Yearn Finance (YFI) Drops 13% on Reports of Andre Cronje Leaving the Crypto Industry

Today, the price of YFI and other projects in which Andre Cronje was involved plummeted following rumors that he was leaving the industry permanently.

Andre Cronje, arguably best known for his work on Fantom and Yearn Finance, and Anton Nell, the Fantom Foundation’s senior solutions architect, are apparently exiting the cryptocurrency field.

  • Anton Nell – senior solutions architect at the Fantom Foundation – declared on March 6th, 2022, that he and Andre Cronje will cease contributing to the crypto area.

Andre and I have ecided that we are closing the chapter of contributing to the defi/crypto space. There are around 25 apps and services that we are terminating on 03 April 2022.

  • YearnFi is one of the aforementioned services – a front-end interface for Yearn Finance (YFI) on which Cronje has been working.
  • It’s important noting that this does not mean Yearn Finance will cease operations in any way. Cronje, on the other hand, is the one who proposed the protocol in the first place, and it was an iconic move at the start of DeFi Summer 2020.
  • Additionally, YFI’s Banteg commented on the situation, stating:

People burying YFI, you do realize Andre hasn’t worked on it for over a year? And even if he did, there are 50 full-time people and 140 part-time contributors to back things up.

  • The announcement quickly sent YFI’s price plummeting by around 13% and plummeting to just about $17K from nearly $20,000.

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  • FTM is also down almost 13% during the last 24 hours.
  • Cronje does not want to return, as Anton Nell’s thread indicates:

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.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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