Partnered With:

AC: Lessons I Learned From My Mistakes

Noc

Read this article in 8 Minutes

There are no shortcuts, no instant success.

Original title: "Learn from my mistakes"

Original author: Andre Cronje, founder of Yearn.finance

Original compilation: Noc, BlockBeats

Project

Fantom

In the token economics of Fantom, the team did not retain sufficient funds, and the "top 10" projects are highly concentrated and popular controlled token economics. The more dispersed, especially in retail, the greater the volatility. This requires planning.

Yearn

Although I am the founder of Yearn, I think I am more like broadcasting The people who planted the seeds, let a more capable community take over, and they did a fantastic job.

Eminence

The initial test of the product is only effective in a small area, when you products fail when they are known, and I have used the same method from relative unknown to widespread attention.

Keep3r

Manage expectations well, I know from day one that Keep3r will always It is impossible to reach the heights of Fantom or my aspirations, it should be a small accessible and decentralized DevOps platform. Although it does achieve this. Satisfied with the results, but saddened by the expectations and pressure on Keep3r's tokenomics.

Fixedforex

Get off to a great start, following strong principles. However, it was released in the same cycle as USDN, UST, etc., and tried to compete with them, using the same method as them, which eventually led to failure. The team is still trying to save it.

Solidly

The AMM mechanism is awesome and I'm still excited and proud of its design , but decentralization is the point of failure. Without being able to participate in highly complex work in a decentralized form, that simply won't work. Successful forks on the Solidly codebase all have some degree of centralized participation in governance. Simple work can be decentralized, but complex work cannot. Because participants are not rational, their actions may not be in the best interest of the ecosystem. If you don't create punishment mechanisms, it's easy for the situation to spiral out of control.

narrative

< /p>

The value of the Fantom Foundation wallet was once more than 1.5 billion euros. But then the rumor started, "I'm connected to these wallets and cashed out $1 billion in cryptocurrency". This is untrue, but because I didn't forcefully respond and clarify these false statements on Twitter, the rumors were kept alive.

It's no different than Dunsters' article, just because a guy named Cronje works for All of a sudden she's my sister or my family, which is ridiculous, but that's how rumors work.

I released a meme about the metaverse, and I should build it on Fantom next Metaverse, it's probably a joke about how narratives are and how you're supposed to ignore them.

The important function of social media is participation, so often absurd stories will become true Stories, unless you're ready to push back vigorously against rumours, and vigorously defend your views.

Beware of teams who use this approach by violently and aggressively attacking any open disapproval People of their rumors, don't read this narrative. But the thing is, these are all narratives.

Don't deify anyone or project, accept and discuss flaws properly, it's growth the only way.

Don't assume that what works on a small scale will work on a large scale. This situation simply does not exist.

Every time we try to emulate another team's narrative or rules, we fail up. It can be effective only by pondering slowly on your own.

When I spend 20 hours a day building a fantasy consensus, or 20 hours a day trying to perfect a desired strategy I never thought about the end result because I was just enjoying the process. But since sometime after Fantom & Yearn, became more concerned with the outcome than the process.

Feedback Input

Be careful with what you use as feedback input.

After Solidly, the feedback I received was that my reputation was completely ruined and the best thing I could do was stay away from the of any item. This decision, influenced by perceptions I saw on social media, ended up doing more damage.

Carefully analyze your feedback input and try to get the most objective feedback. Typical survivor bias.

Lesson

Stay at your own pace.

Don't overseek attention. The crypto world loves to kill protagonists.

Enjoy the process, not the result.

Avoid subjective feedback input.

Don't get caught up in your competitor's narrative, if you don't think something will work but you see it working for your competitor, then Give it some time.

Don't think you're wrong just because their design currently works.

Back to the most basic position and hone the mentality of completing tasks for a long time. Work hard to achieve your goals, and don't easily try to surpass them.

We used all of the above methods at Fantom, we tried a few times to replicate the narrative of other competing L1s, but failed every time.

I always like a sentence, from what I think is the greatest DeFi founder, when we In discussing most of the stories that have happened over the past four years, he told me, "Keep running until the end."

There is no shortcut, no quick success.