In an unexpected twist this morning, Anton Nell, developer for Fantom (FTM), and Andre Cronje, founder of decentralized finance (DeFi) projects like Yearn Finance (YFI), that they are quitting DeFi and even the cryptocurrency industry in general.
Nell reports via Twitter that no fewer than 25 apps and services will be terminated on April 3. These include the following crypto projects: Yearn Finance (YFI), Keep3r (KP3R), Multichain (MULTI), Chainlist (CLIST), Solidly (SOLID) and Bribe.crv.
Most notiblyhttps://t.co/SJhS8JI2fT (use https://t.co/dIf7HllUKH)https://t.co/XY0GDeJy9T (use https://t.co/uUK45iz2fx)https://t.co/KYFr6KkGZb (use https://t.co/Z3EldYg0wj)https://t.co/J813DMXTdb (lots of people replacing it)https://t.co/wOnlLnBztJhttps://t.co/WOipmCRr9o
2/3— Anton Nell (@AntonNellCrypto) March 6, 2022
“Unlike previous ‘build in defi sucks’ outbursts of anger, this is not a knee-jerk reaction to the hatred received from releasing a project, but a decision that has been going on for a while. Thank you to everyone who has supported us over the years.”
According to Knell. At first, there were doubts about the authenticity of the message, since Cronje no longer has a Twitter account. Journalist Colin Wu reports however, that Cronje confirmed the news via LinkedIn.
We know the fits of rage to which Knell refers from Cronje. He has repeatedly threatened to resign when some of his DeFi projects went wrong. Cronje had launched DeFi projects a few times with the warning that they are not yet finished. Despite this, people put a lot of money into it which was then stolen when vulnerabilities were exploited by hackers.
Major damage Fantom and co the result?
Yet the community calls that “terminated” may be a misleading term. Not all projects are shut down.
To limit further damage, a number of projects have already announced that Cronje was not the only developer working on this crypto. The Fantom Foundation reports that more than 40 people are working on the Fantom platform. Also ‘Banteg’ from Yearn Finance say that 50 developers are still active.
However, this may not apply to all projects. Some apps, such as Bribe.crv, now have a welcome message on the website stating that the service will be discontinued on April 3. Also, the damage mitigation only seems to work somewhat; the prices of many of this crypto took a heavy blow this morning.
YFI is 11% in the minus, FTM 16%, KP3R 27%, MULTI 19%, CLIST 7%, and SOLID no less than 70%. Solidly launched less than a week ago. The significant declines even seem to be pulling the rest of the market along.
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