On Sunday, Andre Cronje, best known for building Yearn Finance and being a founding member of Fantom, announced he is stepping away from cryptocurrencies. The “father of DeFI” will be handing off or shutting down all of his projects. This announcement triggered a large sell off in the Fantom ecosystem and other projects associated with Cronje. The average drawdown range was 15%-20% within a few moments of the news.
The news was broken on Twitter by Cronje’s business partner, Anton Nell, who is also a storied developer in the crypto and DeFi space, and a Senior Solutions Engineer at Fantom. In the announcement, Nell said they will be shutting down around 25 apps and services on April 3rd.
The pair have dealt with chronic toxic behavior from the community and have been very outspoken about the problems. In a response to the TIME Wonderland scandals, an exasperated Cronje tweeted that he “just wants to code.”
There have been scares that the pair may quit before, but this time appears to be different. In a short thread about the resignations, Nell made sure to point out:
Unlike previous "building in defi sucks" rage quits, this is not a knee jerk reaction to the hate received from releasing a project, but a decision that has been coming for a while now.
Thank you to everyone that supported us over the past few years.
Nell listed some of the most notable projects that will be closing in April; here’s some of the list:
- Yearn Fi
- Keep3r Network
- Curve Bribe