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yEarn.Finance’s Andre Cronje Launches New DeFi Protocol Deriswap

Currency

The founder of yEarn.Finance, Andre Cronje, has launched a new DeFi protocol called Deriswap. Cronje announced the new DeFi protocol in a blog post on the 23rd of November. In the blog post, Cronje explained the functions of Deriswap:

“Deriswap (currently under audit), combines Swaps, Options, and Loans into a capital efficient single contract, allowing interaction between the two assets that make up the pair.”

Before now, there have been other DeFi protocols such as Uniswap and Sushiswap that enable Swap. Also, Hegic and Opyn allow Options, while Aave and Compound protocols enable Loans. Until now, no DeFi protocol offered the combined feature. 

Cronje is a notable developer in the crypto space. Recently, he launched Keep3r and Eminence. Before the official launch and auditing of Eminence, several users put their funds in the project. However, Eminence was hacked, and the scammers stole about $15 million. 

Shortly after the hack, the attackers deposited $8 million of the stolen funds into Cronje’s yEarn Finance account. 

In July, the yEarn.Finance founder launched the protocol’s native token YFI. YFI reached an all-time high of $43,678 and is currently trading at $24,368.51. 

Over the last 24 hours, YFI’s trading volume hit $704 million, with a $726 million market cap.

Image Credits: Pixabay

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