Yearn Finance founder Andre Cronje advised him not to misunderstand the economic use of the Eminence (EMN) project, and he insisted that it worked well. He accused certain social actors of creating a story around EMN, causing rational actors to jump on the token. Before Cronje’s comment, there were reports that a group of defi community members planned to sue smart contract manufacturers, who said it was the culprit of the $15 million EMN token hacker.
Krone says he is not foolproof
Cronje vowed not to use his Twitter account in a post on Medium, talking about his role and what he said was a journey of success and failure. Cronje wrote:
“I make more mistakes than right and wrong, and fail more than succeed. I have some conceptual ideas that fail in practice. I will not increase the number.” Cronje seems to be a speculator Regrets for its participation and how it decentralized the main goal of building useful tools.
Then, the Yearn founder claimed that Defi tokens are different from stocks. He said that although “people treat them like stocks, in Defi, tokens are a coordination mechanism.” He said that owning tokens should indicate that a person “wants to be a contributor rather than a bystander.”
At the same time, Cronje also clarified that there should be no obvious difference between the team (developer) and the community, which he said is the source of friction.
Cronje said: “There is no separation, they are the same.” He said that he did not create Year.
Then, the creator of Year briefly zeroed out the erroneous EMN token, saying that his code “operated as designed.”
Cronje further defended himself, explaining:
“These contracts have gone through my normal testing cycle and are in stage 5, and I deployed about 2 different versions on that day alone. LBI is still working as expected and still working, I am still using it to create this A real-world example of how class templates work.”
Instead, the Yearn founder blames those who confuse price with features. He pointed out that LBI is a perfect example. “People bought it from Uniswap and raised the price. A rational actor who understands how the system works will never be able to do it.”
Liquidity Income (LBI) is Cronje’s latest experiment, launched on October 13, and is an “unfinished product for research purposes.”
Despite the warning and the fact that Cronje did not use the Twitter account to announce the latest experiment, users still deposited ETH into this unaudited contract. It is on this basis that Kronje tried to free himself from the behavior of irrational actors, even though he admitted that he was “naive.”
The balance between developers and ordinary users
At the same time, Cronje’s statement that tokens are different from stocks seems to be being supported by others in the defi community. Daniel Dabek (Daniel Dabek) was one of those who agreed with Krone, and his organization Safex.org launched a token in 2015 that “was a member of the decentralized exchange committee in the past”. Dabek said that starting from the small amount of funds raised ($50,000), over the years, they have “developed from scratch to the entire blockchain network.”
Nonetheless, just as Cronje saw the “space conflict”, Dabek also talked about the challenge of trying to find a balance between getting people interested and building tools:
“It’s one thing to make tools, it’s one thing to put tools in people’s hands.”
At the same time, Cronje did not directly mention reports of impending lawsuits other than trying to erase his name. Instead, he said he will continue to build.
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