YFI’s Andre Cronje’s Latest Rant has CT Split; ‘Community is Bullshit & Building is Expensive’
“Your success belongs to your “community”, but your failure is 100% your own,” wrote Cronje while advising to not be a dev in the DeFi space, or give away your tokens — be a “shitcoin trader,” was his “best advice.”
Yearn.Finance’s Andre Cronje is back with his ranting part 2, and in this therapeutic round, the developer has mostly the bad parts of decentralized finance (DeFi) to share. In another brutally honest “rant,” Cronje advises not to be a developer in the DeFi space unless you are a “sick masochist,” but to be a “shitcoin trader” was his “best advice.”
According to Cronje, who has shared his intention to quit the space on a couple of separate occasions, being a developer in DeFi isn't’ worthwhile because while you are 100% liable for all the bad things and losses related to the project, none of its success belongs to the one creating the project.
“Your value is only as good as your token,” he wrote. Moreover, no one is waiting for the developments or actually using the product other than for a “price shifting event.”
Not to mention when the price of the token actually goes up, “traders with their “TA” will take ~80% of the credit,” while for any crashes, the dev is to be blamed, he said.
“Your success belongs to your “community,” but your failure is 100% your own.”
And this is why “Community is bullshit,” and which combined with governance “kill innovation and development,” so Cronje’s advice to project developers is to “Don’t do it.”
Not to mention, anyone can come in and be a copycat and rise to success (cue SushiSwap).
“One of my core motivators is having users use what I build, and I can build the superior product even, but a competitor can just fork my code, and a token that infinitely mints, and they’ll have twice the users in a week. Motivating to keep building right?”
In his “Building in defi sucks,” Cronje further goes on to label the decision to distribute 100% of YFI tokens — a model that made both Cronje and the project YFI a darling and have a cult-like following among the DeFi community — as idiotic.
Not only building is expensive, but you still will be blamed for any failures like price drops and still have to shoulder all the responsibility and expectation, so you just can’t make an “exit,” he said. As such, his other advice is not to “give away your tokens.”
The crypto community was divided on Cronje’s rant. Some felt for him and again asked for his address to send him some YFI and funds, while others pointed out that he has been the one to refuse any rewards and donations.
“Solid truth bomb from Andre,” said the co-admin of Whalepool.io but adding, “It seems really important to Andre that he is perceived as a victim, or a hero falling on his sword… dunno what his endgame is with that mentality.”