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DeFi stars leave the market, concept coins fall
On March 6th, Anton Nell, Senior Solution Architect of Fantom, tweeted that Andre Cronje and Anton Nell decided to launch the DeFi and Crypto industries, and the 25 protocols developed by them will cease operation on April 3rd .
According to previous media reports, on March 4, according to Andre Cronje’s LinkedIn, he has resigned from Fantom Foundation and yearn.finance, and currently only retains the founder position of keep3r.finance. On February 28, Andre Cronje's Twitter account @AndreCronjeTech could not be displayed, or his Twitter account had been canceled.
The news of Andre Cronje's withdrawal directly led to the decline of dozens of tokens related to it, and the strongest reactions were hybrid automated market maker Solidly, automated platform Keep3r, and lending platform Iron Bank, which fell by 75% and 25% respectively on the same day. % and 50%.
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Andre Cronje, who is he?
Previously, Dr. Lu Qi from Web2 resigned, and Baidu's stock price fell by 6%. Today, Andre Cronje (AC) withdrew from the DeFi circle, and dozens of tokens fell, with a maximum of 75% in a single day. This directly illustrates the influence of AC in the DeFi field.
Andre Cronje, who is he?
Even if you don't know Andre Cronje, you must have heard of or participated in YFI, which has increased by 10,000 times in 43 days in 2021, and Andre Cronje is the founder of the Ethereum protocol Yearn Finance.
Andre Cronje is from South Africa, mainly engaged in technology development. He is an intensive entrepreneur in the field of DeFi (decentralized finance). Andre Cronje founded and participated in many well-known DeFi projects. In addition to Yearn Finance, there are also Solidly, Keep3r, Iron Bank, Akropolish, Cover, Cream V2, Pickle, PowerPool, and Sushiswap, he is known as one of the most influential people in the DeFi field.
AC was not technically born at the beginning. He previously studied at Stellenbosch University and obtained a bachelor's degree in law, and then studied computer science and information systems. Just in time for a lecturer from the "Lecturer" team to resign, he took advantage of the opportunity I took the opportunity to become a course instructor at the Computer Training Institute (CTI). AC thus began to foray into the field of computer science.
After working for more than a year, AC left CTI and began to work in various technology companies. He first worked for Vodacom, an African mobile communication company, as the head of the technical team. During this period, he was exposed to specialized businesses such as big data, clusters, and machine learning.
From 2009 to 2013, AC worked as a mobile project developer at Maapplications and as a software architect at Full Facing.
Later, AC entered the large retail company Shoprite Group and was responsible for building the company's lending, insurance and retail platforms. But after working for several years, AC found that the development space of the whole industry could no longer satisfy him.
Around 2017, AC, who was alone in the office, began to think about finding something new to do. At that time, encryption technology was just ushering in the hype, and social media began to report about it. Because their team had looked for a similar solution when they were working in Vodacom, so when they learned about this distributed consensus solution, AC felt that they had found a new continent and began to study in depth.
In order to obtain more in-depth knowledge and information, AC began to flip through the code, and began to record his learning process and results on social media. The person in charge of the encrypted media Crypto Briefing began to contact him to set up a column.
AC has updated the column on Crypto Briefing since 2018, and reviewed in depth the codes and solutions of QuarkChain, Holochain, CPChain, Skrumble Network, NuCypher, and bloXroute, as well as Emotiq, Coda, Arweave, and Ankr, many of which are still used today. The following star projects, such as Celer, IRIS Network and Spacemesh, have gathered a group of loyal fans.
During the research process, AC tried to invest, but only bought Bitcoin and Ethereum. When the bear market came in 2019, AC bought all the investment funds into stable coins. Although there is no income of dozens of times, it can still earn more than Deposit more earnings in the bank. It was also at this time that AC began to study Ethereum and DeFi protocols, and explored the revenue opportunities that liquidity might bring.
"The more I research, the more I realize that the power of DeFi is not a tool, not a lender, not a DEX, but an asset." The idea of iearn.finance was born from this, and everyone knows the story of YFI.
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The incident happened for a reason, AC said Building in DeFi sucks
Andre Cronje's withdrawal from the Crypto/DeFi field was not sudden. As early as 2020, AC had a short history of withdrawing from the DeFi field.
At that time, in order to develop and establish Yearn Finance, Andre Cronje mortgaged his house and was in debt of 20,000 US dollars. In the process of YFI establishment, audit and custody, the initial cost was more than 40,000 US dollars. Andre Cronje attempted to distance himself from his protocol by creating the token YFI, a so-called governance token issued as a reward for those who use his protocol, allowing holders to run the network.
When Andre Cronje worked hard for Yearn Finance, an encryption researcher with the pseudonym "Hasu" challenged Andre Cronje, claiming that AC could steal about $40 million in customer funds from "yvault" whenever he wanted . I even suspect that Andre Cronje is not his real name, and feel that this may also be a potential risk.
Faced with doubts, Andre Cronje said, "I just don't understand why everyone is so hostile and so much against my project. There are some multi-million dollar venture capital projects that can steal funds immediately, and there are some escrow services that lie about It’s DeFi, there are some active scams. However, here I am, I haven’t raised a dime, I’m building myself, but I’m being attacked 24 hours a day,”
At the time, Andre Cronje told the press: "I'm tired of this space" and "it's pointless trying to be a builder in this space."
Coincidentally, Andre Cronje serialized articles on his personal medium media account in February 2020 and January 2021: Building in DeFi sucks (DeFi sucks).
In the article on February 29, 2020, AC stated that he worked alone, without funds, without support, without charging fees or earning any income to invest in the development of YF, but received constant doubts from users and the community, Even endless slander and even unwarranted slander and criticism. And posted some relevant screenshots.
At the end of the article, the AC said, "Honestly, if this continues, we won't see people trying to innovate in this space, all we'll see are teams constantly trying to hack each other and sabotage each other, or come in Teams doing quick ICO raises and then disappearing. While this is the status quo, why would anyone try to build something here?"
And in January 2021, a year later, AC wrote the continuation of Building in DeFi sucks. At the beginning of the article, AC wrote, "I also hope to let other developers know through this article that this industry is It's bad, and it's going to be worse."
AC complained in the article that he encountered some problems when building the project:
1. The time required for development is much longer than you think, and the project is close to death. You will be pushed wildly by thousands of people, and your mistakes will be magnified and used as a reason to attack you.
2. There are very few real users. They don't care about the product, they only care about whether they can make money. Your value depends on your tokens, if your tokens go up, your agreement is strong, if your tokens fall, your agreement is a scam.
3. Success belongs to the "community", while failure is 100% yours. No one will share profits with you or thank you. But what if the project is attacked? You will take 100% responsibility.
4. Never give up your tokens. This is the lesson I learned. When I decided to distribute YFI 100% without reservation, it was because I believed it would keep me away from the community. But that's not the case, and I still get blamed when the price drops.
5. The cost of creating a project is high.
6. The community just bullshit. Although the DeFi community refers to project tokens as "governance tokens," the reality is that everyone wants to rule, not go to the battlefield to fight side by side.
At the end of the article, AC said that my suggestion is that everyone should stop being a developer. Because you have to be a pathological masochist to be a developer in this field.
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Retiring again, will Andre Cronje come back?
Different from the past, Andre Cronje was more determined to withdraw from the circle this time. AC completely canceled his Twitter and updated his Linkedin, saying that he was no longer a consultant of the Fantom Foundation last week.
Anton Nell said in this statement that the withdrawal was not subconscious, but after making up his mind to withdraw.
After a temporary exit in 2020, Stani Kulechov, founder of the Aave lending protocol, told the press, "Andre Cronje loves build. He will definitely be back."And this time, whether Andre Cronje will come back is unknown.
While many of the sites would shut down even if the two decided to leave, those sites were just the front end of a largely autonomous contract that Cronje deployed months, if not years ago. From a practical standpoint, many noted that Cronje's exit would not affect the operation of the many protocols he was a part of.
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