Is Yearn Finance (YFI) creator Andre Conje finally calling it quits on not only the YFI project, but DeFi as a whole? According to Coindesk, after getting hit with criticisms and backlash from the community back in September after a false start with his new project Eminence that was through no fault of his own, Conje realized that being in the DeFi space was a losing endeavour that is filled with risks and no rewards.
After falling off YFI, Conje announced that he was working on an exciting new project, which would be known as Eminence.finance (EMN) later, and while it was still in its testing phases, users got a hold of which project he was on. They began sending funds to the contract. At this point, there was no announcement and no details as to what Eminence.finance actually was, but the community staked $15 million on the contract regardless. This would normally be a moment to celebrate. However, shortly after, a hacker managed to attack the contract, and users put the blame for the loss of funds on Conje.
“I do it because I’m passionate, but if people are going to use my test environments, then lose money, and then hold me liable, it means there is 0 upside and only risk for me,” said Conje.
His leaving comes as no surprise to most of the community, as Conje’s absence has been noticed in the past few weeks, leading to rumours of him exiting YFI entirely.
However, just 10 hours ago, Conje tweeted once again, saying that he is:
“Still here. Still building. Nothing has changed”
Where does the project go from here? If Conje does end up leaving YFI, investors and the YFI community have faith that the leadership transition will be smooth and have minimal effect on the project due to the foundational strength present in YFI. The YFI team still consists of many dedicated individuals that will see to the survivability of YFI.
YFI was valued at more than $43,000 at one point, and is currently trading at $18,000, which is equivalent to the price of slightly less than 2 Bitcoins (BTC).