Bankless 25 - YFI: Farming the Farmers | Andre Cronje
13 snips
Aug 10, 2020 Andre Cronje, creator of the Yearn protocol and YFI token, shares his journey in the DeFi ecosystem. He explains the dramatic rise of YFI from $3 to $5000 and delves into his innovative ‘money robots’ that automate yield farming. Andre discusses the complexities of governance, the importance of community involvement, and the risks associated with high token prices. He also reflects on the challenges of decentralized decision-making and the future of yield optimization in DeFi. Is he the ‘Joker’ of the crypto world? Tune in for intriguing insights!
AI Snips
Chapters
Transcript
Episode notes
Yield Farming Automation
- Andre Cronje built yearn to automate his own yield farming, similar to an engineer automating their job.
- Initially, he manually moved stablecoins between protocols for optimal returns, but this became tedious.
Building vs. Social Exhaustion
- Andre Cronje expresses exhaustion from the social demands and expectations surrounding yearn.
- He's comfortable with building, but the added social interaction, governance, and negativity are draining.
Due Diligence Over Audits
- Do your own research and due diligence before investing in DeFi protocols, even if they're audited.
- Don't rely solely on audits; understand where your money is going and why.