Another day, another Yearn acquisition.
Today the organisation merged with Cover, a platform for decentralised defi coverage.
The announcement is part of a broader story, with Yearn on a lightning fast acquisition rampage.
In the last few days they also assimilated Pickle’s farming strategies and Cream’s lending and borrowing, which will allow leveraged yield farming.
I covered the Pickle news in a lot of detail, and briefly touched on the Cream acquisition.
Andre and the team are making big moves to round out their defi offering.
The Yearn ecosystem is rapidly evolving into a one-stop hub.
Cover
Cover is a peer-to-peer coverage market.
They launched just a week ago, and the $20m Pickle hack was their first payout. They offer KYC-free coverage and the initial launch featured ten defi protocols.
With so many hacks, oracle exploits and other losses I’m very happy to see attempts to mitigate these risks gaining exposure and seeing wider integration, especially fully decentralised protocols. Yearn’s move will in all likelihood increase the number of protected users and minimise the damage these events cause.
Cover deserves a full blog of its own, with several interesting mechanisms that incentivise participation and expand protection. I’ll be learning lots more over the coming days and getting involved in the discord before writing that.
Conclusion
It’s often said that the crypto industry moves ten times faster than the business world, but the defi sector is something else entirely.
Yearn’s rapid expansion is almost impossible to keep up with, and don’t forget Andre is also putting out Keep3r and Deriswap.
These lightning developments are completely transforming the defi ecosystem, and Yearn seems unstoppable currently.
How all the new pieces will fit together is not yet clearly laid out, as well as what exactly these mergers mean for the autonomy of each project and their communities.
This is completely uncharted territory. I can’t wait to see where it’s going.