YFI Founder Explains Development Ethos in Blog Post, Says He Doesn't Build for Speculators

YFI Founder Explains Development Ethos in Blog Post, Says He Doesn't Build for Speculators

By Abhimanyu Krishnan | News | 16 Oct 2020


On October 15, yearn.finance founder Andre Cronje published a lengthy blog post describing his motivation for developing DeFi projects, in response to the controversy arising from the Eminence.finance project. 

  • Cronje’s stated that he wanted to start off with a concise statement that expresses his current frame of mind, and said that he “doesn’t build for speculators”
  • The founder says that tokens are not stocks and that they represent a coordination mechanism by which contributors can help a protocol grow
  • He states that this core goal is to build tools for developers, and later in the blog post details his development process, and the iterative process of protocol design in general
  • Cronje experimental project, Eminence.finance (EMN), was subject to a $15 million hack, which resulted in a community uproar
  • Following the hack, Cronje and some prominent YFI community members dropped off of Twitter, while some EMN investors have banded together in an attempt to file a lawsuit
  • He concludes by saying that he plan to continue building, seeing “more things to build today than 3 months ago”, and that he does not foresee Ethereum disappearing

Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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