Yearn.Finance founder Andre Cronje introduces new DeFi protocol 'Deriswap'
November 23, 2020, 6:50AM EST
1 min read
Andre Cronje, the founder of the popular decentralized finance (DeFi) protocol Yearn.Finance, has introduced a new project.
Dubbed Deriswap, Cronje’s new protocol combines different segments of DeFi — swaps, options, and loans — into one platform.
“Deriswap allows for a consolidated, capital efficient market for trading, Options, Futures, and Loans, allowing LPs [liquidity providers] to keep their exposure and enjoy additional fees and rewards,” Cronje said in a blog post published Monday.
Deriswap is currently under audit, and its other details, including a specific launch date, remain scant.
When contacted, Cronje told The Block that more information would be released after the audit of the protocol. The blog post has been published in order to kickstart discussions with relevant builders, said Cronje.
When Cronje launched Yearn.Finance — a yield optimization protocol, in July of this year, it quickly rose in popularity. Yearn’s governance token, YFI, once hit an all-time high of more than $43,000, according to tracker CoinGecko. YFI is currently trading at around $25,000.
It is not clear whether Deriswap will have its own token. Cronje declined to provide details at this stage of the protocol.