Yearn Finance was launched in July 2020 on the Ethereum blockchain. The project’s founder is South African blockchain entrepreneur Andre Cronje. Cronje is well-known in the world of blockchain as a key person behind a number of projects. Cronje’s standing as a leading DeFi figure supported much of the platform’s early success.
The platform’s second version, launched in early 2021, included a number of significant improvements, of which the key one was the introduction of multiple strategies per vault. In September 2021, Yearn Finance announced the introduction of the protocol’s third version.
In March 2022, Cronje announced his retirement
from all his DeFi projects, including Yearn Finance. However, since Yearn Finance is a decentralized blockchain-based app, Cronje’s departure didn’t mean that the platform stopped operating. It continued functioning, supported by its user activity and the underlying Ethereum blockchain.
This is perhaps one of the best examples of how blockchain-based decentralization works — key people might come and go but the underlying decentralized protocol can operate unimpeded.
In fact, not only did Yearn Finance continue to function after Cronje’s departure, but the platform has confidently retained its leadership position among DeFi yield aggregators.