Andre Cronje is well known for his work in the Fantom ecosystem. Yearn Finance recently wrote an article critiquing crypto culture and sharing his thoughts on why the industry needs regulation.
“The Rise and Fall of Crypto Culture”
Cronje has published a new article titled The Rise and Fall of Crypto Culture on Medium. He clarified that the concept of cryptographic ethos differs significantly from the concept of cryptographic culture. He considers the former to be about self-sovereignty, self-control, and empowerment, while crypto culture is about wealth, entitlement, enrichment, and ego. He thinks crypto culture has taken over crypto ethos and more regulation is needed than ever.
He went on to say that he believed regulations should be in place to protect people in difficult situations. He explained this by saying you should intervene if a child tries to stick their finger in an electrical outlet before they learn why they shouldn’t. Cronje envisions a new blockchain economy based on trust rather than greed instead of the current system, which is more about trustlessness.
Andrew Cronje’s adventure
Andre Cronje caused a stir in the crypto community when he announced his departure from the DeFi space. Still, Kripteu Magazine reported in March that it was deploying and funding multiple stablecoin pools using Curve v2. These stablecoins are derived from Cronje’s fixed exchange, which was launched last year and is compatible with Curve, Yearn and Convex.
Cronje, who created and launched crypto yield aggregator Yearn Finance in 2020, has become a household name in the crypto industry due to the success of YFI and his work on the Fantom ecosystem, but recently became more critical about what is happening in crypto.