If you haven't seen the latest news, here is a small recap of what happened over the past week in Pickle Finance . 🥒🥒🥒
1. Pickle finalized Creativity Contest
If you were wondering why the number of memes with pickles 🥒 increased lately, here is the answer. On October 30 Pickle Finance announced a Creativity Contest worth of $10,000 with the idea to bring as much awareness as possible to the project for Non-DeFi people.
For the contents, crypto users would prepare memes, songs, paintings (digital or otherwise), videos, articles, infographics, or even really creative Tweets, all related to Pickle Finance .
The winners have been announced on the official Discord channel. My thoughts:
- Pickle Finance didn't benefit much from the contest except for the community having fun.
- For me, all submitted works feel like try-hard attempts to win free cash.
- I expected high skilled people to get involved and helping the protocol with videos to clarify Pickle to average Joe or even new website/dashboard designs that communicate it.
2. Pickle got hacked and 20M worth of DAI was stolen
Nothing positive here. It just highlights again how risky and new the industry is and that people should be very careful. A post-mortem announcement has been already released on their Medium and Discord.
The price of dropped from $23 to less than $10 in minutes. Reminding that ATH price of was $85.24
3. Pickle Finance and Yearn Finance are merging
If you didn't know, all this time Pickle Finance was a fork of the code from the first version of Yearn Finance . Besides, Yearn developers were always friendly to the Pickle community and help numerous times.
So, to reduce duplicated work and increase specialization, awareness, and shared expertise, the projects structured a plan for collaboration and therefore complete merge.
The announcement was published by Andre Cronje himself on Medium shortly after the hack issues were fixed in the Pickle Finance smart contracts (with the help of Yearn development team).
Shortly after that, it affected the price with an increase from $11 to $30 in less than 30 minutes. Big whales benefited from this volatility and dumped approximately 200K at the peak price resulting in a 50% price drop. At the time of this thread, 1 = $16.59
p.s. Did you notice the impostor in the back? 😏 I think someone is about to return. 😯
Crazy week in DeFi