YFI Price Plunges as Anton Nell and Andre Cronje Announce Exit from the DeFi Space

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Altcoins
YFI Price Plunges as Anton Nell and Andre Cronje Announce Exit from the DeFi Space

Earlier today, senior solutions developer at the Fantom Foundation Anton Nell and Yearn Finance founder Andre Cronje announced their exit from the crypto space. The move comes as YFI’s prices plunged into a loss with a 13% way above the initial estimates. Andre and Nell further announced that there are about 25 apps they will be terminating.

Prolific Developers Andre Cronje and Anton Nell Call It Quits

On 06 March 2022, Senior solutions architects at the Fantom Foundation Anton Nell and Andre Cronje-Fantom, and Yearn Finance announced on their Twitter exiting the crypto world withdrawing his services from Yearn Finance (YFI) , which Cronje has been a part of the longest time.
“Andre and I have decided that we are closing the chapter of contributing to the defi/crypto space. There are around 25 apps and services that we are terminating on 03 April 2022,” stated Anton Nell-Senior solutions architect at the Fantom Foundation.
After the news for the two Andre and Nell surfaced about their exit, the prices for YFI went down by 13% immediately, and this was way far compared with the $17K from an estimate of $20000.

YFI’s and Fantom’s Price Fate

Andre and Nell stated that Yearn Finance would not stop working in various dimensions, citing that Cronje came up with the protocol, which was an excellent thought of moving back at the beginning of DeFi Summer in 2020. Additionally, YFI’s Banteg commented on the whole matter by stating:
“People burying YFI, you do realize Andre hasn’t worked on it for over a year? And even if he did, there are 50 full-time people and 140 part-time contributors to back things up.”
The FTM prices have also gone down by 13%, and based on Cronje’s earlier statement, Nell stated that “Unlike previous “building in defi sucks” rage quits, this is not a knee jerk reaction to the hate received from releasing a project, but a decision that has been coming for a while now. Thank you to everyone that supported us over the past few years.” Many observers have ignored that such an announcement was fake. Cronje deleted his Twitter account and updated his Linkedin to reflect that he was no longer an advisor to the Fantom Foundation last week. The action comes after the warning signs in the crypto market, which has reacted badly to the news.

The Cronje Ripple Effect

According to recent reports, the recently launched automated market maker (AMM) Solidly has gone down by almost 75% in 24 hours. Similarly, Automation platform Keeper has taken a  25% nosedive while DeFi lending platform Iron Bank has dived down by 50%. Andre Cronje has contributed to the development of all the mentioned platforms, and his latest announcement could have led to the price plunges of the projects. Indeed, in the hours after this announcement, the teams have already begun announcing the launch of new projects for interacting with these contracts, such as one team replacing Cronje’s.
Adam Robertson

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