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DeFi Godfathers Andre Cronje and Anton Nell Step Down, Associated Tokens Tumble

DeFi leaders Andre Cronje and senior solutions architect Antone Nell close their chapter in the crypto/defi space.

In a Twitter announcement, Nell cited that they would terminate around 25 apps and services on 03 April 2022.

Quick take:

  • Fantom Foundation Senior Solutions Architect, Anton Nell and his colleague Andre Cronje, announced their plans to leave the DeFi scene on Sunday.
  • André Cronje's exit may be permanent after stepping out in what appeared to be rage quitting.

In a shocking revelation, Anton Nell and Andre Cronje, two well-known decentralized finance leaders, are leaving the scene. As a result, as many as 25 projects could be terminated as of April 3, 2022.

The announcement was made public by Anton Nell through one of his tweets.

Market reaction to the announcement resulted in a wave of negative effects on several projects. YFI saw its value drop to $17,000 from $20,000. In just 24 hours, Fantom (FTM) lost 15 percent of its value, dropping to $1.42. 

But Solidly (SOLID) suffered the worst loss, losing 64.73 percent of its value and dropping to $1.13.

Nell followed up with a list of the projects that their choice will impact. Yearn.finance, thekeep3r.network, multichain.org, chainlist.org, solidly.exchange, and bribe.crv.finance are among them.

Anton Nell and Andre Cronje have left a legacy

While their resignation may seem to imply that the projects will remain in limbo indefinitely, individuals in the know advise otherwise.

Andre has been out of the loop at YFI for "more than a year," according to one Yearn engineer who goes by the Twitter name "banteg." Even including the caveat that there would still be an overflow of people who will follow in his footsteps. 

"50 full-time personnel and 140 part-time contributors" would be on hand "to back things up," according to the developer.

Bye-bye forever?

Andre Cronje has officially stepped down from DeFi. For someone as passionate as Andre, his departure wouldn’t be a final goodbye.

But looking at the seriousness of the situation and the tension that's revolving around, it seems like there is no coming back. He asserted that it isn’t rage-quitting. 

Nell said that the decision had been coming in for a while now. He added that it isn’t a knee-jerk reaction to the hate received after releasing a project.

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