Tuesday, September 27, 2022
HomeDeFiDeFi "Engineer" Andre Cronje says bye to crypto world and DeFi space

DeFi “Engineer” Andre Cronje says bye to crypto world and DeFi space

Andre Cronje leaving the decentralised finance (DeFi) industry reeling.

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

Cronje’s long-time Fantom Foundation colleague Anton Nell 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 decentralised apps (dApps) and services that they have been functioning up to this point. Fantom Opera is a layer-2 scaling solution for Ethereum.

The community has reacted positively to Nell’s news, as many people realise that the two of them needed a mental break from the rigours of their profession. As token prices and TVL fell, other 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 numerous projects, Kong stated in a tweet on March 7 that “these projects are not shutting down development.” For years, some of them have been operating on their own.”

As per the report by CoinGecko Yearn and Fantom prices strike instantly  by following the tweet of Nell’s. YFI has now dropped by  about 10% to $18,187 while FTM fell upto 20% to $1.33.

Although Yearn’s total value locked (TVL) has stayed relatively stable at $3 billion, Fantom’s TVL has dropped 40% to $7.16 billion since March 3. As per DeFiLlama, the TVL of Cronje’s most recent project, Firmly, has fallen 68 percent since March 3 to $735 million today.

Since DeFi’s rise to fame in the crypto world, Cronje has been one of the most prominent figure in the industry. His efforts in the sector have been so significant that market analyst. The DeFi Edge on Twitter regretted his departure, writing on March 6 that “Andre Cronje is the Godfather of DeFi.”

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