Andre Cronje, one of the emblematic developers of the DeFi ecosystem, announces that he is withdrawing from cryptocurrencies.
Andre Cronje Leaves Yearn Finance, Fantom And 23 Other Defi Apps And Services.
The news was made official this Sunday by Anton Nell, with whom Cronje worked at the Fantom Foundation (FTM). This news caused a sharp decline in some defi assets.
Andre and I have decided that we are closing the chapter of contibuting to the defi/crypto space.
There are around ~25 apps and services that we are terminating on 03 April 2022.
1/3— Anton Nell (@AntonNellCrypto) March 6, 2022
Developer Andre Cronje, who notably founded Yearn Finance, is ending his involvement in decentralized finance (DeFi) and cryptocurrencies. The news fell this Sunday morning through Anton Nell, one of his colleagues at the Fantom Foundation (FTM), who also announced his departure.
The most notable projects, according to Nell, were:
“Most notably yearn.fi, keep3r. Network, multichain. xyz, chainlist.org, solidly.exchange, bribe.crv.finance.”
No reason has yet been mentioned, except that Anton Nell speaks of a carefully considered choice. He informs that it has nothing to do with “ DeFi sucks ” like phrases; rather, it was a decision that was coming for a while:
“Unlike previous “building in defi sucks” rage quits, this is not a knee-jerk reaction to the hate received from releasing a project, but a decision that has been coming for a while now. Thank you to everyone that supported us over the past few years.”
Indeed, Cronje has repeatedly been criticized by users of DeFi applications for being in Defi only for returns without really showing any interest in the protocols.
However, we do not know if this is one of the reasons that prompted the developer to leave. But the community pressure on social networks is a significant source of mental load, which can motivate a person to take a step back.
Andre Cronje enjoyed a good reputation, especially through the DeFi project Yearn Finance (YFI). He also worked with Anton Nell on the smart contract platform Fantom (FTM).
Following Andre Cronje’s announcement, the impact on platforms like Fantom was immediate; FTM fell 12%, currently trading at $1.42. Yearn Finance’s YFI lost nearly 14% fell from $19,800 to $17,400. The most notable fall was of SOLID, the Solidly protocol token, the developer’s latest creation trading at $2.34 at the time of the announcement, touched as low as $0.80.
The catastrophe of Andre Cronje’s departure from the DeFi ecosystem can be harmful because of the hard work he did, but Yearn Finance, for example, is run by a team of 50 full-time and 140 part-time members.
The Fantom Foundation did not fail to salute and thank the work of Andre throughout their collaboration. Still, they underlined that everything does not rest in the hands of one person, and his departure will not impact the ecosystem’s future.
We're extremely grateful to Andre for all he did for crypto as a whole.
However, Fantom isn't and never was a one man team.
There are 40+ people working at Fantom.
— Fantom Foundation (@FantomFDN) March 6, 2022
Indirectly, this news sheds light on the role that Decentralized Autonomous Organizations (DAOs) can represent in the DeFi environment. Indeed, at the beginning of a protocol, it needs its founder, but as any project matures, this point of centralization becomes optional. Thanks to a DAO, the project can fly on its own through its community.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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