Published: 18.04.2022
Article reading time:
2 minutes.
A decentralized finance (DeFi) developer believes that the current state of the cryptocurrency industry is depressing as it is practically dead.
Andre Cronje, who is called the “godfather” of DeFi, said that the modern crypto industry is fundamentally different from the ideals that were attributed to it and that many still believe in. Right now, according to Cronje, the crypto culture is focused on the selfishness of people who are looking for a get-rich-quick scheme. Basic principles such as self-control and financial innovation simply don’t work, which is why the industry is now dead, the developer believes.
In early March, Cronje stopped working in the DeFi space, as announced by his friend Anton Nell. The decision to leave was not spontaneous, friends thought it over for a long time and carefully. Prior to this, in February, Cronje launched a new decentralized exchange Solidly, but then some users began to complain about the loss of funds.
According to the developer, the cryptocurrency industry needs careful regulation in order to protect investors from fraud. Cronje compared it to a child who tries to put his finger in a socket and you stop him before he understands why it is impossible to do it.
“One day they will understand, but not today,” the DeFi developer says.
In his opinion, the crypto community does not learn from its mistakes at all and steps on the same rake over and over again.
Recently, the CEO of investment bank JPMorgan, Jamie Dimon, stated that he believes in the future of blockchain and DeFi, and that they will play a critical role in the financial system.
Source: Bits
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