Yearn Finance (YFI) Plunges 13% on Reports of Andre Cronje Leaving Crypto
The price of YFI and other projects where Andre Cronje was involved plunged today after reports of him leaving the industry for good.
Andre Cronje, perhaps best-known for his work on Fantom and Yearn Finance, alongside Anton Nell – senior solutions architect at the Fantom Foundation – will reportedly be leaving the cryptocurrency space.
- In a Twitter thread on March 6th, 2022, Anton Nell – senior solutions architect at the Fantom Foundation – announced that Andre Cronje and him will quit contributing to the crypto space.
Andre and I have ecided 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.
- One of the said services is YearnFi – a front-end interface for Yearn Finance (YFI) that Cronje had been working on.
- It’s worth noting that this doesn’t mean that Yearn Finance will stop working in any shape or form. However, Cronje is the one who came up with the protocol in the first place, and it was an iconic move back at the beginning of DeFi Summer in 2020.
- Commenting on the matter was also YFI’s Banteg, who said:
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 news was met with an instant nuke in YFI’s price, which lost about 13% immediately and plunged to just above $17K from almost $20,000.
- FTM is also down about 13% in the past 24 hours.
- As to whether or not Cronje plans to return, Anton Nell’s thread indicates otherwise:
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 suppoerted us over the past few years.