Thursday, June 1, 2023

DeFi’s Andre Cronje Steps Down


Following the shaky debut of the Solidly project, the notable developer and prolific project founder has stepped down from any role in the crypto and DeFi industry.

Andre Cronje is DeFi architect, Fantom Foundation technical advisor, and Yearn Finance founder. He has deactivated his Twitter account, leaving the decentralized finance (DeFi) industry reeling.

Cronje’s long-time Fantom Foundation colleague is Anton Nell. He said in a tweet on March 6 that he and Cronje were leaving the crypto world totally. Concerns have been raised, however, concerning the fate of the about 25 decentralized apps (dApps). It includes the services that they have been functioning up to this point. Fantom Opera is a layer-2 scaling solution for Ethereum.,,,,, and the new are among the apps and services affected.

The Community’s Reaction

The community has reacted positively to Nell’s news. Many people realize that the two of them needed a mental break from the rigors of their profession. On the other hand, as token prices and TVL falls, other angry investors have not been so nice with their views.

Michael Kong, the CEO of Fantom, highlighted the ramifications of Cronje and Nell’s resignations. Despite the fact that Cronje was essential in the formation of several businesses, Kong stated in a tweet on March 7 that these projects are not halting growth. Several of them have been operating on their own for years.

Banteg is Yearn Finance’s lead developer. He also added his two cents to reassure both consumers and investors. He claimed that Andre’s departure had no impact on the DeFi yield aggregator’s day-to-day operations.

Price Plummets

Following Nell’s tweet, the prices of Yearn (YFI) and Fantom (FTM) plummeted. According to CoinGecko, YFI is currently down roughly 10% to $18,187, while FTM is down 20% to $1.33.

Yearn’s total value locked (TVL) has been relatively stable at $3 billion. Fantom TVL, on the other hand, has dropped 40% to $7.16 billion since March 3. According to DeFiLlama, the TVL of Cronje’s most recent project, Solidly, has plunged 68 percent since March 3 to $735 million today.

Signs for Leaving

Since DeFi’s climb to fame in the crypto world, Cronje has been one of the most influential figures in the industry. He has made such a significant impact to the industry. On Twitter, market analyst The DeFi Edge bemoaned his departure. In a March 6 tweet, he claimed that Andre Cronje is the Godfather of DeFi.

Last week, it became quite evident that Cronje was intending to abandon the space. It happened when his account was deactivated after all of his tweets were erased. Dani Sesta, a member of Wonderland (TIME) and (MIM), has joined Cronje’s current initiative, Solidly, to handle marketing.

However, because Sesta had to leave Solidly to deal with a crisis at Wonderland, Cronje was forced to take over as the project’s face. It’s possible that the strain of such a responsibility was too much for him.

According to The DeFi Edge, he has seen a developer who has signed up to create. He didn’t, however, sign up for the turmoil that comes with it. He had reached a point when it was no longer worthwhile for him.

Rainy Naidoo
Rainy Naidoo
Rainy Naidoo is a writer for Cryptoconstellation. She has her Degree in Journalism and communications. Rainy Likes to spend her free time reading and exploring new places.

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