YFI’s Andre Cronje isn’t Going Anywhere; ‘This Space Won’t Get Rid of Me’
Andre Cronje, the guy behind yEarn and the popular YFI, is not leaving the cryptocurrency space any time soon, at least, “until there is nothing left to build.”
“This space won't get rid of me,” Cronje clarified on Twitter after his recent interview about quitting crashed the price of YFI about 22%.
On August 7th, YFI, the “valueless, zero supply token” surged to its all-time high of almost $5,300, only to fall to $3,755 today after Cronje’s interview with a crypto publication where he talked about being “close to rage quitting again,” because he is “so sick and tired of this space.”
But since then, the price has rebounded 23%, as per CoinGecko.
Cronje took to Twitter today to thank the community for their “amazing responses” and that one shouldn’t talk to reporters when one is angry and just before one is going to sleep.
His project yEarn, previously called iEarn, on which the South African software developer spent a year building has been seeing immense success, with the total value locked in the protocol smashing to just over $345 million on July 26th, a staggering increase from just $9.3 million TVL just a week before that, as per DeFi Pulse.
He spent $42,467 on building the platform and double of this on audits and hosting to “give up these controls and costs.”
Its token YFI, which handed all the reins to the community, has been growing like crazy. For the time in the space, the team, Cronje, didn’t keep any of the 30,000 tokens, a cap that was decided through a proposal like every other change to be made in this decentralized system.
The token that has “0 financial value” is currently worth $4,465.
“Andre owning 0 YFI is complete and utter bullshit and every single holder especially the big ones should dip into their YFI book and donate to him,” said popular trader MoonOverlord.
How can you be passionate about a project you created when you now own zero of it? While a bunch of greedy pigs became millionaires and prey off you
I hope the YFI and DEFI community does right by Andre, this is sad as hell
— moon is tweeting (@MoonOverlord) August 7, 2020
The community has been working on a proposal to allocate some of the supply back to the founder. After the recent development, community members also made donations to Cronje, which he “will be returning, all of them.”
Cronje, who was in control of $40 million of customer funds locked in yVaults has also handed its governance rights to 6 of the 9 wallets of community shareholders that also controls YFI minting, as revealed by an independent crypto researcher Hasu.
In response to this, Cronje shared with the publication that he is being “attacked 24/7” when he is just building on his own without raising a single penny, unlike the multi-million dollar VC raised projects that can instantly steal funds or custodial services lying about being DeFi.
“I just don't get why everyone is so adversarial and targeting my project so much,” he said.
Although it was all the “truth,” he said, it’s “a lot more sensationalist than the full picture.”
This hasn't been the first time Cronje talked about quitting the space, back at the end of February, the “toxic community” of DeFi pushed him to take a similar decision.
“I learned my lesson back in March, I made the active decision to continue and work through whatever comes my way. I might hate it more often than not, but it's not going to stop me. This space won't get rid of me, until there is nothing left to build,” Cronje said today.