Billions of Dollars Within DeFi in Jeopardy as Andre Cronje Quits -Breaking
Andre Cronje (the famed founder of Yearn Finance & Keep3r) has greatly contributed to the development of decentralized finance (DeFi). But, Anton Nell, Fantom software architecture, is also leaving the industry. Nell posted a tweet on March 6th 2022.
DeFi Projects are being abandoned by developers
Anton Nell posted a Tweet where he said that he and Andre Cronje decided that they “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.”
Andre and myself have concluded that the chapter on contibuting the crypto/defi space is over. We will be closing approximately 25 services and apps by April 20, 2022. 1/3
— Anton Nell (@AntonNellCrypto) March 6, 2022
Yearn Finance, Keep3r Network and Bribe Finance are just a few of the most prominent projects that the duo has created. Yearn.finance’s token reached $90k value at one point during its history.
Analysts have warned that Cronje’s sudden departure has the potential to put billions of dollars of investor funds at risk.
Nell elaborated that this decision has been in the making for some time and pointed to a blog post published by Cronje in January last year titled “Building in DeFi Sucks (Part 2).“
This news caused a sharp drop in the prices of the tokens that were linked to developers. During which time the Yearn Finance token (also known as YFI) dropped by 13%. Similar to the Fantom protocol, assets totaling more than $4.4 trillion have declined since March 3.
- The shock decision could open up the possibility for new DeFi projects to be featured, increasing their utility and value.
Why you should care
At times the cryptocurrency market is unpredictable. The fact that developers have the ability to simply terminate projects with no notice is frightening for all. This decision can shine a light on alternative projects that are better-established and could be the next big thing.
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