Mind map of this issue:
Today's topic is: Why did AC quit the circle?
Why study this?
Because you understand why AC quit the circle, you will understand the development of DeFi from 1.0 to 2.0, and the difficulty of innovation in DeFi.
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What kind of content made the currency circle experience such a big earthquake?Who is Anton Nell?
As a partner of AC, an architect of Fantom, and a front-end engineer, Nell's tweets are bound to be loud. There are 3 meanings expressed in tweet content:
First, AC and I officially announced our withdrawal from the Crypto and DeFi circles;
Second, 25 projects will be handed over on April 3, 2022;
Third, the decision to quit the circle has been reconsidered.
When I saw this information, I immediately thought it was fake news. I don’t know if you felt this way when you watched the video. But Anton Nell's tweet did announce his retirement. A series of doubts circled in my mind:
Why didn't AC come out to explain this matter by himself, but let someone else tweet it?
Didn't AC, who had vowed to make Solidly bigger two days ago, suddenly quit the circle?
What about Solidly's projects after quitting?
……
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Why didn't AC himself tweet to announce his resignation?
Because his Twitter account was just deleted a few days before Nell announced his resignation, and this Twitter account was only opened for more than ten days. I saw that this account only had more than 5,000 followers on March 1. The last time the account was canceled was at the end of February 2022, when there were 380,000 Twitter followers.
Why delete twitter accounts?
In fact, earlier, that is, in October 2020, because Eminence was attacked by a flash loan, the community was full of criticism, and some people even threatened AC with death. He also said that he would never tweet again.
Nell also said in a tweet that, unlike the previous impulse to leave the circle in anger, this time he left after careful consideration. In front of the screen, do you think AC will come back? I will analyze several possibilities for the future at the end.
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Why did AC leave?
There are two main reasons:
First, the experiment to promote DeFi 2.0 is hindered, the ideal is very full, and the reality is very skinny;
Second, mentally and physically exhausted.
AC's full name is Andre Cronje. He is a genius, law graduate, stumbled into the field of computer science, and developed a strong interest, self-taught. On April 12, 2018, a column was opened in Briefing, and the first code review report was released. These reviews look to me more like essays for reading code.
Briefing-AC column: https://cryptobriefing.com/team/andre-cronje/
In the first 2 months, AC completed a code review note every 3 days. With its super learning ability, AC has also created YFI whose project token surpasses BTC. The project behind YFI is Yearn.Finance, an aggregator. This project originated from the fact that when AC earns commissions on platforms such as Aave and Compound, it needs to constantly adjust positions manually. This buddy found it too troublesome, so he developed a product called iEarn to automatically earn money. Later, in order to make the product more intelligent, he made the project public for multiple people to use, and renamed it Yearn.Finance.
Later, the project issued the token YFI, which was an experiment of AC. Fair start, no pre-mining, no private placement, no team reservation, this has also become a reference method for many projects to issue tokens. Before the release of YFI, AC kept emphasizing on Twitter that YFI has no value, and any user of the Yearn protocol can mine it. Who would have thought that YFI rushed from 0 yuan to more than 9,000 US dollars, surpassing the price of BTC at that time. Become the most shining project of DeFi projects in 2020!
When we are lamenting the emergence of a genius like AC in DeFi, many people even regard him as a god. We also see his "mortal" side. AC has participated in or acquired at least 25 projects, many of which have been hacked. Almost every few days, the community will usher in abuse and doubts. Faced with such pressure, AC has continued to persevere with its love for DeFi. And the series of problems that broke out in Solidly became the last straw that overwhelmed him.
The original name of Solidly was ve(3,3). AC tried to use it to promote the innovation of DeFi 2.0, and was cheering for the project every day, which shows that he has high hopes for the project.
DeFi has developed from 1.0 to 2.0, we will have a chance to talk about it later. The most representative ones in DeFi 2.0 are Olympus's (3,3) and Curve's veToken. This is also the origin of the name ve(3,3).
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first of all
first of allteam problem。
Daniel Seata, known as the DeFi golden boy, was initially in charge of Solidly’s PR and marketing, while AC was in charge of products and technology. Who is Daniel? He is the founder of Frog Nation. Frog Nation has three well-known agreements, namely:
The first one is Abracadabra, a lending agreement, and the token is SPELL. The MIM issued in the agreement ranks 6th in the circulation of stable coins. Everyone even thinks that this project has the opportunity to challenge MakerDAO;
The second is Olympus’ imitation disk on Avalanche, called Wonderland, the token is TIME, and it ranks fourth in Avalanche’s TVL;
The third is Popsicle, an LP revenue optimizer.
Please check the market on the CMC website: https://coinmarketcap.com/
Several projects that Daniel participated in supported half of Avalanche. Unfortunately, Solidly has not yet launched, and Daniel's backyard caught fire.
The reason is that 0xSifu, the CFO of Frog Nation, was revealed to be the co-founder of the Canadian exchange QuadrigaCX. The founder of the exchange suddenly announced his death in 2019, and the private key of the exchange was lost, causing investors to lose $190 million. Sifu was also arrested for financial crimes. Daniel was still on Sifu's side at first, claiming on Twitter that he didn't know Sifu's past, and at the same time called on everyone to forget the past and focus on the future. It's a pity that not only leeks didn't buy it, AC also pointed out Daniel's negligence in tweets, and expressed concern about the management of user assets by people like Sifu.
Soon, the tokens of Frog Nation's projects plummeted, and even the stable currency MIM was unanchored. Daniel had to quit the Solidly project team to concentrate on his own problems.
AC also took down the original Twitter and Daniel's strong joint cover image, and sent a tweet: I just want to type code.
But entrepreneurship is often involuntary.
Not only technology, but also products, as well as marketing and public relations should be managed.
Second, the vampire wars cause FantomDissatisfaction with ecological projects。
Because ve(3,3) planned to issue veNFT for the top 20 TVL agreements on Fantom.
Who would have thought to kill veDAO halfway, and reach the sixth place in TVL in just one day. And veDAO only does one thing, which is to use super high APR to attract a lot of funds. I discovered this project on the second day after veDAO was launched and rushed to mine it immediately. As a result, the income has doubled in less than 17 hours. This move is also known as vampire wars (vampire wars), which originated from the vampire mining initiated by SushiSwap through Uniswap. Regarding these questions, I also put them in the game of answering and breaking through the game by making questions.
But AC seems to acquiesce to veDAO's behavior. Yes, this is indeed conducive to a substantial increase in Fantom's TVL. In the few days since veDAO was launched, Fantom’s TVL has been making great strides.
However, other protocols on Fantom were not willing to sit still and quickly gathered together to launch 0xDAO. Also attract funds with super high APR. It can be said to return the way of the other to the other. And in just one day, the TVL exceeded 1 billion US dollars, and the highest TVL was 4.3 billion US dollars.
Fantom's TVL once surpassed BSC to enter the top three. Anticipation for Solidly was at its peak.
The higher you hold it, the more painful it is to fall.
The launch of Solidly ushered in a lotproduct problem。
The first one is that there are many front-end bugs, resulting in poor interactive experience;
The second is that some users suffered losses during the transaction, and users questioned the existence of security loopholes in solidly;
The third is the congestion on the Fantom chain, which caused 2Choices to suffer a lot in the previous transaction prediction game, and often failed to get chainlink quotations;
The fourth is that some pools such as veDAO cannot obtain SOLID benefits.
Why are there so many problems? Not to mention that completely forking a project of other people's home will have various bugs. To do a good job of an original project, it must go through a lot of iterations. What's more, it borrows from the projects of Curve and Olympus, and the complexity has been increased by several levels.
From a technical geek who didn't tweet much before, AC became a chatterbox when solidly was about to go online, and at most he tweeted more than 10 times a day.
But AC is a mortal after all, and his energy is limited, at most 24 hours a day. And in the face of users' doubts and accusations, he has to solve product problems while engaging in public relations on Twitter.
The team, ecological agreement, and users didn't buy it. AC tweeted several times saying that he just wanted to write code well. I can feel the exhaustion of an entrepreneur. What he needs at this moment is to block out external voices and get rid of distracting thoughts. Only by settling down can he get things done. Retiring temporarily may be the best option.
After AC retired, he said in a recent interview:
Don't take criticism from people you wouldn't take advice from!
This shows that he should be bothered by all kinds of criticism.
Article link: https://www.chaincatcher.com/article/2070911
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Will AC come back?
Regarding whether AC will leave forever, I also made the following guesses:
The first possibility is that he will continue to innovate DeFi anonymously;
The second possibility is that he will step back and push Solidly forward.
I think the two might even advance at the same time, maybe that's more AC!
As for Solidly and FTM, I believe they will continue to develop, but the lack of soul characters is still relatively serious. You can continue to pay attention to the FTM ecology, and only when AC returns with a brand new identity will you have a chance to notice it.
Finally, everyone is welcome to pay attention to defiworld, like, collect and forward, and see you in the next issue! Bye-Bye!
