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The first implementation of the Saffron risk exchange mechanism was released in October 2020 as a DeFi tranching mechanism for Compound. It was later deprecated in 2021 and replaced by a DeFi insurance mechanism, where users entered short-term insurance contracts protecting against underlying protocol failure. This resulted in one successful protocol cover and payout on the Harmony network. Previous versions of Saffron were deprecated and efforts to build fixed yield vaults began in early 2023. The first implementation of Saffron fixed yield vaults use Uniswap concentrated liquidity pools (Uniswap V3) as an underlying yield source.

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