DeFi darling YFI’s creator Andre Cronje clarifies that he doesn’t “build for speculators.”
“I do not build to make a number go up. I build for developers,” said Cronje in a post on Thursday.
YFI, the governance token of Yearn.Finance is known as the fairest launch of the DeFi world, which was launched as a zero valueless, 0 supply token with no allocation to the project team members.
The token surged to its all-time high of $43,680 in just two months of its launch and is currently trading around $14,200.
This chart is simply hilarious.
Cycle on steroids. pic.twitter.com/1CycRbqu1D
— DonAlt (@CryptoDonAlt) October 14, 2020
Thrice, there have been reports of Cronje quitting the project only to backtrack. According to him, this project isn’t about him anymore, it’s a big ecosystem with a team, and he is just a contributor.
“Test in prod.”
While token investors seek to gain from their token investments, Cronje said having tokens means “you want to be a contributor, not a bystander,” and they shouldn’t be treated as stocks.
He further explained his famous statement “test in prod,” which he has “come to regret” as it was used so that people use the protocol with caution —
“It exists to deter people from just using systems without investigation.”
It also doesn’t mean he doesn’t test. While explaining his development cycle, Cronje said it involved various stages; the first involved making sure everything is functional, the second is interaction testing followed by composite testing.
Stage four is fake prod, which replicates ETH mainnet and integration testing. Deploying to mainnet happens in stage 5. The last stage is prod deployments that coincide with UI’s and information sharing through medium articles.
“Testing is an iterative process. I have discovered issues on mainnet I never encountered locally, I have failed to replicate mainnet systems locally, and I have encountered errors locally that I can’t replicate on mainnet.”
Talking about EMN, which rug pulled on $15 million, he said its “code functioned as designed and at stage 5, 2 different versions were deployed.
As for LBI, which he explicitly asked not to use as they were valueless, unlike YFI, it is “working as intended,” and he’s using it to create real-world examples of how such templates function.
Overall, his focus is on building, which he will continue to, and he doesn’t foresee ETH disappearing or other builders stopping.
Despite Cronje’s explanation, YFI is not showing strength yet and continues to drop with the rest of the market.
“This post should make many people support Cronje while making many others wonder if he is a hypocrite or lives in a bubble. Either way, the Cronje premium had turned into a discount,” said trader and economist Alex Kruger.
While some traders see YFI as “finished” until it brings something new, others are still bullish given that it is still 64% away from its highs, high vol capitulation at $12k, very low supply, and an army of devs building stuff on it that will inevitably get hyped. In the meantime, Cronje said,
“I wish to develop, deploy, and share what I build with fellow developers so that we may collaborate and build more.”