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Under the DeFi market, YFI's skyrocketing soared founder Andre Cronje's "worth", becoming one of the most influential figures in the cryptocurrency industry in 2020.
It is undeniable that YFI is the most representative project of Andre Cronje. It can also be said that YFI and AC have achieved each other.
It's just that when the DeFi tide receded and the price of YFI currency fell, and the community needed project innovation and AC continued to work hard, AC was concerned about other projects. The new projects EMN, LBI, and KPR had successive thunderstorms, which caused AC’s reputation to decline and was even condemned.
Investors suspect that AC will use the new project to cut leeks. YFI community members are complaining about the decline in currency prices due to the weak development of YFI.
Because YFI stepped onto the altar of AC, it was falling from the altar.
YFI and AC achieve each other
Speaking of Andre Cronje (AC), yearn.finance (YFI) must be inevitable.
yearn.finance is the first DeFi aggregator created by AC, which can automatically move warehouses between DeFi protocols that provide liquidity mining to help users maximize asset returns. It was born in the early days of liquid mining and pioneered the concept of machine gun pool. Coupled with a token design with no pre-mining, no investment institutions, and no team rewards, YFI was wildly sought after by the cryptocurrency community as soon as it went online.
If there is also a "traffic dispute" in the currency circle, then YFI was once the top stream in the circle, "43 days skyrocketing more than ten thousand times", "30 days to complete the 8-year market of Bitcoin"... Maybe YFI is really the strongest dark horse project in 2020.
YFI has only been online for a few months, but its development and innovation speed is much higher than most projects in the cryptocurrency field. The community team has successively integrated insurance, options, NFT and other related strategies, and subsequent updates have made many investors believe that this project has unlimited possibilities.
At that time, DeFi was booming, the community continued to innovate and develop, and the price of YFI currency rose all the way, which also made more people aware of AC, and AC's influence in the circle was gradually showing.
So after he tweeted to praise ERC1155, the ENJ token rose by nearly 20 points, which is enough to see its influence in the industry.
But in fact, AC was already well-known in the cryptocurrency community long before YFI.
Encryption bosses who entered the circle in 2018
Looking at AC's past resume, it is not difficult to find that he has participated in the development of multiple projects before YFI.
Andre majored in law when he was studying. After graduation, he started to get involved in computer-related fields because of his work, and he has more than ten years of software architecture development experience.
He first came into contact with the cryptocurrency field in 2017. At that time, in order to have a deeper understanding of the industry, he not only read the code by himself, but also shared his learning process and experience on social networking sites.
In 2018, AC officially entered the cryptocurrency industry. He served as a technical consultant for multiple projects and participated in the development of several projects at the same time. In the same year, he and his friends developed an encrypted wallet, but because it was a bear market at the time, the team was unable to support the project operation and ended in failure.
In addition, AC has also opened up a personal column on the Crypto Briefing website, where it will publish its views on a project or code review results, and there are many star projects such as Cosmos and Grin. As AC has expressed opinions on more projects, his coding technology has also been recognized by some industry developers, and has gradually accumulated a certain degree of popularity.
In early 2020, AC established iearn.finance out of pocket. During that time, DeFi did not explode on a large scale, so the iearn platform was only known by a small group of people.
In mid-2020, Compound issued governance tokens and introduced a new method of liquid mining. Subsequently, AC also issued the governance token YFI.
Crazy speculators, "experiments" overturning cars
It’s just unexpected that after YFI, AC even "rolled over" several times within a month, and three consecutive projects plummeted, causing community controversy.
Judging from the performance since entering the circle, AC is a real development maniac, keen on project innovation, which is one of the reasons why yearn.finance's update iteration speed hangs on other projects in the currency circle.
In September, when the NFT was hot, AC once tweeted two consecutive tweets about Eminence.finance (EMN).
At that time, the YFI heat was still there. After speculators saw AC like it, a lot of money poured into the EMN address. But at that time EMN was still in the testing phase, and the contract had not undergone security audits. Hackers used contract vulnerabilities to steal nearly 15 million US dollars of funds, of which 8 million US dollars were broken into Andre's contract address, EMN tokens plummeted to nearly zero.
We don't know why the hacker intended this, but he directly pushed out the AC to block the gun. Some people pointed the finger at AC, thinking that he was responsible for the incident.
AC sent several tweets to explain the situation and apologized, and also asked the Ministry of Finance to assist in refunding the amount that the hacker transferred to his address. But there are still people who are not satisfied with this. They attacked AC on Twitter, and some even issued death threats to him.
Even now, some users have initiated crowdfunding projects centered on the EMN event, and will file a lawsuit against AC and YFI core personnel in response to the EMN event, and even fork YFI.
After this turmoil, AC publicly stated that it will not mention any new projects in its Twitter and Ethereum addresses in the future. After that, AC's Twitter did not change for many consecutive days, and there were even rumors that AC might withdraw from YFI, but the news was subsequently rejected.
Shortly after the EMN incident, AC introduced the newly designed token model LBI in his Medium. The article wrote: LBI can be used to generate as many transaction costs as possible and eliminate impermanent losses.
And this time, the "scientists" entered the market early by calling the contract address posted by AC at the end of the article, and the price of LBI was very high, triggering fomo. When retail investors entered the market, they sold a large number of proxy Currency, leading to the collapse of currency prices, retail investors are covered.
Recently, AC launched its own new project, Keep3r Network (KPR). Because of the lessons learned from EMN and LBI, AC did not publish information about the project on Twitter and Medium. However, after he deployed the KRP contract, speculators once again found the address of the project through his Github and recharged it, which also increased the token price of the project by more than 20 times.
It is a pity that KPR cannot escape the plummeting fate. This time it was because AC deployed KPR contracts many times during the test, which caused the fund pool to follow the pace of AC deployment, and the funds went to the new address. Once the funds from the old address were withdrawn , The currency price collapsed naturally.
