By dint of wanting to find the next Bitcoin (BTC), we end up having mirages. These Yearn Finance (YFI) users believed they were the first to invest in the new BTC, instead they placed – and lost – their money in a “trick” still in the DIY phase.
Crypto is like fashion: we rush to new things
Can we really assess all the risks and the proper functioning of a new product with a simple local testnet ?
The founder of Yearn Finance, Andre cronje, faces a wave of criticism after saying on Twitter that he was “testing in production”, when users of the Yearn lost money after deploying smart contracts in test on the platform.
Users had spotted one of the pre-testing contracts on the mainnet, while it was still weeks away from a public launch.
Rumors described this project as the new BTC, resulting in a rush on this one.
Cronje argues that the attitude of those who rushed to new things baffled him; he reiterated that he was not creating his products for speculators.
In the meantime, he admits that a more pragmatic approach is needed; he has undertaken to no longer use this notorious address to deploy other smart contracts in the testing phase.
Cronje has been attacked for its careless attitude related to its refusal to launch these smart contracts in a testnet, as most blockchain projects do. However, this would make it possible to know the real risks of losing money before a deployment on the mainnet.
In defense of the founder of Yearn Finance, very clear warnings and disclaimers prompt users to exercise caution in handling new products, even if Cronje is the designer.
In addition, he maintains that each contract is rigorously tested in a testnet, to ensure that its various elements are functioning properly before they arrive on the mainnet.
Cronje believes, however, that only a full-scale production test can identify problems that go under the radar during a local test.
Cronje adds that several versions of existing products had previously been deployed on the mainnet network without being discovered by users.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.
First come, first served: no need to jump at the slightest noise. A good lesson to remember for cryptophiles before jumping on the next novelties, without having taken enough distance.
Litecoin, welcome in the Silver Age