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- Andre Cronje has remained among the most impactful individuals in the sector, and his recent departure is becoming the hottest story for DeFi sector.
- Alongside Andre, Anton Nell, another developer who worked with him, also made announcement that he’ll be leaving the sector too.
- Most noteworthy applications that got affected include, Keeper Network, Yearn Finance, and Multichain, resettled to new domains.
Andre Is Leaving Finally This Time?
The greatest headline this week (and maybe until 2022, certainly for DeFi fans) is leaving Andre Cronje, one of DeFi’s most productive developers.
Since the debut of Yearn Finance (a cryptocurrency yield aggregator) in 2020, Cronje has remained a tremendously prominent figure in the sector. In just a few months, the project’s indigenous token, YFI, surged from $0 to well over $40,000, giving it blue-chip status inside DeFi.
He’s going now, though. And it appears to be for the better this time.
He left crypto in March 2020, blaming the poisonous community, but then rejoined. Then, in August, he resigned (before returning again). It was a shambles before, but this time is distinct.
Anton Nell, a senior architect for the Fantom Foundation and another developer who partnered with Cronje, revealed the news. He said, Andre and he has chosen to put the chapter on helping the defi/crypto sector to a close.
Nell added that Unlike past ‘building in defi stinks’ fury quits, this is not a hasty response to the backlash following the release of a project, but rather a long-awaited choice.
Yearn Finance, Multichain (a cross-chain cryptocurrency bridge project), and Keeper Network (a tokenized counterpart of Fiver or Upwork) are among the most well-known impacted applications, and it appears that their particular communities will continue to support them.
For example, the portal for “yearn(dot)fi” will be taken down, and consumers are recommended to use “yearn(dot)finance,” which is virtually the same facility.
YFI slipped down the hill from $20,000 to $18,000 amid the news and was trading at a market value of $18,455 at the time of writing.
YFI has recovered some of those losses, thanks to DeFi’s Twitterati telling people that Andre hasn’t participated in Yearn in quite some time.
Andre Has Kept Some Distance From Yearn For Quite a While
Andre hasn’t engaged with Yearn for almost a year,” Banteg stated, noting that the $3 billion projects is being maintained by “50 full-time workers and 140 part-time volunteers. A prime Yearn developer said.
Keeper Network’s indigenous token, KP3R, hasn’t fared quite as well. The token fell from around $625 to around $423, but unlike YFI, it has proceeded to decrease. It traded around $358, about half its price since the news, earlier this week, before rising marginally today to around $379.
Though there has been tremendous negative activity on these tokens, it pales in contrast to what has happened to the Fantom ecosystem as a whole.
Cronje and co-developer Dani Sestagalli unveiled Solidly, a protocol-level decentralized exchange with a coin that was to be handed to the largest Fantom-based DeFi enterprises by total value locked a few weeks ago.
If your project is selected, the protocol will be bestowed with the SOLID token. The project was thereafter exclusively responsible for determining how it would be distributed to its consumers.
This may have been accomplished by a produce farming effort, a simple airdrop, or another method. It was entirely their decision.
And, just as every crypto investor naively rushed to every token associated with Cronje (and, to a lesser extent, Sestagalli), the Fantom ecosystem burst with activity.
According to DeFi Llama, Fantom reached an all-time high of $15.21 billion in total value in January, when the mechanics of how this new currency will be issued became obvious.
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
