTrades) November 26, 2020
As per the official announcement from Yearn, the addition of an in house market will unlock new synergies, including,
- The development resources of both the projects to join the forces
- TVL to increase
- Yearn vault shares to serve as collateral in Cream
- Yearn vault will also get access to the leverage
Not only will Cream be the launchpad for Stable Credit, but they will be launching a new collateral protocol credit solution in collaboration.
In terms of total value locked (TVL), Yearn has the most significant share at $560 million than Cream’s $121 million. Jeffrey Huang, the founder of the DeFi lending project Cream.Finance said,
“The merger between @CreamdotFinance and @iearnfinance is official. Now I can confidently step back and trust the innovative @AndreCronjeTech + the Yearn community to lead this DeFi powerhouse towards continued success.”
While the price of YFI took a drop much like most of the cryptocurrency market, currently trading around $20,800, CREAM defied the market with its more than 125% jump in prices to just under $90.
Today, Cream announced the SWAG token's delisting as a supply and borrowed collateral on the platform as a security improvement.
In response, Andre Cronje, the creator of Yearn.Finance took to Twitter to share, “We are taking active steps to improve the safety and security of all money markets,” including full security review, full asset audit, zero collateral protocol lending, leveraged yield (yearn & curve, isolated risk/lending pairs, and tokenized debt.