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