Finance redefined: if it ain’t broke, don’t fix it? January 6-13


Finance Redefined is TBEN’s newsletter dedicated to the latest DeFi events and trends, delivered to subscribers every Wednesday.

This week, I wanted to highlight Andre Cronje’s recent confession on Medium, which sparked quite a bit of discussion and quite a bit of salt from the members of the Uniswap team. This particular argument happened because he was complaining that the developers were only forking someone else’s code and running it themselves. For those unaware of the irony, this is essentially what SushiSwap, a member of the Yearn ecosystem, initially did at Uniswap.

More importantly, Cronje also complained about what he perceives to be a titled DeFi community, and the concept of donating tokens without a founder’s participation.

Cronje’s argument can be summarized as follows: DeFi users are largely speculators paid to use the projects, and see price action as the ultimate sign of their success. No matter what kind of work the developer does, the community will always only care about the increase in numbers and will personally hold the developer accountable if they don’t.

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Finally, Cronje cautions against donating tokens. Yearn’s development costs seemingly exceed the value of the few tokens he cultivated. Essentially, launching a product that has attracted hundreds of millions of dollars has made it poorer.