Yearn.finance founder launched a new Ethereum experiment, gained $6m in hours

Finance founder Andre Cronje shocked the crypto industry once again on Tuesday when he rolled out his latest experiment.

Many were hoping to get in early on a project launched by Cronje, as YFI gained over 1,000,000 percent from its starting price to the early September peak.

It outlined a framework for a crypto-economic system based on Ethereum that would allow users to generate as much trading fees as possible while offsetting impermanent loss as much as possible.

At the bottom of this blog was three Ethereum contracts, which Cronje said were being used "Purely for research purposes and should not be used for any other purpose."

Ethereum DeFi "Degens" began to FOMO into the contract anyway.

Some big users dabbled in these contracts, too: Etherscan logs indicate that there were some users depositing hundreds of Ethereum, meaning tens of thousands of dollars, into these unaudited, experimental contracts.

One user deposited 1,000 ETH. As investors siphoned thousands of dollars in, users on Twitter were once again in hysterics, referencing what happened the last time users FOMOed into an untested experiment.

After a few hours of FOMOing, Cronje updated his blog to clarify to readers that this was 100% an experiment that would not be maintained into the future.

Unlike with Eminence, a pre-launch product by Cronje that users FOMOed into, there was not a bug exploited in the contract.

After buying over $350,000 of these new coins, he sold his stash for $20,000, then proceeded to liquidate the 100 YFI he held as he was seemingly displeased with Cronje.