Andre Cronje, the well-known founder of the decentralized finance (DeFi) protocol Yearn.Finance is launching a new project.
Cronje has been teasing his work with options recently, but today’s announcement was bigger than many observers had expected.
Christened Deriswap, the new project consolidates the core segments of DeFi — swaps, options, and loans — into one platform. In Cronje’s words,
“Deriswap allows for a consolidated, capital-efficient market for trading, Options, Futures, and Loans, allowing LPs to keep their exposure and enjoy additional fees and rewards.”
Deriswap is currently under audit and does not have a token, although fake ones did appear quickly after the announcement.
The crypto community has eagerly anticipated Cronje’s latest work and appears to have taken to the news extremely well.
One Substack contributor commented, “the platform will be game-changing, as users are currently forced to choose between these individual services (either Uniswap, Opyn, Aave, etc.).” Another user wrote on Twitter, “If there is no token yet how can I buy shares of this tweet itself?”
Since Yearn.Finance’s launch in July — the yield optimization protocol has soared in popularity. Yearn’s governance token, YFI, eclipsed the price of bitcoin and is currently trading close to $25,000.
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