DeFi Tokens Tank as Devs Quit


The native tokens of Yearn.Finance, Solidly, Fantom and other Andre Cronje-related projects have taken a beating after Andre Cronje’s sudden departure

Yearn.Finance and Keep3r developer Andre Cronje called it along with fellow software architect Anton Nell, according to a tweet the latter posted.

Nell claims that a total of 25 decentralized finance applications will be terminated starting from Apr. 3. Yearn.Finance, Keep3r Network, Solidly and other protocols are among the abandoned projects.

The price of the YFI token has crashed around 13% since the announcement, but has since pared some losses. The cryptocurrency gained a lot of attention during the “DeFi summer” in 2020 after a massive rally, but it has since plunged into relative obscurity.

The Fantom protocol’s total value locked (TVL) has dropped by $3.35 billion since March 3, which is apparently related to Cronje’s exit. The Fantom (FTM) has also shed 13% over the past 24 hours.     

Meanwhile, the SOLID token fell 60% in just one hour despite the fact that the project will be continue to operate.

Rumors about Cronje’s departure started circulating on Twitter on Saturday after he had changed his LinkedIn profile to show that he was no longer working at the Fantom Foundation, Yearn.Finance and Ethereum.

Last January, Cronje wrote a blog post titled “Building in DeFi Sucks,” but it was merely a “therapeutic” rant. Now, Nell has made it very clear that Cronje is very serious about quitting:

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.

In a Telegram conversation, Michael Kong, CEO of Fantom commented that Cronje does not want to be public “at this time”.


Read Previous

CoinShares’ Meltem Demirors on How Bitcoin Can Become a Risk-Off Asset

Read Next

Singapore to Impose Restrictions on Russian Financial and Crypto Transactions

Leave a Reply

Your email address will not be published. Required fields are marked *

Right Menu Icon