Is YFI Creator Andre Conje Calling it Quits on DeFi?

Is Yearn Finance (YFI) creator Andre Conje finally calling it quits on not only the YFI project, but DeFi as a whole?

According to Coindesk, after getting hit with criticisms and backlash from the community back in September after a false start with his new project Eminence that was through no fault of his own, Conje realized that being in the DeFi space was a losing endeavour that is filled with risks and no rewards.

After falling off YFI, Conje announced that he was working on an exciting new project, which would be known as Eminence.finance (EMN) later, and while it was still in its testing phases, users got a hold of which project he was on.

They began sending funds to the contract. At this point, there was no announcement and no details as to what Eminence.finance actually was, but the community staked $15 million on the contract regardless.

This would normally be a moment to celebrate.

However, shortly after, a hacker managed to attack the contract, and users put the blame for the loss of funds on Conje.

“I do it because I’m passionate, but if people are going to use my test environments, then lose money, and then hold me liable, it means there is 0 upside and only risk for me,” said Conje.

His leaving comes as no surprise to most of the community, as Conje’s absence has been noticed in the past few weeks, leading to rumours of him exiting YFI entirely.

However, just 10 hours ago, Conje tweeted once again, saying that he is:

“Still here. Still building. Nothing has changed”

Where does the project go from here?

If Conje does end up leaving YFI, investors and the YFI community have faith that the leadership transition will be smooth and have minimal effect on the project due to the foundational strength present in YFI.

The YFI team still consists of many dedicated individuals that will see to the survivability of YFI.

YFI was valued at more than $43,000 at one point, and is currently trading at $18,000, which is equivalent to the price of slightly less than 2 Bitcoins (BTC).

Comments

Cryptocurrencies Adding to the Safety and Security in the UK Gambling Industry

These are exciting times for the UK gambling industry. The impact of internet technology is now being felt with online gambling now controlling the industry. The adoption of cutting-edge technology is reasonable for the boom in the industry. From live casinos, mobile apps to artificial intelligence, incredible trends continue shaping the gambling industry. However, it is the rise of cryptocurrency casinos that seeks to redefine UK gambling. Many operators now include crypto coins such as bitcoin, Ethereum and Litecoin as part of their banking methods. Others offer exclusive bitcoin payments and promotions based on digital tokens. This revolutionary trend has a huge impact due to enhanced safety and security on these platforms. Players looking for peace of mind when playing online now opt to use cryptocurrencies. This post looks at how cryptos guarantee the safety and security of players at online casinos. How Cryptocurrency Gambling Works There’s a lot of talk ab...

Coinbase to Require Recipient Information for Crypto Transfers From Users in Canada, Singapore and Japan

Customers in those countries who send crypto outside their Coinbase accounts must provide recipients’ names, addresses and in some cases, additional information, as of early April. Cryptocurrency exchange Coinbase Global (COIN) will soon require its customers in Canada, Japan and Singapore who send cryptocurrency to another financial institution or exchange to provide the name, address and in the case of Japan, the destination wallet of the recipient. Coinbase has been sending notices to its customers in those countries that the changes will take effect in early April in order to comply with local travel rules in those places. Coinbase didn't immediately respond to requests for additional comment on the moves, but confirmed that they were taking place. The move does not seem to be going over well with Coinbase customers in those countries, who value the anonymity of transactions using cryptocurrency. According to a FAQ provided by Coinbase , for Canadian users, ...

Farm GRASS earn MONEY

Use your Unused Internet Bandwidth to make $$$ In today’s interconnected world, the concept of passive income has taken on new dimensions, offering innovative ways for individuals to monetize underutilized assets. One such groundbreaking avenue involves earning money by selling your unused internet connection. By participating in decentralized networks like Grass, individuals have the opportunity to turn their dormant bandwidth into a valuable asset, contributing to a fairer and more equitable digital landscape while generating income. Grass is a decentralized network sharing application designed to offer an alternative to existing centralized networks. It allows users to sell their unused bandwidth directly, without the need for exploitative middlemen. The platform operates by enabling users to download a web extension that runs in the background, assisting others in accessing public web data in exchange for payment using the protocol’s native token. How ...

Crypto Ethone

Search This Blog