Yearn Finance Founder Andre Cronje Puts Himself Up As Uniswap Delegate
Yearn Finance Founder Andre Cronje Puts Himself Up As Uniswap Delegate
September 21, 2020
Yearn Finance Founder Andre Cronje Puts Himself Up As Uniswap Delegate
Yearn Finance Founder Andre Cronje Puts Himself Up As Uniswap Delegate
September 21, 2020

Andre Cronje, the founder of Yearn Finance, puts himself up as a delegate for Uniswap, as he said in a tweet that he “will build tooling to facilitate delegation, off-chain voting, and on-chain enforcement” if made a delegate.

Cronje said:

“At this point, I do not think it should be a rush to incentivize liquidity pools (this can be abused). I believe we have an opportunity to re-evaluate the tokenomics and distribution. We can help DAI or sUSD reach peg. We can provide support for further development.”

It has been reported that Uniswap announced that it wants to bring in a “diverse and high-quality set of protocol delegates” who will discuss governance issues over the protocol and its token UNI.

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According to the network, this governance structure allows UNI holders to be responsible for ensuring the protocol meets compliance standards, as Uniswap leadership already promised that they would not participate in the protocol’s governance.

However, as soon as Cronje announced his intention to be a Uniswap delegate, followers asked if it as his intention for the YFI-ETH pool to be included in the UNI liquidity pool.

He said:

“At this time, no, it would attract YFI holders to provide liquidity instead of using it for its intended purpose (such as governance). I believe there is better value add that can be done for the overall ecosystem by utilizing UNI incentives in other proposals. To add onto this, there are also other market incentives that can help the overall ecosystem better. A DAI:sUSD pool for example can help both DAI and sUSD pegs. Simply incentivizing liquidity is not a positive sum, this can also be easily abused as “exit” liquidity.”

Previously, he showed some disdain over the state of the decentralized finance (DeFi) sector as Yearn shunned releasing a governance token for its decentralized lending platform.

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Thus, within three hours of Uniswap releasing UNI, 13,000 Uniswap users immediately claimed their free 400 UNI.

Source: Cointelegraph | Image: ELEVENEWS


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with experience of 1.5 years. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.