Vitalik Buterin Says He Never Tried Yield Farming, Suggests to Evaluate Risks First

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Vitalik Buterin said he did not personally engage in any yield farming for tokens on decentralized finance.

In a tweet published on Friday, the Ethereum co-founder explained that his only major interaction with yield-bearing DeFi protocols was putting "a few coins into Uniswap a long time ago." Buterin said that he earned "a few percent on fees" before taking the money out at some undisclosed point.

Eth August 14, 2020 Among Ethereum Foundation members and core developers, Buterin is perhaps the most connected to the DApp builder community.

There is a general rift in the Ethereum community between core protocol developers and DApp developers.

The collapse of Yam may have been a contributing factor to why Buterin decided to tweet this now.

Many in the DeFi community were excited about the project as a novel experiment in DeFi governance, and most likely joined the yield farming mania.

Even after Yam's collapse due to a single missed division, some supporters remained positive about the event as an interesting experiment.

In a related Twitter thread, Buterin warned against blindly following hyped up trends.

Eth August 14, 2020 It is worth noting that the risk in yield farming is generally much higher for those who are buying the tokens, not the "Farmers." Even Yam used pre-existing staking code from Synthetix, which was audited both in its original form and its Yam iteration - though only after launch.

One possible interpretation of Buterin's tweets is that he is now attempting to rein in some of the excesses of the yield farming trend.

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