DeFi Godfather Andre Cronje says Crypto is Dead; Why?

Saif Naqvi
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Source: Unsplash

Fabled DeFi developer Andre Cronje said that the crypto space was ‘dead’ in a new blog post, believing that wealth creation has overshadowed the ‘crypto ethos’. He also called for more regulation to safeguard investors in the crypto space.

Source: Twitter

Popularly known as the ‘Godfather Of DeFi, Andre Cronje lamented the current nature of the crypto market in a blog titled ‘The rise and fall of crypto culture’. Cronje talked about how concepts of wealth creation, entitlement, and ego were destroying the crypto ethos of self-sovereign rights, self custody, and self-empowerment.

As investors load up on crypto to build personal wealth, Cronje added that more regulation was needed to protect investors from possible fraudsters and scams. He also said that regulation is like preventing a child from sticking 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.”

Cronje – Crypto is dead. Long live Crypto.

While calling the current crypto field ‘badlands’, Cronje said that he had no intentions of stepping foot inside the space again but did look forward to a brighter future where the blockchain economy was built on trust and not on greed. He concluded his monologue by stating “There is an irony in having come full circle, yet I find myself more excited than ever. I won’t step foot into the badlands again, but I’m vastly excited about this new future.”

Cronje’s comments come during a time when increased demand for digital assets has opened the backdoor for more crypto scams and thefts. Recently, the community was shell shook after a scammer stole over $620 Million worth of funds from Axie Infinity’s Ronin Network – the biggest crypto scam to date.

Developer Andre Cronje made headlines after deserting some well-known DeFi projects last month, including Fantom and Yearn Finance, reportedly due to the toxicity within the crypto community. He currently operates SegWit Holdings- an investment banking platform.