For the second time in a row, "Andrey Krung", founder of the "Yearn Finance" project, develops a new project and launches it experimentally. Due to the lack of patience of the investors, as usual, one of them incurred a loss of $ 360 thousand after entering this new project.
We indicated that it is the second time, given that "Krung" had previously launched a project called "Eminence" on an experimental basis, which also caused a loss of $ 15 million, and a lawsuit was filed against him by the investors:
The founder of the Yearn Finance project is facing a lawsuit… What is the impact of this on the price of the YFI digital currency?
But apparently, the founder of "Yearn Finance" did not pay much attention and once again developed and published a project despite the fact that the project is in experimental mode.
This was condemned by many experts and followers of the crypto market on Twitter and deplored for doing this again, saying that it is not acceptable to publish trial contracts in a way that investors can access, which causes heavy financial losses.
On the other hand, there are those who defended Krung and said that every time he disclaims responsibility, investors are aware people who know the risks involved in investing in new pilot projects.
The new LBI project from the founder of “Yearn Finance”:
After the rise of the YFI digital currency for the governance of the “Yearn Finance” project to 44 thousand dollars, in addition to the added value that the project provides to the world of decentralized finance, all this contributed to the brightness of the star of the developer, “Andrei Krung”, founder of the “Yearn Finance” project and made many investors Stay tuned for what Krung is doing and developing.
As for the new project that Andrey Krung is working on, which he described through an article published on the "Medium" website as follows:
Inspired by protocols like AMPL, YAM, UNI, and SNX, the project started by playing around with some new economic concepts.
I ended up with a liquidity-based digital currency that can offset the non-permanent loss (IL) through monetization of governance.
Krung stated that the aim of this project is to generate as much trading fees as possible and offset the IL as much as possible.
To achieve the first objective (generating the largest possible amount of trading fees), Krung explained that there is a need for a platform that enhances arbitrage itself, and to achieve the second objective (compensating for non-permanent loss as much as possible) he stated that there is a need to stimulate liquidity providers adequately through mechanisms Standard liquidity incentives.
Krung shared the main contracts of the project on a trial basis while explaining his position and that he excluded his responsibility, saying:
These contracts are for research purposes only and should not be used for any other purpose.
The whole thing is 100% worthless ... this is an experimental concept that should be further developed and collaborated on.
He also warned users that it would not be used in the future and that it would not do anything more than create a permanent distribution pool, as he explained by saying:
I promise, I'll make things for you to invest your money for, but that's not the case with this project.
Thank You
