DeFi architect, Phantom Foundation tech advisor, and Yearn.finance founder Andre Crone has left the decentralized economy (DeFi) after deactivating his Twitter account.
Anton Neal, Cronje’s longtime collaborator at the Fantom Foundation, said in a tweet on Sunday that he and Cronje have completely left the crypto room. However, there have been concerns about the fate of the roughly 25 decentralized applications (DApps) and the services they have run so far. Phantom Opera is a layer 2 scaling solution for Ethereum.
Affected applications and services include yearn.fi, keep3r.network, multichain.xyz, chainlist.org, bribe.crv.finance, and Solidly New.
Public reaction to Neil’s announcement has generally been sympathetic, with many realizing that the duo may need a mental break from the stresses of work. Other dissatisfied investors have not been kind to their words, such as token prices and TVL taxes.
Phantom boss Michael Kong explained the implications of Crony and Neil’s resignations. Although Cronje has been involved in the creation of several projects, Kong tweeted on Monday that “these projects are not stopping development. Some of them have been working independently for many years.”
Yearn.finance’s lead developer, Banteg, was also involved in reassuring users and investors that Andres’ departure is of little consequence to the day-to-day operation of the DeFi revenue pool.
Prices for Yearn (YFI) and Fantom (FTM) collapsed immediately after Neil’s tweet. YFI is currently down 10% to $18,187 and FTM is down 20% to $1.33, according to CoinGecko.
While total closed value (TVL) has remained virtually unchanged at $3 billion this year, Fantom TVL has dropped 40% since March 3 to $7.16 billion. Cronje’s latest TVL project, Solidly, is down 68% since Thursday to $735 million, according to DefiLlama.
Cronje has been one of the most influential figures in DeFi since her rise to prominence in the crypto space. His contribution to the industry was so significant that market analyst The DeFi Edge took to Twitter to regret his departure, saying on Sunday that “André Cronje is the godfather of DeFi.”
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Proof that Crony was planning to leave the place came to light last week when all of his tweets were removed from his account, followed by a full deactivation.
Core member of Wonderland (TIME) and Abracadabra.money (MIM) has signed Danny Siesta to handle marketing for Cronje’s latest project, Solidly.
But since Sesta had to move away from Solidly to deal with the crisis in Wonderland, Cronje had to become the outside face of the project. The stress of such a load can be too much, which leads DeFi Edge to write:
— Was it a carpet? No. I see a developer who signed up for construction but didn’t share all the nonsense and drama that comes with it. It has reached a tipping point where it no longer stands for him. “