YFI founder Andre Cronje says it is time to give up the term “decentralized finance”

Andre Cronje, best known for creating the popular earnings aggregator Yearn Finance (YFI), recently argued on Twitter that the DeFi sector should ditch the old buzzword and stop calling itself “decentralized” but a more descriptive term.

Andre Cronje – Founder of Yearn Finance YFI

While Cronje has made a significant contribution to the DeFi space, he is ready to give up the jargon. However, not everyone agrees that it is time to abandon this ideology.

Conditions

“It is time to give up the term ‘decentralized finance’. We are not decentralized, the guards will continue to try to use it as an attack vector, ”said Cronje. To write and suggest coining some terms instead.

According to Cronje, “Open Finance” or “Web3 Finance” would describe the field more appropriately.

Cronje’s untested comment is quite a new and difficult thing to do and requires a lot of work – thanks to his extensive experience and track record.

After launching Yearn in 2020, Cronje took a step that earned him legendary status in the crypto community by distributing all YFI tokens among liquidity providers without generating any return for himself or the Yearn development fund.

Some of Cronje’s recent projects include the decentralized stablecoin exchange protocol Fixed Forex and the Keep3r Network, which facilitate the interaction between those looking for outside developers and the people who do the work – called Keepers. He is also involved in the development of Fantom – a highly scalable Layer 1 blockchain.

While some in the industry agree with Cronje’s view, others argue that decentralization is a spectrum.

Jacob Franek, former co-founder of crypto market analysis company CoinMetrics, called is called “Open Finance since 2018”.

Ideology

But not everyone is ready to give up the term – not even ideology.

“I disagree” – Terraform Labs Co-Founder and CEO, Do Kwon called.

“The old guard wants to build power, we want to let go. DeFi taught us that the less you own, the more you have – decentralization is always the star. “

Terraform Labs’ Terra Blockchain Protocol implements a series of algorithmically decentralized stablecoins that are DeFi’s lifeblood. follow Kwon.

“Without decentralized stablecoins there is no DeFi.”

Marketed as exceptionally scalable, Terras UST is growing in popularity, leveraging cross-chain use cases, and delivering tremendous returns.

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