- Yearn.Finance (YFI), Solidly (SOLID), Phantom (FTM) The local cryptocurrencies of Andre Cronje-related projects have been hit hard by Cronje’s sudden departure.
According to a tweet by Anton Nell, Andre Cronje, developer of Yearn.Finance and Keep3r, has resigned along with fellow software architect Anton Nell.
“Andre and I have decided to close the page of contributing to the DeFi/crypto space of our lives.”
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
Nell claimed that from April 3, a total of 25 decentralized finance apps will be discontinued. Yearn.Finance, Keep3r Network, Solidly and other DeFi protocols are among the projects that the developer has stated they will abandon.
The price of the YFI token has dropped about 13 percent since the announcement, but has since recovered some of the altcoin losses. The cryptocurrency garnered quite a bit of attention after a massive rally during the “DeFi summer” in 2020, but has since shrunk into relative obscurity.
The total locked value (TVL) of the phantom protocol has dropped by $3.35 billion since March 3, which is thought to be linked to Cronje’s departure. Phantom (FTM), on the other hand, has lost about 16 percent in the last 24 hours.
The biggest loss among the platforms that the development is linked to was the SOLID token, although the project continued to work. SOLID is down by up to 70 percent, the altcoin is still trading at a 63 percent loss despite recovering slightly at the time of writing.
Rumors of Cronje’s departure began circulating on Twitter on Saturday after the developer updated his LinkedIn profile to show he is no longer working on Fantom Foundation, Yearn.Finance, and Ethereum.
Last January, Cronje published a blog post titled “Building in DeFi Sucks,” but it was stated that it was just a “therapeutic” discourse. Currently, Nell said that Cronje is very serious about resigning and commented below:
“Contrary to previous ‘it sucks to build in DeFi’ outrages, this is a decision that has been under consideration for some time, not a sudden reaction to the hate people show after publishing a project.”
Phantom CEO Michael Kong said in a statement on Telegram; He stated that users do not need to worry, that the platform will follow the steps in the roadmap and that Cronje does not want to be in the spotlight “for now”.