Yearn.Finance is managing a leadership transition right now and appears to be doing so effectively.

Andre Cronje, the prolific coder and creator of Yearn, said he’s quit the project – and decentralized finance (DeFi) altogether – out of frustration with its realities. 

“I’m not building anything at all anymore,” he told CoinDesk over Telegram on Oct. 1. “I do it because I’m passionate, but if people are going to use my test environments, then lose money, and then hold me liable, it means there is 0 upside and only risk for me.”

Yearn.Finance is the leading robo-adviser for yield in DeFi and the progenitor of the “fair launch” concept that has proved so powerful this summer. However, when users piled into a smart contract he was building in late September that wasn’t ready, got hit by an exploit and then blamed Cronje, that proved too much for the developer.

This is a complicated piece of news for a reporter to share. Cronje told CoinDesk of his decision over Telegram on Oct. 1, but then asked us not to report it. This falls outside of the typical protocol for reporters and sources (“off the record” has to be stipulated up front), and yet we also appreciate that Cronje felt himself under enormous stress. Thus, we held off reporting.  

So we’ve sat on the news, in something of a dilemma, because we were struggling to balance respect for his wishes and the public interest in knowing whether a revered creator is still around. Word has begun to trickle out about Cronje’s move, however (including denials from others involved in Yearn), and the community has begun to sense his absence. It is no longer in the public interest to withhold this information.

While Yearn is clearly not directly comparable to Bitcoin, we think

TOKYO (Reuters) – The Tokyo Stock Exchange (TSE) resumed normal trading on Friday, with the main index holding steady a day after the worst-ever outage brought the world’s third-largest equity market to a standstill.

A man works at the Tokyo Stock Exchange after market opens in Tokyo, Japan October 2, 2020. REUTERS/Kim Kyung-Hoon

The glitch was the result of a hardware problem at the bourse’s “Arrowhead” trading system, and a subsequent failure to switch to a back-up. It caused the first full-day suspension since the exchange moved to all-electronic trading in 1999.

Market participants expressed some relief that the problem was hardware-related rather than a cyber attack, but cautioned about a potential longer-term impact given the hit to the Tokyo market’s reputation.

“For now, there’s relief that trade was able to resume,” said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management.

“The cause has not been clearly indicated yet, so traders are processing orders that couldn’t be done yesterday as they wait and see how the system works, rather than actively trading.”

The outage had come on a day of high anticipated trade volume following the release of the Bank of Japan’s closely watched tankan corporate survey and a rise on Wall Street.

The meltdown also occurred just two weeks into new Prime Minister Yoshihide Suga’s term – during which he has prioritised digitalisation – and undermined Tokyo’s hopes of replacing Hong Kong as an Asian financial hub.

“It’s problematic that this happened after the TSE upgraded its system as recently as 2019,” said Takatoshi Itoshima, strategist at Pictet Asset Management. “IoT (Internet of Things) related shares are meant to be the leader of ‘Suganomics’ trade but this won’t impress foreign investors.”

“TRULY REGRETTABLE”

Officials from the Tokyo Stock Exchange and Japan Exchange