Andre Cronje, creator of the popular yield farming protocol of decentralized finance (DeFi), Yearn.Finance (YFI), has announced his new project: a blockchain-based foreign exchange (forex) platform.

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Dubbed ‘Fixed Forex’, the platform will allow users to trade various fiat currencies such as the US in stablecoin form (Dollar USD, Euro EUR, South African Rand ZAR, Japanese Yen JPY, Chinese renminbi CNY and others).

Notably, unlike many other DeFi platforms, Fixed Forex will not have its own native token. It will not charge any fees and will not apply any form of management. Cronje said on the subject:

“Fixed Forex is designed to be an immutable, 0 fee, 0 management, decentralized stable money framework.”

Fixed Forex is designed to be the quintessence of the “dispose” approach as no one can control it or profit from it. This also means that the platform is highly experimental. Cronje says that the project has not passed any code audits. In other words, users should only use it at their own risk.

Additionally, Fixed Forex has no configuration options and aims to offer “soft liquidations”, “dynamic caps based on on-chain liquidity” and “dynamic LTVs based on chain-based protocols”. Cronje used the following statements on the subject:

“Fixed Forex offers gentle liquidations. You no longer have to worry about purging the entire stack during drop events.”

However, the amount of liquidity any user can print will be directly proportional to the total on-chain liquidity. Because “The higher the on-chain liquidity, the higher the mintage limits”. Finally, loan-to-value ratios will be derived from DeFi platforms such as Compound, Aave, and Iron Bank.

No ‘Rug Pull’

The absence of a native token is what Cronje has this time around, as some users jokingly pointed out. “Rug pull” means he can’t. These accusations against Cronje came after it was revealed that he had been secretly working on another DeFi platform called Eminence Finance, which was hacked and suffered a $15 million loss.

Although no official announcement was made at the time, some users discovered the new project through Cronje’s wallet interactions. Shortly after, traders started buying Eminence’s token.

However, since Eminence was in the early stages of development, its security was quite lacking and an unknown hacker took advantage of it. After stealing $15 million worth of tokens, the attacker gave back $8 million and kept the remaining $7 million.

Still, none of this makes it clear that a significant number of users who have invested in an as-yet-unannounced platform blame Cronje for their losses, and they have something on them. “Rug pull” It didn’t stop him from claiming that he did.