The lead software developer of yEarn Andre Cronje, among the people most responsible for the growth of the DeFi industry in a multi-billion dollar industry, is on the verge of giving up and leaving the community he calls “toxic” so let’s find out more in the Blockchain today’s news.
The YFI creator Andre Cronje is about to leave the DeFi sector. He has already quit once before, citing the “toxic” defi community as a reason. Cronje is the leading software developer who helped to grow the Decentralized finance space into a multi-billion dollar industry because as he told Decrypt, he is tired, broke, and on the verge.
I'm learning so much from this man! What could we do without you Andre?
On a side note, while discussing this with Andre, we found a way to potentially increase the APY by a factor of x50
Will implement Andre's changes + new tactics tomorrow! https://t.co/IXzx8UvR6h
— weeb (@Weeb_Mcgee) July 31, 2020
Cronje spent three years building yEarn which was called iEarn previously which sends its users’ deposits to the most lucrative Defi lending markets. A month ago, the protocol blew up and hit a peak of $345 million worth of crypto locked in the smart contracts platform. However, he said that he is “sick and tired of this space.”
It’s the same problem he had when he called it quits at the tail-end of February which is the toxic community of DeFi. He said that if you try and build a non-custodial lending protocol it will spit back at your face” pointing out how he holds too much power:
“Honestly thought it was better now. Guess I was naïve.”
Cronje tried to distance himself from the protocol by creating YFI. The governance token is issued as a reward for people that use the protocol which lets holders run the network. Cronje intended for YFI to be a “completely valueless 0 supply token” he wrote in a blog post. But the protocol became popular now more than ever which caused more problems as a single YFI token is now worth $4,567 and none of that went to Cronje.
Cronje spent $42,467 building yEarn and even more on audits and hosting saying:
“I literally launched [YFI] to give up these controls and costs. I just don’t get why everyone is so adversarial and targeting my project so much. There are multi-million dollar VC raised projects out there that can all instantly steal funds, there are custodial services lying about being DeFi, there are active scams. And yet here I am, not a single penny raised, building on my own, and I just get attacked 24/7.”
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