APR exceeds 200%? The former DeFi king AC may launch algorithm stablecoins

Author: Azuma, Odaily Planet Daily

Andre Cronje (AC), a co-founder of many well-known projects such as the veteran DeFi master, Sonic, Yearn, Keep3r, etc., is about to end up as an algorithm stablecoin.

On March 21, AC disclosed its ideas about the project in its personal X account for the first time. At that time, AC said that the team had made technological breakthroughs in the field of algorithmic stablecoins, but what happened in previous cycles has left it with "Post Traumatic Stress Disorder" (PTSD), and it is not sure whether this plan should be implemented.

As a potential market space, an innovative opportunity with huge potential market space, extremely mathematical charm, and conceptually more in line with the original spirit of cryptocurrencies, has long been a track that various "geniuses" in the industry have been flocking to. However, since the collapse of Terra (UST), the reputation of the track has suffered a heavy blow... This is why AC mentioned "PTSD due to the past" in the first related update.

However, the person who is about to end this time is AC after all. After this man, who was once known as the "King of DeFi", revealed the relevant intentions, although some users were against it, more users left messages below the news to express their support and expectations.

On March 22, AC reposted his first personal update again and posted a Yolo (the acronym for You Only Live Once, meaning you can only live once, you should live in the present and do it boldly), and seemed to have made up your mind to advance the project.

On March 23, AC disclosed some details about the project for the first time, and in its tweet, it posted a screenshot of the process of interacting with multiple contracts. AC also stated: "When TVL is $10 million, the stablecoin's annualized rate of return (APR) can exceed 200%, when TVL is $100 million, the APR is about 23.5%; when TVL is $1 billion, the APR will stabilize at around 4.9%.

At the same time, AC also officially confirmed that it will form a team to release the project in full.

Although there is no official introduction to the stablecoin as of the time being, according to the screenshots posted by AC, it seems that the operation of the stablecoin will be related to Sonic native token S and liquidity derivative token stS (issued by Beets), or it may mean that the stablecoin will be pegged to the Sonic network in a sense, and at least the income will come from the pledge rewards of Sonic network.

Some industry professionals have also raised questions about the yield figures given by AC.

Eric Forgy, founder of CavalRe, commented: "I used to be skeptical about this project. Now I am sure the project is flawed. Looking forward to seeing the details. I'm happy to review it before entering the stablecoin mainnet."

AC was not showing any weakness in this regard and directly responded: "After seeing a screenshot without any operation background, do you dare to say "confirm"??? I'm sure you know nothing, get out of my comment section."

Unfortunately, I can't see more about the specific structure of the algorithm's stablecoin at present, but I'm also looking forward to AC's new tricks.

AC itself has been silent for a long time since the last DeFi cycle fell silent, but as Fantom was reborn as Sonic, AC's entrepreneurial enthusiasm seemed to be ignited again. Today, he is almost the most active founder in the cryptocurrency field on X, and he publishes, comments, and forwards a large amount of content every day.

In addition to Sonic and the algorithmic stablecoins mentioned in this article, AC seems to be preparing for another highly leveraged derivatives exchange flyingtulip to benchmark the current hot Hyperliquid.

A new cycle, a new round of narrative, let us witness together whether AC can copy and surpass himself.