On March 6, 2022, Defi investors witnessed the red trading session of a series of digital currencies after the announcement of the departure of Andre Cronje – one of the leading developers in the industry. So who is this influential character and what led to this breakup.
Andre Cronje is the godfather of Defi?
Known for a wide range of key roles in the decentralized financial sector such as:
- Founder of Yearn Finance – the leading digital bank in the decentralized financial platform.
- Chief crypto Code Reviewer at Crypto Briefing
- Former President and Technology Council of the Fantom Foundation (FTM)
- Technology Analyst in Lemniscap (a company that invests in blockchain startups)
With a series of key positions at the early famous corporations that have a great influence in defi world, especially Yearn Finance – the foundation at the forefront of exploiting protocols to optimize profitability and user experience. Launched in January 2020, and after more than a year of launch to September 2021, Yearn Finance achieved revenue of $ 43 million. Most notably, in July 2020, the price of the YFI token issued by the organization reached $14,000 surpassing the bitcoin price of $12,000 at the time. Besides, the Fantom Foundation platform where he served as chairman is also a strategic partner of 8Decimal, Arrington XRP Capital, Bibox, BlackEdge Capital, Block Crafters Capital, Block Tech Capital Corporation, Block VC Block, BlockWater, ChainRock, Crypto Trade Capital, Future Money, HyperChain … and as of January 2022, the Fantom ecosystem has overtaken BSC as the third largest blockchain ecosystem according to TVL.
So far after Andre Cronje's official statements on Twitter, so far the reason for this departure has not been revealed and reported by any official sources.
The market is wobbly and a series of influences follow.
Thanks to the advantages of experience, technology and influence, many applications, as well as defi projects run, founded, or joined by this developer are important factors that bring about a huge FOMO effect in the investor world, and as a result, the value of cryptocurrencies, Token, NFT of the project increased rapidly after launch. The announcement of a complete withdrawal from the market as well as the projects Defi is participating in, sparking investor frustration and fear, especially as some of the apps he developed will also stop working.
The most obvious consequence of the tweet was that tokens of projects related to him such as YFI, FTM and KP3R all dropped by more than 10% within an hour. Solidly (SOLID) fell 50% after an hour, investors massively sold off assets on a large scale, and worse, there was a proposal to close the newly launched SOLIDLY project.
But according to experts, this is only a temporary community backlash and will not tend to continue for a long time, as andre has not in fact worked with Fantom and YearnFinance for more than a year, and the core team is still operating the systems as usual and is not changed or affected by the information. believe above. And according to analysis from the exchange, a series of FTMs are disappearing from the exchange, suggesting that it is possible that some investors are quietly holding and hoarding assets taking this cheap opportunity.
