Andre Cronje, one of the well-known DeFi developers, has left the industry. Yearn.Finance and Keep3r developer Andre Nell shared the news of the legendary developer’s departure on Twitter. With the spread of the decision on social media, 3 altcoin projects associated with the developers fell in a short time. cryptocoin.com We convey the details as…
Andre Cronje left, these 3 altcoins crashed
In the announcement during the day, Andre Cronje reported that a total of 25 decentralized financial applications (dapps) will be shut down, effective from April 3. Abandoned startups include Yearn.Finance, Keep3r Network, Solidly, and more protocols. Following the announcement, the price of YFI fell by about 13%, but has since rebounded some of its losses.
The total locked value (TVL) of the Phantom (FTM) protocol has decreased by $3.35 billion since March 3, which is thought to be linked to Cronje’s departure. Phantom (FTM) has likewise lost more than 13% of its value in the last 24 hours.
The biggest loss was Solidly (SOLID) with the news of separation. Despite the fact that the project will continue to run, SOLID has lost nearly 70% of its value in just one hour.
Statements by other developers and projects about the separation
Cronje’s resignation was first revealed on Twitter on Saturday, when he updated his LinkedIn page to report that he is no longer employed by the Phantom Foundation, Yearn.Finance or Ethereum. Cronje published a blog article titled “Building on DeFi sucks” in January. Andre Nell says Cronje is pretty serious about resigning:
Unlike previous “it sucks to build” outrages, this is a decision that has been coming for a while, not a sudden reaction to the hate for releasing a project.
Phantom’s statements on the subject were as follows:
While we appreciate all that Andre has done for crypto, Phantom is not a one-man show and never has been… Phantom is one of the most popular and beloved DeFi networks in the world because of its collaboration. Hundreds of engineers work on Phantom every day, and more than 100,000 unique addresses use it. Andre was not a core developer at Phantom, contrary to popular assumption… Andre’s choice will have no bearing on Phantom’s progress. Big things are on their way as planned.
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