The duo that created the “coin that surpassed Bitcoin” will retire from services in April

The duo that created the “coin that surpassed Bitcoin” will retire from services in April

A duo of DeFi app makers, who have created a total of 25 projects, plan to discontinue their services in April 2022. One of the creations of the two was a “coin that surpassed Bitcoin”.

This news was not pleasant for all customers of these products, as DeFi solutions have attracted attention in recent years. This is because, by allowing banking options with cryptocurrencies, such as loans, many people started using this sector that was labeled as promising.

Decentralized finance (DeFi) then set a new tone for the market, presenting numerous solutions to the market. But the creators of these solutions turned out to be big scammers in some cases.

The duo that created a “coin that surpassed Bitcoin” will shut down DeFi services

The duo of Anton Nell and Andre, creators of 25 DeFi projects, announced that all their products and services in the sector will end in April 2022. One of the products they have created is yearn.finance, which owns the coin. “Outperformed BTC” when it reached BRL 500,000 in the market in 2021.

Because it was highly acclaimed, this project received a lot of attention from investors around the world who were enthusiastic about the decentralized financial sector. However, the joy now has an end date: April 3, 2022.

On Twitter, Anton stated that he and his partner are closing the DeFis they built, a decision that had been in the making for a while. It is unclear whether of the 25 projects, YFI will also be deactivated on the date.

“Andre and I have decided that we will close the chapter on the contribution to the defi/crypto space. There are about 25 apps and services that we will close on April 3, 2022. Unlike the previous “build in defi sucks”, this is not a knee-jerk reaction to the hate received when starting a project, but a decision made some time ago. Thank you to everyone who has supported us over the years.”

More details about the exit from the market were not disclosed by the makers, but the duo’s departure caught the attention of Tron CEO Justin Sun, who showed willing to take on the projects after April.

Why is Bitcoin still the icon of decentralization?

Although the DeFi market has appropriated the term decentralized for its applications, the situation is quite different in practice. An analysis even by the US CVM, the SEC, stated that the DeFi industry is vague about decentralization and that only Bitcoin is actually distributed.

This sector is one of the sectors that is under a lot of pressure to be regulated in several countries, showing that its applications are still in the crosshairs of the authorities.

However, in a distributed manner, Bitcoin remains a tool for transmitting values ​​over the Internet, without the risk of censoring transactions on your network. In other words, Bitcoin is the icon of decentralization in the cryptocurrency sector, and the departure of the duo of project creators is a clear example of this situation.

Source: Live Coins

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