According to a tweet shared by Anton Nell, the DeFi godfather and the creator of Yearn.Finance and Keep3r, Andre Cronje has called it quits with fellow software architect Anton Nell.
Nell reports that effective from April 3, a total of 25 decentralized financial applications would be canceled. Yearn.Finance, Keep3r Network, Solidly, and more protocols are among the initiatives that have been abandoned.
The YFI token’s price has dropped around 13% since the announcement. However, it has subsequently recovered some of its losses. The cryptocurrency gained much attention after a big spike during “DeFi summer” in 2020, but it has since faded into oblivion.
Associated DeFi projects tumble following the news
The total value locked (TVL) of the Fantom protocol has declined by $3.35 billion since March 3, which appears to be tied to Cronje’s departure.
The Fantom (FTM) has also dropped 13% in the last 24 hours.
Solidly (SOLID) plummeted by 67% during the same period, Multichain (MULTI) fell by almost 14%, and Chainlist fell by 4.3%. All of this demonstrates Cronje’s clout in the sector. However, it also revealed how misunderstanding might derail initiatives in the DeFicontributing domain.
Andre Cronje’s initial response to the issue on the Keep3r telegram group gave the impression that the projects were closing down. But, in actuality, he was delegating to other teams.
Fear of a rug pull prompted a significant sell-off by various holders. As people hurried to withdraw their cash, Fantom Network GAS surged to 10,000 gwei.
However, the project team has attempted to explain the issues. According to the Fantom Foundation, Cronje’s departure does not affect the project since “Fantom isn’t and never was a one-man team.” Fantom employs over 40 individuals.”
It went on to say that “Andre’s choice will have no influence on Fantom’s progress.” Big things are on their way, as planned.”
Cronje’s resignation was first reported on Twitter on Saturday when he updated his LinkedIn page to reveal that the Fantom Foundation, Yearn.Finance, or Ethereum, no longer employed him.
Cronje published a blog article titled “Building in DeFi Sucks” in January, but it was nothing more than a “therapeutic” rant. Cronje is very serious about resigning, as Nell has clarified.