As a temperamental developer Andre Cronje abandons DeFi development, investors are fleeing the scene.
On the announcement that prolific developer Andre Cronje is putting it quits, values for dozens of tokens are plummeting, including those with just shaky ties to the DeFi maven.
Anton Nell, a regular collaborator, declared on Twitter on Sunday that he and Cronje were “closing the chapter” on decentralized finance development.
Many observers assumed such an announcement was imminent, as Andre 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 market has responded fiercely to the news Andre Cronje, despite the warning indicators.
Solidly, a hybrid automated market maker (AMM) that was just published, has dropped as much as 75% in one day. Keep3r, an automation platform, is down 25%, and Iron Bank, a lending platform, is down 50%, all of which were founded by Cronje.
Indeed, the ripple effect has spread to projects with only shaky long-term ties to Cronje.
Cronje has openly said for years that he is not involved in the day-to-day operations of Yearn Finance, a yield vault protocol he passed up to a DAO in July 2020 with a now-mythical “fair launch.” Despite this, YFI has dropped as high as 12% and is down 7.5 percent at the time of writing.
Similarly, the value of many of the Fantom ecosystem’s tokens has plummeted. Despite the fact that Cronje was not known to be involved in any of their development, Spookyswap (BOO) is down 19 percent, LiquidDriver (LQDR) is down 17 percent, Tomb (TOMB) is down 22 percent, and Geist Finance (GEIST) is down 15 percent.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews