DeFi Great May Never Really Even Left The Business And Besides According To Andre Cronje

Cronje’s abrupt exit, dubbed the godfather of decentralised finance by some, shattered some hearts and crashed prices as well but many people are optimistic that their favourite developer, an introvert, will return.

Fixed Forex offers an alternative to stablecoins denominated in US dollars, it claims. The concept is to create a platform that enables for frictionless crypto-to-fiat money transfers, as opposed to the current system, which requires users who want to make cross-border payments to go through a series of steps.

Some of the pairs were already online on Keep3r, at least in part, in January, but they’ve now been expanded. Andre Cronje is most known for founding Yearn Finance, whose YFI token skyrocketed from nothing to over $40,000 in a few of months.

Cronje announced his departure from decentralized finance (DeFi) earlier this month, after developing numerous high-profile protocols. However, a record of transactions on a wallet address linked to the 37-year-old creator of Yearn Finance and Keep3r suggests that he may still be active in the crypto field. Cronje has implemented and sponsored up to six stablecoin pools on DeFi protocol Curve Finance in the last week, according to the address andrecronje.eth.

What Really Is Fixed Forex And How Does It Work?

The stablecoins come from Fixed Forex, a decentralized foreign exchange network launched by a South African programmer in July of last year. Iron Bank (IB), a fixed Forex leverage lending protocol, and three more DeFi protocols: Yearn, Sushi, and Curve. According to its website, it’s a complicated process that allows liquidity providers (LP) exposure to currencies like the euro, Korean won, British pound, Australian dollar, and Japanese yen.

Fixed Forex offers an alternative to stablecoins denominated in US dollars, it claims. The concept is to create a platform that enables frictionless crypto-to-fiat money transfers, as opposed to the current system, which requires users who want to make cross-border payments to go through a series of steps. In a blog article published in July 2021, Andre Cronje stated, Fixed FX has two essential components, forex on-chain liquidity, and decentralized fiat on and off-ramps.

According to the post, the protocol pays a fixed amount of interest to investors for supplying liquidity to specified pools, with greater interest paid to those who stake their tokens and coins in Iron Bank for the long term (up to four years). Stakers are compensated in vested IBFF, or veIBFF, the system’s native token. Cronje continues, The more your time investment, the more disproportionate your gain.

According to on-chain data, the DeFi architect has installed Fixed Forex contracts and added liquidity to the stablecoin pools on Curve in the last few days, allowing users to trade pairs like ib/EUR or ib/GBP with zero slippage. Some of the pairs were already online on Keep3r, at least in part, in January, but they’ve now been expanded. Andre Cronje is most known for founding Yearn Finance, whose YFI token skyrocketed from nothing to over $40,000 in a few months.

He just released Solidly, an automated market maker (AMM) that uses vested escrow (ve) token economics, merging Olympus DAO’s rebased token mechanism with ve tokens from Convex and Curve protocols. While Cronje may have departed DeFi under a cloud, he has previously expressed interest in developing leveraged forex products in the industry. Even when he stepped down on March 6, the builder in him seemed to be clinging to the idea of decentralized finance.

Forex Items With Such A Level Of Leverage

It’s strange to hear Andre is departing DeFi when we were just talking about new FX [forex] feeds and a new composable exchange function on layer this morning. Cronje’s abrupt exit, dubbed the godfather of decentralized finance by some, shattered some hearts and crashed prices as well but many people are optimistic that their favorite developer, an introvert, will return.

It wouldn’t be the first time he did anything like this. He left DeFi twice in 2020, citing a toxic environment, but returned both times. A disclaimer attached to his old Twitter account might provide some insights for those trying to figure out the man’s love-hate connection with DeFi: When I create software, I do so for my own use. If you insist on engaging with it, be aware that it will have bugs. The purpose of interfaces is to make my life easier. I’m going to make mistakes. Please don’t use it if you don’t comprehend it.

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Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing