Cronje Ditches DeFi Label for 'Onchain Finance'

Andre Cronje, the developer behind Yearn Finance and Flying Tulip, has sparked controversy in the DeFi space by stating that DeFi is dead. In a recent guest post, Cronje argued that modern DeFi protocols have evolved into something he calls 'onchain finance,' which he claims bears little resemblance to the immutable, teamless systems of 2020.

Cronje's current project, Flying Tulip, is a prime example of onchain finance. With a $1 billion valuation and $200 million in private funding, it bundles various financial services like collateral management, lending, trading, and perpetual contracts into a single platform. The project also features timelocked multisig controls, six-hour withdrawal queues, and equity-based margin accounts, all designed to manage risk.

Cronje's rebranding effort is meant to be honest about the realities of modern DeFi protocols. He believes that acknowledging these realities will help rebuild user confidence in the space. In fact, institutional investors are starting to take notice, with Flying Tulip reportedly on track to raise an additional $800 million through public token sales.