The Godfather of DeFi, Cronje quits as TVL and tokens tank for similar projects

March 7, 2022


Fantom Foundation technical advisor, DeFi architect, and Yearn Finance founder Andre Cronje has vacated the decentralized finance (DeFi) space reeling after shutting off his Twitter handle. Cronje’s year-long colleague, Anton Hell wrote in a tweet that he along Cronje was leaving the crypto expanse completely. Nevertheless, there are several questions and concerns were raised about the destiny of around twenty-five decentralized apps (Apps) and assistance. The apps and assistance that are badly affected are,,,,, and

Fantom CEO Michael Kong elucidated the outcomes of Cronje’s and Nell’s leaving DeFi. Michael confidently said that the programs are not shutting down improvement. As per CoinGecko the price of Yearn (YFI) and Fantom (FTM) crashed instantly pursuing Nell’s tweet. YFI is now down approximately 10% to $18,187 while FTM is below 20% to $1.33. Although the Total Value Locked, TVL at Yearn has stayed steady at $3 billion, Fantom TVL is under 40% since Mar. 3 to $7.16 billion. The TVL of Cronje’s big project named Solidly has declined 68% since Mar. 3 to $735 million today as per the DeFiLlama.

Indications that Cronje was intending to leave the space became obvious last week when all of his tweets were deleted from his account and after that, his account was deactivated. Core member of Wonderland (TIME) and (MIM) Dani Sesta joined to do the marketing for Cronje’s new project, “Solidly”. Nonetheless, from when Sesta had to step down from Solidly to handle the problem at Wonderland, Cronje had to be the main face of the program.

Exclusively hand curated news, written precisely in short by our editors for a 60 seconds read! We understand that reading multiple news from various resources could be monotonous, time consuming and less interesting. At Dcryptonews, you will experience a new style of reading news with smart keyword, ease of language that is easy to read for a quick news grasp.