When Shift Happens Podcast

E116: CoFounder of Sonic Labs: Why He Gave Away Billions in Crypto (and now completely regrets it)

Apr 10, 2025
Andre Cronje, DeFi pioneer and co-founder of Sonic Labs, opens up about his journey in the crypto world. He shares the bold decision to give away 100% of his tokens while building Yearn Finance and reflects on how this impacted his trust in others. The conversation dives into the challenges of regulatory pressures, his evolving views on crypto incentives, and the need for new approaches in the blockchain landscape. With insights into his experiences with online fame and community-driven innovation, Andre's story is as captivating as it is thought-provoking.
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ANECDOTE

Phantom's Beginnings

  • Andre Cronje's first crypto involvement was with Phantom, which he described as essentially a plagiarized version of Hashgraph.
  • He initially declined their offer but later agreed due to their existing funding and his own technical vision.
ANECDOTE

Yearn Finance Origins

  • Andre Cronje's foray into DeFi began with managing Phantom's treasury, seeking to offset expenses through yield farming.
  • This led him to develop Yearn Finance, automating the process of finding the best yields and rebalancing funds.
INSIGHT

Money vs. Innovation

  • Andre Cronje believes that being money-motivated can hinder innovation in the crypto industry.
  • He gave away 100% of Yearn Finance tokens to incentivize community ownership and further development.
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