That prediction turned out to be correct- at least until now. He will always be back,” Stani Kulechov, founder of the Aave lending protocol, told Decrypt at the time. “Pointless trying to be a builder in this space,” Cronje said at the time. “Close to rage quitting again,” he told Decrypt in August 2020 after Hasu, another DeFi researcher, raised potential red flags about yearn finance. There are so many amazing developers contributing to Yearn and other ‘Andre projects’ that I look forward to seeing how they flourish even after creators left.' 'Sick and tired'Ĭronje has a history of temporarily rage-quitting DeFi. “But in reality, this will be a great test of robustness for DeFi open-source software. We were just told that ‘websites will be terminated,’” miroyato, a pseudonymous DeFi investor and developer of Web3 file-sharing service fileverse.io, told Decrypt. 'I feel rugged in terms of communication. “Thankful that I was rotating a lot so didn’t have any huge investments, but I can only imagine how hard things are for those who locked up their assets for several years.”įor those invested in projects associated with Cronje, the understated announcement came as a huge disappointment- widely likened to a rug pull, normally a term for DeFi exit scams but nowadays one that’s also used loosely to mean any developer decision that plunges related cryptocurrencies. He’s the reason why so many projects and people flocked into ecosystem,” Wassie Capital, a pseudonymous DeFi investor, told Decrypt. “I think from a DeFi perspective we’re seeing the last puffs of whatever narratives we were all shouting for several months back. The uptick was due to an anticipated snapshot of top Fantom protocols for Cronje’s new project, Solidly. In late January, Fantom took over Binance Smart Chain (BSC) to become the third-largest chain, with over $12.2 billion in total value locked (TVL) across its DeFi ecosystem, according to data from DefiLlama. “Anyone can deploy a, but anyone else who wants to use it needs to believe it is safe too,” Hancock added. You need an incentive too and need to grow legitimacy.'Īlthough DeFi is technically a trustless system, investors look to those behind the applications for confidence. Technically, anyone can deploy a UI to these services, but it doesn’t mean anyone will. “What is shutting down is webpages that plug into those contracts. “As long as the contracts are immutable or don’t require Andre’s approval for changes they will continue to work as deployed,” James Hancock, a former Ethereum core developer, told Decrypt. DeFi applications are built on top of blockchain-based smart contracts, which are permissionless by nature and can continue to function without input from original developers. People burying YFI, you do realize Andre hasn’t worked on it for over a year? And even if he did, there are 50 full-time people and 140 part-time contributors to back things up.ĭeFi is an umbrella term for financial applications that use blockchains such as Ethereum for banking services.

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