- Andre Cronje and Anton Nell are leaving the DeFi space.
- The pair will either relinquish ownership or disable the websites they control, but the protocols they created will continue to work.
- YFI, KP3R and FTM dived into the news.
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Cronje was widely regarded as the “Godfather of DeFi” for his various contributions to space.
Andre Cronje, Anton Nell retire
The DeFi space is losing two of its most talented developers.
Andre Cronje, the self-styled “DeFi architect” who became famous as the founder of the Yearn.Finance yield optimization protocol, is moving away from DeFi and cryptocurrency for good. Anton Nell, another builder known for his links to the Fantom ecosystem, will also retire with Cronje. Nell broke the news in a tweet on Sunday. “Andre and I have decided that we are closing the accounting chapter [sic.] to the defi / crypto space, “wrote Nell, before adding that it was” a decision that has been around for some time now. “Nell, who has worked closely with Cronje on his various projects, explained that the couple would shut down the websites they control and move out of space. Before working on Fantom, Nell spent a short time reviewing ICO projects Information on cryptocurrencies alongside Cronje.
Andre and I have decided that we are closing the chapter of the contribution to the defi / crypto space.
There are about 25 apps and services that we will end on 03 April 2022.
– Anton Nell (@AntonNellCrypto) March 6, 2022
Questions about Cronje’s future in cryptocurrencies began to surface this week when he deleted his Twitter account and edited his LinkedIn profile to indicate that he had stopped working on Yearn.Finance, Fantom, and the broader Ethereum ecosystem. She later confirmed to the Keep3r Network community that she would be leaving the project in a Telegram message.
Cronje, which had a big impact on Information on cryptocurrencies‘S in the early years as Chief Code Reviewer prior to his various DeFi engagements, he confirmed the news and reiterated that the protocols he and Nell built would continue to work (specifically, as they are distributed as immutable smart contracts, there is no way to close them). Writing in a private message to Information on cryptocurrencies, Cronje stated that “they are simply transferring / removing the domains and web apps we control and are moving away from defi / crypto”. Cronje said the couple would return to their traditional financial sector careers.
YFI, KP3R, FTM hit hard
The developer pseudonym of Yearn.Finance banteg weighed on the news, making it clear that Cronje “didn’t work [Yearn] for over a year … And even if he did, there are 50 full-time people and 140 part-time employees backing things up. ”
For the few years they have been active, both Cronje and Nell have had an immeasurable impact on DeFi. Cronje has sometimes been described as the “Godfather of DeFi” after popularizing the yield farming trend at the helm of Yearn.Finance, which has amassed a cult following thanks in part to the astronomical rise of the YFI token over a period which diehard cryptocurrencies call “Estate DeFi. Cronje later went on to create a suite of popular products on Ethereum and other EVM-compatible blockchains. Cronje became famous for his” test in prod “mantra as he typically implemented projects on the blockchain. before conducting audits.
Most recently, Cronje led Solidly, a new Fantom project inspired by Curve Finance’s tokenomics and OlympusDAO’s “(3,3)” flywheel design. Solidly launched recently on Fantom and attracted billions of dollars of cash to the network.
Reactions to the update have been mixed, although many active cryptocurrency users have voiced theirs thanks and support to the couple. Most of the projects they were affiliated with, meanwhile, suffered. Yearn.Finance’s YFI was down 7.5% today, Keep3r’s KP3R was down 24.4%, and even the FTM was down 14.4%.
Disclosure: At the time of writing, the author of this piece owned ETH, CRV, FTM, and had exposure to YFI in a cryptocurrency index. Andre Cronje is a stock holder in Crypto Briefing and previously worked on the publication with Anton Nell.
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