Yearn announces symbiotic partnership with Pickle to distribute new tokens to victims of $20M attack
Editor's Note: This article comes fromBabbitt Information (ID: bitcoin8btc)Editor's Note: This article comes from
Babbitt Information (ID: bitcoin8btc)
, by Andre Cronje, published with permission.
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Pickle Finance was hacked for $20 million last week due to a flaw in its Jar strategy
The developers of Pickle and Yearn have devised a structure so that the two projects can work together symbiotically. This is done to reduce duplication of effort, increase specialization, and leverage shared expertise. Instructions are provided below, with additional information provided. This is the initial minimum version, with further integrations planned.
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Brief overview:
Pickle Jars & Yearn v2 Vault to merge.
Pickle introduces reward Gauges. The release of Pickle tokens remains, and tokens are distributed through reward gauges.
Yearn Vault depositors can earn additional rewards by storing their Vault funds in Gauges.
Yearn Vault depositors can get 2.5 times extra rewards by locking Pickle for DILL, the more DILL they hold, the bigger the reward.
Gauge deposits, withdrawals, execution fees and protocol fees are owned by DILL holders.
For the losses caused by the recent Evil Jar exploit, a new token, CORNICHON, will be distributed proportionally to the victims of the attack.
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The synergistic effect of the two
Pickle has been integrated into Yearn's ecosystem and shares its development and security expertise.
Pickle earns rewards from all Yearn depositors who use reward gauges.
Yearn will take on Pickle's developers and strategy creators to work on its product development and share the strategy fee.
Users can enjoy richer returns through enhanced rewards.
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change list
Pickle Jars merged with Yearn. With the upcoming v2 design, Pickle Jars will be deployed as a Yearn Vault. A more detailed migration plan needs to be followed.
Strategies earn a 10% yield fee. Pickle developers will continue to write strategies to earn a 10% yield fee under the new Yearn fee structure.
Introducing Reward Gauges. Earn Pickle token rewards by staking Yearn Vault tokens in Pickle Gauges. The release schedule remains roughly the same. Rewards can be increased by DILL (see below). Reward Gauges earn Pickles against the underlying Yearn Vault token.
