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The Godfather Of Defi Andre Cronje Defends Founder Of DeFiLlama Amidst Hostile Takeover
In the world of decentralized finance (DeFi), tensions are high as the founder of DeFiLlama, Charlie Watkins, faces backlash for his decision to launch a token against the wishes of his team. The situation has escalated to the point where a hostile takeover is now underway, with the DeFiLlama team forking the project.
The situation caught the attention of Andre Cronje, the Director at Fantom Foundation, who has come out in support of Watkins. In a tweet, Cronje defended Watkins, stating that it is easy to be ideological when you aren’t paying the bills. He went on to explain that Watkins has been funding all of DeFiLlama’s expenses out of his own pocket for years and that watching everyone turn on him is disgusting.
Cronje also argued that Watkins’ decision to launch a token is not motivated by greed, but rather a desire for sustainability. He points out that without Watkins’ financial support, DeFiLlama will have to find new sources of revenue, such as raising funds or adding ads.
Watkins has responded to the situation by announcing that the DeFiLlama team is forking the project due to the token launch against the team’s wishes. Watkins explained that the person who controls both DeFiLlama’s Twitter and domain has decided to launch the token, even though everyone on the team is against it.
The situation highlights the challenges that arise when different stakeholders have competing interests in a project. On the one hand, Watkins has invested a significant amount of money into DeFiLlama and is understandably looking for ways to sustain the project. On the other hand, the rest of the team is concerned about the impact that launching a token could have on the project’s reputation and long-term viability.
As DeFi continues to grow and evolve, these types of conflicts are likely to become more common. It remains to be seen how the situation with DeFiLlama will be resolved, but it serves as a reminder of the importance of effective governance and communication within decentralized projects.
#DeFi #DefiLlama #Llama #andrecronje #azcoinnews
This article was republished from azcoinnews.com
The situation caught the attention of Andre Cronje, the Director at Fantom Foundation, who has come out in support of Watkins. In a tweet, Cronje defended Watkins, stating that it is easy to be ideological when you aren’t paying the bills. He went on to explain that Watkins has been funding all of DeFiLlama’s expenses out of his own pocket for years and that watching everyone turn on him is disgusting.
Cronje also argued that Watkins’ decision to launch a token is not motivated by greed, but rather a desire for sustainability. He points out that without Watkins’ financial support, DeFiLlama will have to find new sources of revenue, such as raising funds or adding ads.
Watkins has responded to the situation by announcing that the DeFiLlama team is forking the project due to the token launch against the team’s wishes. Watkins explained that the person who controls both DeFiLlama’s Twitter and domain has decided to launch the token, even though everyone on the team is against it.
The situation highlights the challenges that arise when different stakeholders have competing interests in a project. On the one hand, Watkins has invested a significant amount of money into DeFiLlama and is understandably looking for ways to sustain the project. On the other hand, the rest of the team is concerned about the impact that launching a token could have on the project’s reputation and long-term viability.
As DeFi continues to grow and evolve, these types of conflicts are likely to become more common. It remains to be seen how the situation with DeFiLlama will be resolved, but it serves as a reminder of the importance of effective governance and communication within decentralized projects.
#DeFi #DefiLlama #Llama #andrecronje #azcoinnews
This article was republished from azcoinnews.com
For all the L2/appchains out there, below the true cost of running a (even semi successful) blockchain (all USD Mio.);
#Oracles , #Stablecoins : 7.5 upfront, 3.5 annual
RPCs, Indexing, Dashboards: 0.2 upfront, 0.7 annual
VRFs, Keepers, Wallet-Support, Governance: 0.5 annual
Explorers, Custody, Risk management: 0.8 annual
Total: 13.2
The above is just for Sonic. Here are our cost centers for the last year;
R&D: 10.9
Eco: 10.7
Legal: 4.1
Compliance: 3.8
Infra: 2.4
Marketing: 1.4
Bounties: 1.2
Sponsorship: 0.4
Media: 0.35
Regulatory: 0.2
Events: 0.1
Total: 35.6
(The above does not include exchange listings, which fortunately, we did not need to do this year) - #andrecronje
#Oracles , #Stablecoins : 7.5 upfront, 3.5 annual
RPCs, Indexing, Dashboards: 0.2 upfront, 0.7 annual
VRFs, Keepers, Wallet-Support, Governance: 0.5 annual
Explorers, Custody, Risk management: 0.8 annual
Total: 13.2
The above is just for Sonic. Here are our cost centers for the last year;
R&D: 10.9
Eco: 10.7
Legal: 4.1
Compliance: 3.8
Infra: 2.4
Marketing: 1.4
Bounties: 1.2
Sponsorship: 0.4
Media: 0.35
Regulatory: 0.2
Events: 0.1
Total: 35.6
(The above does not include exchange listings, which fortunately, we did not need to do this year) - #andrecronje
#andrecronje is now building on #SONIC a layer-1 platform with a secure gateway to #Ethereum and provides the fastest settlement layer for digital assets with over 10,000 TPS and has a one-second confirmation time for transactions. The ecosystem will be supported by a massive incentive program.
The native token of the Sonic chain will be S, introducing numerous exciting changes compared to the $FTM
token of our existing Opera chain, such as a massive #airdrop , simplified staking, incentive programs, and more.
The launch of Sonic is scheduled for November/December 2024.
The native token of the Sonic chain will be S, introducing numerous exciting changes compared to the $FTM
token of our existing Opera chain, such as a massive #airdrop , simplified staking, incentive programs, and more.
The launch of Sonic is scheduled for November/December 2024.
#andrecronje explains that technological evolution happens in stages, with both social and technical events playing key roles. They use the internet and #blockchain as examples, noting how developments like the ICO bubble in 2017 were necessary for decentralized finance ( #DEFİ ) to emerge.
Looking ahead, #SONIC by #SonicLabs is introduced as a blockchain solution overcoming current limitations with features like low-latency consensus, true finality, gas subsidies, and native account abstraction, paving the way for more advanced decentralized apps (dapps). Sonic will also enable privacy-preserving, on-chain credit scores, unlocking a potential $11 trillion market for DeFi developers.
Looking ahead, #SONIC by #SonicLabs is introduced as a blockchain solution overcoming current limitations with features like low-latency consensus, true finality, gas subsidies, and native account abstraction, paving the way for more advanced decentralized apps (dapps). Sonic will also enable privacy-preserving, on-chain credit scores, unlocking a potential $11 trillion market for DeFi developers.
