Yearn Finance Founder Blames Social Actors for Role in the EMN Token Hack

Yearn Finance founder Andre Cronje suggests he did not mishandle the Eminence (EMN) project’s economic exploit, which he insists functions well. He accuses certain social actors of creating a story around EMN that caused rational actors to jump onto the token. Cronje’s comments follow reports that a group of defi community members planning to sue the smart contract builder whom they say is culpable in the $15 million EMN token hack. Cronje Says He Is Not Infallible In a post on Medium, Cronje who has vowed not to use his…

Read More

Yearn Finance’s founder says he ‘doesn’t build for speculators’

The founder of Yearn Finance, Andre Cronje, has seen a fair share of criticism lately as he deployed some smart contracts that ended up losing users’ money. Cronje defended himself in a blog post and explained why he believes he shouldn’t be held responsible for those who “ape in” his testing contracts. Cronje will often place large disclaimers urging people to treat them with caution and not just go in because he built it. Little can be done to prevent this, given the permissionless nature of these products. Nevertheless, Cronje…

Read More

Defi Community Members Aim to Sue Yearn Finance Creator Andre Cronje and Fork YFI

Members of the decentralized finance (defi) community are upset with Yearn Finance founder Andre Cronje over the mishap with Cronje’s secret Eminence (EMN) project. The Eminence protocol gathered $15 million before the project was ultimately hacked before the official launch. According to a recent blog post published on Medium, a group of defi community members plan to sue Yearn Finance founder, Andre Cronje, and fork YFI as well. As news.Bitcoin.com recently reported, there’s been a lack of trust in Cronje’s work since an undercover project that didn’t even launch was…

Read More

Yearn Finance Connect (YFIC) New DeFi Project Decentralized Finance, Staking, Lending & Yield Farming

Yearn Finance Connect is a decentralized token under the ERC-20 protocol, that allows users to stake YFIC, borrow assets, and vote for improvements within the community. Yearn Finance Connect staking platform enables investors to earn a yield on YFIC token, depositing, and selecting the amount you want to stake, you will get an APR of 25%, and it can be unlocked anytime, and you will get FYICS Token reward also. Borrowers can borrow in an overcollateralized (perpetually) way, selecting USDT (Tether), Ethereum (ETH), or DAI. Yield Farming – Users will…

Read More

Despite yETH returns of 2%, Yearn pushes forward with WBTC Vault

The popular yield farming decentralized finance (DeFi) protocol Yearn Finance is progressing with its forthcoming Wrapped Bitcoin (WBTC) Vault. The team has submitted a MakerDAO Improvement Proposal requesting whitelisting for the WBTC Vault to access upcoming oracle pricing from Maker, suggesting its launch may not be too far off. ‘Vaults’ are Yearn Finance’s core product. They use smart contracts to mobilize pooled assets from users to pursue arbitrage and yield farming strategies while sharing fees to mitigate gas costs. As with Yearn’s recently launched Wrapped Ethereum (WETH) Vault, the WBTC…

Read More

Analysts predict Yearn Finance’s ETH vault could spark renewed Ether bull run

Analysts predict that the imminent launch of yETH by Yearn Finance could trigger a renewed surge in buying pressure on the ETH markets. The product, which is being voted on by YFI token holders, will automatically find the highest yielding decentralized finance (DeFi) protocol/strategy for Ether (ETH) deposits. Yearn Finance’s core products are ‘vaults’ that seek the best returns for yield farmers, while also pooling funds to reduce gas fees. With Yearn’s vault purporting to guarantee the highest returns while removing the labor and research needed to maximize the profitability…

Read More