Pickle Finance to merge with yEarn.Finance
after losing $ 20 million
The developers of the Pickle Finance decentralized finance protocol have announced a merger with André Cronier's Defi project yEarn.Finance.
In his blog, Cronier said that the symbiosis of the two projects will reduce the amount of repetitive work of programmers, increase specialization, and leverage common experience. Pickle and yEarn pools are similar in code, so teams don't expect problems during the merge process.
The developers have announced the release of the CORNICHON token as a debt instrument to help victims of the hack. It will be distributed proportionally based on account balances at the time of the attack.
Recall that on November 21, an unknown attacker withdrew about $ 19.76 million in the Compound DAI stable coin from one of the Pickle Finance smart contracts through fake swaps and malicious storage.
According to representatives of Money on Chain, the new platform has its own unique approach to the order book.
The platform processes orders in batches at intervals of several minutes. Each execution (cycle) corresponds to requests sent to the blockchain.
A trade-in cycle is executed at the same average price between all orders submitted by traders. Limits indicate the maximum or minimum acceptable cost.
In April 2020, the Uruguay-based project introduced the RIF on the Chain platform, with three interoperable tokens issued on the RSK network.
In his blog, Cronier said that the symbiosis of the two projects will reduce the amount of repetitive work of programmers, increase specialization, and leverage common experience. Pickle and yEarn pools are similar in code, so teams don't expect problems during the merge process.
The developers have announced the release of the CORNICHON token as a debt instrument to help victims of the hack. It will be distributed proportionally based on account balances at the time of the attack.
The second DILL token will motivate users to keep PICKLE coins.
“The longer the PICKLE is blocked, the more DILL you can get. The minimum blocking period is one week, the maximum is four years, ”said Cronje.Recall that on November 21, an unknown attacker withdrew about $ 19.76 million in the Compound DAI stable coin from one of the Pickle Finance smart contracts through fake swaps and malicious storage.
Money on Chain launched a decentralized exchange on the RSK bitcoin sidechain
The developer of Bitcoin-backed Defi protocols, Money on Chain, has announced the launch of the RSK-based Tex automated decentralized exchange.According to representatives of Money on Chain, the new platform has its own unique approach to the order book.
The platform processes orders in batches at intervals of several minutes. Each execution (cycle) corresponds to requests sent to the blockchain.
A trade-in cycle is executed at the same average price between all orders submitted by traders. Limits indicate the maximum or minimum acceptable cost.
Also, Tex has integrated oracles to control price changes between cycles.
In 2019, Money on Chain launched a Defi platform based on the RSK bitcoin sidechain for creating landing products.In April 2020, the Uruguay-based project introduced the RIF on the Chain platform, with three interoperable tokens issued on the RSK network.