Andre Cronje, otherwise known as the “Godfather of Decentralized Finance” is back again with a new social media post that expresses his views on toxic crypto culture and outlines his rising interest in the regulatory aspect of cryptocurrencies.
Andre Cronje Slams Crypto Culture
In a new blog post uploaded on Monday, Andre Cronje publicly expressed his “disdain” for crypto culture, asserting that most people in the crypto industry are not proficient enough to devise protocols and are developing codes based on impressions derived from Wikipedia.
“I often feel that a lot of what is being built in crypto is being built by people that read a Wikipedia article on bonds, or seigniorage, or debt instruments and then thought to themselves, “they can do this better”,” Cronje said in a post.
Cronje further shared how a developer has to undergo different phases or “hit several walls” to understand the development protocols and has to make mistakes to discern what makes their code protocol synonymous with others.
“It’s something that happens often in coding, you find a fresh piece of code written by another organization or developer, you quickly start finding faults, “this isn’t needed”, “this could have been done better”, “why did they do this? It’s pointless”, and then starts the “I can do this better”. So you spend the next few days, weeks, even months re-engineering the code, then you hit your first wall, and you have to make some adjustments, then your second, then your third, and so on, and eventually your code looks exactly like their code did, and you have that “oh, right, that’s why” moment as you finally understand why it was what it was.
The post also highlights Cronje’s calls for regulation in the crypto industry, citing an example of a child.
“I now more than ever see the need, or even necessity for regulation, not as a mechanism to prevent, but as a mechanism to protect. It’s like a child trying to stick their finger into an electric outlet, you stop them before they can learn why they shouldn’t. One day they will understand, but not today.”
In another blog post shared on Tuesday, Andre Cronje teased his new venture that includes exploring the regulatory domain of cryptocurrency. The Defi legend announced that he and his team of unspecified collaborators are reportedly working on new projects concerning crypto regulation and compliance.
“Instead of trying to fight regulatory bodies because of crypto regulation, we should be trying to engage and educate on regulated crypto…” Cronje said in a post shared Tuesday.
He later outlined the core essentials of his project including working on PCI & DSS HSM compliant Custody solutions, Risk, Credit, & Desirability reporting & compliance, Multi-currency payment channels & infrastructure, Clearing house & Stock exchange tokenization portals, Senior Secured Floating Rate Corporate Defi Bonds, Crypto ETFs and Mutual Funds as well as National Blockchains
Cronje had abruptly left the crypto industry back in March 2022 stating the toxic crypto culture as his primary reason for quitting. The Defi developer is extensively known for his prolific crypto contributions as the founder of Yearn Finance & Keep3rV1.