Yearn.Finance and Keep3r developer Anton Nell announced on Twitter that he and his teammate Andre Cronje are ending their work in DeFi.
25 DeFi Projects Including Yearn.Finance, Keep3r Network, Solidly to be Shut Down
Nell announced that as of April 3, 25 decentralized finance (DeFi) applications will be discontinued. Abandoned projects include Yearn.Finance, Keep3r Network, solidly and other protocols.
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
After the developers’ announcement, YFI, the token of the Yearn.Finance platform, dropped by approximately 13%, but then recoupled some of its losses.
The YFI token, which is described as “DeFi summer”, became extremely popular in 2020 and experienced a great rally, but since that date it started to lose its importance.
since March 3 Phantom There was also a $3.35 billion decrease in the total locked value (TVL) of the protocol. This decline appears to be due to Cronje’s departure. In addition, FTM has also lost 13% in the last 24 hours.
Big Drop in Cronje-Linked Altcoins
However, the SOLID token also lost about 72% of its value within an hour. The decline occurred even though the project will continue.
The news of Cronje’s separation has been on Twitter since yesterday. Andre Cronje had removed from his LinkedIn profile information that he was working on the Fantom Foundation, Yearn.Finance and Ethereum.
Last January, Cronje published an article titled “Developing in the DeFi industry is very bad”. Now teammate Nell reports that Cronje is serious about the breakup this time:
“Contrary to the statements he made in the past with the theme “DeFi development is very bad”, this time his decision was not due to the hatred shown for the project he created. That decision had been on his mind for a while.”
Phantom CEO Michael Kong said in his statement on Telegram that Cronje does not want to make any statements at this time.