Decentralized Protocols and Mergers

Yearn.Finance, a yield and lending aggregator in DeFi, has recently announced a series of “mergers” with other DeFi protocols — namely Pickle.Finance, Cover, Akropolis, and Cream. This has brought to attention the idea of DeFi protocols making M&A transactions. Additionally, yield aggregator Rari Capital will move their liquidity to the asset management protocol Melon — both token holders will receive an airdrop in each other’s token, and Melon Protocol will start earning fees from Rari’s yield pools.

The question is whether “decentralized” protocols engaging in such activity makes sense, and if so, what kind of M&A activity are we likely to see in the future and why?