'It doesn't need me': yearn.finance's Andre Cronje on the protocol's path to decentralization
September 17, 2020, 2:52PM EDT · 1 min read
Episode 38 of Season 2 of The Scoop was recorded remotely with The Block’s Frank Chaparro and Mika Honkasalo and Andre Cronje, the founder of yearn.finance.
This episode of The Scoop is brought to you by Bitstamp, the original global cryptocurrency exchange. Since 2011, Bitstamp has been a cornerstone of the industry, earning the trust of over four million individuals and top financial institutions looking for a reliable trading venue.
Whether you’re trading on our web platform, mobile app or industry-leading APIs, Bitstamp gives you the professional-grade tools you need to execute your strategy. Download the Bitstamp app or visit Bitstamp.net/Pro to learn more and start trading today!
In the fast-paced world of decentralized finance, the people behind the protocols are sometimes just as captivating as the protocols themselves.
That's certainly the case for yearn.finance's Andre Cronje, the former banking developer who seemingly built out both a cult following and billion dollar protocol over night. Indeed, the governance token tied to the protocol, YFI, has surged beyond $30,000 since its inception at the beginning of the summer.
If it was up to Andre, however, he wouldn't be affiliated with the protocol as much as he is. Cronje is currently trying to expand the number of folks responsible for shepherding the protocol.
In the most recent episode of The Scoop, he explained why a proper decentralized protocol doesn't need a decision-maker or figurehead, and discussed yearn's planned transition to a more decentralized model in which multi-sig holders would approve strategies.
"We haven't fully transitioned yet," he said. Still, he said: "I disagree with this idea that people have that I am yearn because it doesn't need me. If I were to have a heart attack on this call now, it's going to continue without me."
We also discuss:
- Challenges of decentralized governance and how the yEarn community has fared
- Why it's difficult for other projects to replicate YFI's success with their token launches
- How the experimentation happening in the DeFi world matters to the traditional world of finance
- What lowering the barrier of cost in DeFi means for innovation
- What's behind the kind of toxicity in the space that almost drove him out
- Some of the new project ideas yearn is working on, such as Stablecredit
© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.