Both YFI and KP3R fell dramaticially soon after the news of the departure of Andre Cronje and Anton Nell.
Andre Cronje, a prolific developer, has left decentralized finance, according to a release today by his colleague Anton Nell, a senior solutions architect at the Fantom Foundation, who has joined him in that decision without elaborating.
Cryptocurrencies related with Cronje’s initiatives, such as FTM and YFI, sank substantially following the unexpected official statement (YFI) fell 13% from over $20,000 to $17,000. Keep3r (KP3R) is trading at $520 at the time of writing. Solidly (SOLID), which was only launched last week, has dropped 64.73% in one day and is currently worth $1.13.
Nell tweeted on Sunday:
“Andre and I have decided that we are closing the chapter of contibuting [sic] to the defi/crypto space. There are around ~25 apps and services that we are terminating on 03 April 2022,”
Cronje and Nell will stop the following applications or websites that serve as DeFi protocol front-ends: yearn.fi, keep3r.network, multichain.xyz, chainlist.org, solidly.exchange, and bribe.crv.finance.
Some donors to Cronje-related initiatives expressed astonishment at the market’s reaction to the news.
DeFi refers to financial apps that use blockchains such as Ethereum to provide banking services. DeFi apps are developed on top of blockchain-based smart contracts, which are permissionless by nature and may continue to work even if the original creators are not present.
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