One of the most loved Defi Tokens, Yearn Finance (YFI) makes a new entry. The token at the moment surged over 50 percent to trade at over $6300 against USD.
YFI Token Surges Amidst Developer Quitting DeFi Space Report
Very recently, a report claimed that the developer Andre Cronje had control over the user’s funds till 06 August 2020. However, when he was asked to clarify, he quickly transferred the rights to the 6-of-9 wallet of community stakeholders that also controls YFI minting.
A day after, yet another report claimed that the developer is done with the ‘Toxic Defi Space’ and would rather quit. It also claimed that last month in July, Cronje tried to distance himself and his protocol by creating Yearn Finance (YFI). This token is issued as a reward for the people using his protocol and also allows the holders to run the network.
However, in a series of tweets, Andre Cronje cleared all the speculations created by the report on his quitting.
In his tweet, he mentions indirectly that his words were misinterpreted by the reporter who interviewed him. He also advised that “Don’t talk to reporters when you are angry. Don’t talk to a reporter just before going to sleep”
However, he also admitted that the article also contains the truth which needs to be more sensational than the narrative being told in the blog.
Bashing the claims of the report that he is quitting the Defi community, he says,
“I made the active decision to continue and work through whatever comes in my way. I might hate it more often than not, but it’s not going to stop me. This space won’t get rid of me until there is nothing left to build,”
Yearn Finance (YFI) Skyrocketing within a couple of weeks of launch
The token which was claimed to be of zero financial value by the developer himself surged with soaring prices in just a couple of weeks after the launch. Each YFI token is more than $6000 currently and had reached the heights of $5,468.51 on Aug 07, 2020.
However, by giving up all the rights and controls over the tokens, none of the YFI profits went to Cronje. Moreover, he had spent more than $40000 in building yEARN and more on audits and hosting. He also had to pledge his properties to finance $20000 to his project. As per his tweet, he also claimed to receive donations from the people, which he has committed to return.
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In a nutshell, Andre Cronje might be wrongly heard and wrongly published in the report. Cronje is expected to serve the Defi community with more inventions in the coming days. On the other hand, the YFI token which was just launched has taken the market on fire with the maximum growth of percentage.