New DeFi gameplay丨Yearn announced a symbiotic collaboration with Pickle to distribute new tokens to victims of the $20 million attack

“On November 24, Andre Cronje (AC), founder of Yearn.finance (YFI), wrote that the developers of Pickle and Yearn have designed a structure so that the two projects can work together symbiotically. This includes: 1. Pickle Jars & Yearn v2 Vault merge; 2. Pickle launches reward Gauges; 3. Mint new tokens CORNICHON and distribute them to victims of the recent Evil Jar vulnerability attack…”

The developers of Pickle and Yearn have designed a structure that allows the two projects to work together symbiotically. This is done to reduce duplication of effort, increase specialization, and leverage shared expertise. Instructions are provided below, with more information available. This is an initial minimal version, with further integrations planned.

Brief Overview:

1. Pickle Jars & Yearn v2 Vault merge.

2. Pickle launches reward gauges. Pickle token release is still retained, and tokens are distributed through reward gauges.

3. Yearn Vault depositors can earn additional rewards by storing Vault funds in Gauges.

4. Pickle governance participants obtain voting rights and receive DILL by locking their Pickle for a certain date.

5. Yearn Vault depositors can earn 2.5x additional rewards by locking Pickles for DILL, and the more DILL they hold, the greater the reward.

6. Gauge deposits, withdrawals, execution fees, and protocol fees go to DILL holders.

7. In response to the losses caused by the recent Evil Jar vulnerability attack, a new token CORNICHON will be distributed proportionally to the victims of the attack.

The synergistic effect of the two

• Pickle has been integrated into Yearn’s ecosystem and shares its development and security expertise.

• Pickle and Yearn total value locked (TVL) combined.

• Pickle receives rewards from all Yearn depositors who use reward Gauges.

• Yearn will onboard Pickle’s developers and strategy creators to work on its product development and share in strategy fees.

• Users can enjoy greater returns through enhanced rewards.

List of changes

• Pickle Jars merged with Yearn. Using the upcoming v2 design, Pickle Jars will be deployed as Yearn Vaults. A more detailed migration plan will need to be followed.

• Strategies earn 10% yield fees. Pickle developers will continue to write strategies that earn 10% yield fees under the new Yearn fee structure.

• Introducing Reward Gauges. Earn Pickle token rewards by staking Yearn Vault tokens in Pickle Gauges. Vesting schedule remains roughly the same. Rewards can be increased with DILL (see below). Reward Gauges can earn Pickles based on the underlying Yearn Vault token.

• DILL boosts Pickle rewards. Pickle tokens can now be locked up for voting. Locking a Pickle yields DILL tokens (Pickle tokens placed in time-locked escrow). The longer a Pickle is locked up, the more DILL you receive. The minimum lockup time is 1 week and the maximum lockup time is 4 years. DILL holders can participate in Pickle governance and boost rewards received from the Yearn Vault. Pickle Governance determines Gauge weights, fee distributions, and other protocol parameters.

• CORNICHON tokens are used to track losses from the Evil Jar vulnerability attack. A new token, CORNICHON, is created to track losses caused by the recent Evil Jar attack on Pickle's Dai Jar. Tokens are minted based on a snapshot of balances at the time of the attack and distributed proportionally to victims. Pickle Governance may take further action through its regular decision-making process.

• Pickle multi-signature rotation. To develop and test the new system in a timely manner, the Pickle multi-signature key was rotated.