DeFi
Yearn Finance’s Cronje in the spotlight after multiple DeFi integrations
Yearn Finance’s YFI has been rallying strongly over the past few days, with some in the crypto-community expecting YFI to surge past $30k soon enough. The protocol’s Andre Cronje has been in the news a lot too, especially since Yearn Finance announced multiple integrations within the DeFi ecosystem over the past week.
In a recent tweet, Yearn Finance’s exec commented,
“I have so much more planned for when v2 launches, custom money markets (yield & insurance), Cream will be a lending reserve into Aave, agnostic Cover for all aTokens, and we can finally put ytrade, yleverage, and leveraged stable coins into production!”
Cronje’s statements came on the back of an acknowledgment from AAVE Founder Stani Kulechov, who, in a recent tweet, had pointed out how Yearn’s recent collaborations are a positive sign for DeFi.
The recent collaborations with @iearnfinance are imo positive sign for DeFi. All DeFi protocols should work towards cross composability. @AaveAave has been working with @AndreCronjeTech since beginning of this year and during this time we achieved positive network effects. ?
— stani.eth ? v2 mode ? (@StaniKulechov) November 30, 2020
In fact, Yearn’s merger with Cover Protocol was the most recent in a string of partnerships seen over the past couple of weeks. Yearn’s other partnership with CREAM will enable a built-in lending market on Yearn, while the Pickle Finance integration will enable yield-generating pickle jars into Yearn’s Vaults in V2.
Amidst this spree of mergers, many have speculated that YFI could see a massive uptick in price. As previously mentioned, many are expecting YFI to breach $30k, especially on the back of the aforementioned developments.
However, a more interesting proposition for some is that by orchestrating these massive DeFi integrations, each of which is undoubtedly beneficial for the ecosystem, Andre Cronje is becoming the focal point behind all next-gen development in the space.
Andre and the crew at $yfi are creating the amazon of defi with all the building and collaborations
— allinshitcoin (@allinshitcoin) November 30, 2020
Whether or not this is for the greater good, however, is open to interpretation. It should be noted here that Cronje was known for the unfinished Eminence Finance project that was hacked a while back for $8 million.
Interestingly, the unfortunate event which led to his brief Twitter hiatus was not an isolated one. He was also involved in another ‘experiment’ gone wrong, one that led to a few users who had entered with huge amounts of ETH getting burned.
That being said, if the integrations over the past week continue to flourish and continue with the value additions derived from the synergies obtained from these mergers, the new DeFi landscape may see immense cross-composability, with one person behind it all.
