"APY Addiction": DeFi Endgame Left by AC

Last weekend, Andre Cronje, the soul of the DeFi field, liquidated all his assets in the Fantom ecosystem and announced his departure from the DeFi and encryption fields. The Fantom ecosystem fell in response, and Token prices and TVL experienced an extreme "roller coaster" experience in just a few months.

In fact, DeFi was already showing obvious weakness before AC left. Solidly was an opportunity for him to revive DeFi, but it still ended in failure. What is the problem with DeFi? How will it develop in the future?

the leader's departure
Revenue optimization "addict"
After AC quit the encryption industry, many articles about his life came out, most of which listed the "hard-core" development career of this DeFi leader. But people seem to forget his strong interest in financial yield optimization. This seems to have been his obsession throughout his crypto career.

Before becoming famous, AC would always look for the optimal yield strategy on lending platforms such as Aave and Compound, and constantly jump between these platforms. However, this approach is not only high in gas cost, but also a waste of time, so AC wrote this process of finding the best profit into a code, named iearn. In order to make the code more accurate, more people need to participate in it and make more deposits and withdrawals, so Yearn was born.

This is a simple income optimizer, deposit assets into it, and the platform will automatically execute the most optimized income strategy for users. Although it later launched liquidity mining in cooperation with DEXs such as Uniswap, and more complex YFI Token, Yearn's core concept is still very simple, which is to provide users with the simplest and most optimized financial services. In AC's view, "Deposit And Forget" is the spirit and soul of DeFi products.

SOLID: Waterloo by Andre Cronje
After the "Curve phenomenon" appeared, AC once again saw the hope of DeFi. He wants to revive DeFi by combining veToken and the protocol's potential for a liquidity model. At the beginning of January, AC published three articles a day, expounding the vision of his new project ve(3,3), and the DeFi community that had been silent for several months was instantly in an uproar.

ve(3,3) or the current Solidly is also a revenue optimizer. By holding more SOLID Tokens, users can vote for their own fund pool and get higher returns (Rhythm Note, in "AC Desperately Propaganda" What exactly is the ve(3,3) of ?" Solidly is described in detail).

Solidly was supposed to be the pinnacle of AC, but ended up being its own Waterloo.

Everything seemed to go wrong from the collaboration with Daniele Sesta. The latter is the founder of Frog Nation and another soul figure in the DeFi field. The Abracadabra.money he created and Wonderland once supported the TVL of the Avalanche ecosystem.

This is a strong alliance, Daniele is responsible for the publicity and public relations of Solidly, and AC is buried in the development as always. Solidly combined with the ecological power of Frog Nation and Yearn can eclipse any OG protocol, there is no doubt about it.

DeFi

After the official announcement of the cooperation, AC's Twitter background image is used, with AC on the left and Daniele on the right

But what everyone did not expect was that Frog Nation fell off the chain at a critical moment.

On January 27, Frog Nation's CFO 0xSifu was revealed to have been involved in multiple fraud gangs, and the community exploded again. AC, who has always been inactive on social media, immediately responded on Twitter, accusing Daniele of dereliction of duty. At this time, AC has already been clearly fatigued.

DeFi

Eventually, Daniele had to quit Solidly development and rush back to his backyard to fight the fire. Although this incident did not have a serious impact on Solidly, and Fantom's TVL has always soared, Daniele's departure has paved the way for Solidly's failure.

You must know that AC has no experience in public relations, and it is often "missing" on social media. After Daniele left, AC had to deal with two jobs of public relations and development alone. More importantly, the original ecological alliance has now become a one-man show of the AC and Fantom ecosystems, and people know very well that it is almost impossible to support half the sky of DeFi by relying on Fantom's native protocol.

This kind of problem actually appeared before Solidly went live. In order to obtain the initial quota of SOLID Token, the TVL of the protocol must be ranked in the top 20, but the relatively good competition has turned into a smog under the interception of the foreign protocol veDAO. Various alliances and vampires have attacked one after another, and the agreement has also begun. To provide users with more and more outrageous APY to compete for TVL, no one wants to focus on product development. However, AC not only failed to correct this behavior in time, but instead added fuel to the fire and encouraged TVL competition, which made many users of Fantom’s native protocol accumulate a lot of resentment.

After Solidly was officially launched, the problems of the development team were completely exposed. Front-end bugs lead to extremely poor user interaction experience, fund pool loopholes cause many people to lose a lot of money, and the Fantom network is seriously blocked, making AC's Twitter full of abuse.

Under the poor performance of the project and the pressure of public opinion from the community, AC deleted his Twitter account and finally chose to leave the world of DeFi and encryption