Several projects and even whole ecosystems have plummeted on the news that Andre Cronje is “closing the chapter” on DeFi development. Blockanalia reports
Prices for dozens of tokens are plunging on the news that prolific developer Andre Cronje is calling it quits — including prices for many that only have tenuous links to the DeFi maven.
On Sunday, frequent collaborator Anton Nell announced on Twitter that he and Cronje were “closing the chapter” on DeFi development. Many observers assumed such an announcement was imminent, as 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 recently released Solidly, a hybrid automated market maker , has tumbled as much as 75% on the day. Likewise, automation platform Keep3r is likewise down 25%, and lending platform Iron Bank is down 50% — all founded by Cronje.
For years now Cronje has publicly stated that he has not been involved in the day-to-day operations of Yearn Finance, a yield vault protocol he turned over to a DAO with a now-mythical “fair launch” in July 2020. Nonetheless, YFI tumbled as much as 12%, and is down 7.5% at the time of writing. Likewise, the tokens of much of the Fantom ecosystem are drastically lower today. Spookyswap is down 19%, LiquidDriver 17%, Tomb 22% , and Geist Finance 15%, despite the fact that Cronje was not known to be significantly involved in any of their development.