Several coins affiliated with crypto developer Andre Cronje that symbolize governance in projects and apps in decentralized finance (Defi) plummeted over the weekend after the South African announced his intention to leave the industry permanently.
Cronje and Anton Nell, Cronje’s colleague and former senior solutions architect for the Fantom Foundation, have decided to quit contributing to the “defi/crypto area” and related initiatives, according to Andre Cronje’s colleague and former senior solutions architect for the Fantom Foundation, Anton Nell.
There was no explanation given for their apparent withdrawal from the DeFi sector. It’s unknown whether the two will continue to work on projects outside of DeFi.
Yearn Finance, Keep3r Network, Multichain.xyz, smart contract protocol exchange Solidly, Chainlist, and Bribe Crv Finance are among the top 25 projects. Some projects, according to Nell, will be carried out by others.
According to a new message on various websites linked with the prolific developer, such as Yearn.fi, front-end services for most of the projects are likely to terminate by April 3, but their open-source code and smart contracts will allow others to fill the hole left by Cronje.
Yearn. Finance, for example, is still going strong, and a key Yearn pseudonymous developer, who goes by the handle Banteg, was eager to point out on Twitter that Andre Cronje hasn’t contributed to the project in “almost a year.”
Is Defi’s ethos destructive?
Cronje told Decrypt in 2020 that he was on the verge of leaving crypto, citing a “toxic” DeFi community as the main cause. Cronje’s comments came five months after he left Yearn, which was then known as iEarn Finance.
While Cronje’s declaration was similar to others in the past, Nell stated this time was distinct and definitive.
This is not a lower extremity response to the vitriol received from publishing a project, like prior ‘creating in defi stinks’ rage-quits, but a decision that has been coming for a while now,” Nell added in a follow-up tweet.
Hundreds of native tokens related to projects and apps associated with or launched by Nell and Cronje began to tumble immediately after the revelation on Twitter. Fantom’s token (FTM), where Cronje served as a technical adviser for three years, is now down 17.5 percent.
To mitigate the impact of Cronje’s move, the Fantom Foundation referred to its vast crew. Keeper Network’s token (Keep3r) has lost 35 percent of its value, while Yearn Finance’s token (YFI) has lost 12.6 percent of its value before regaining marginally — down 8.6 percent. The pattern was repeated for all of the other tokens specified in the tweet.
Also Read: DeFi Staking and Lending to Include New Rules According to U.K. Income Tax Agency
Cronje’s Amazing work & Exercising Leadership
Cronje has had a long and successful career in the crypto world. Cronje has had a number of positions in the community, including technical head at the Fusion Foundation, a tech analyst at Lemniscap, and a code reviewer at news outlet Crypto Briefing. Yearn Finance, Curve Finance, and Fantom are just a few of the Defi projects he’s worked on and contributed to.
According to his co-worker,” Andre is a serious thinker with enormous questions. He has a significant and good impact… His departure will have repercussions”.
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