Yield.app, a project that describes itself as a simpler decentralized finance (defi) banking platform, has raised $4.9 million in a funding round led by Alphabit Fund, Digital Strategies, and others. Over $1.2 million was raised in partnership with TrustSwap from a presale of Yield's utility token (YLD). Yield.app allows users to earn profitable returns from investing in defi products and differentiates by attempting to simplify the costly learning process associated with the relatively new sector. The project will launch on both Android and iOS. Yield.App has acquired a restricted banking license from the Mwali International Services Authority in Mwali, the autonomous French island that forms part of the Union of the Comoros. Yield promises a minimum of 12% APY per year, and up to 20% APY when you activate the YLD Loyalty and Rewards program. Yield have no gas fees and pay interest daily, allowing them to offer significantly higher returns than defi incumbents like Nexo and BlockFi. On November 22, popular defi protocol Pickle Finance was hacked for $19.7 million in DAI. Today, Hugh Karp, the founder of defi insurance service Nexus Mutual, tweeted that he lost over $8 million in NXM tokens in a suspected attack. A hacker reportedly gained remote access to Karp’s computer and modified his MetaMask extension. Nexus Mutual covers $59 million in Ethereum smart contracts. Hugh claims only his address was affected by the targeted attack and there are no subsequent risks to Nexus Mutual members. In September, Nexus Mutual partnered with defi heavyweight Yearn.Finance to offer insurance for all their tokens. According to Defi Pulse, $14.6 billion in assets are locked in under defi protocols, with Wrapped Bitcoin (WBTC) accounting for $2.2 billion. You can read the Yield.app white paper here.