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Yearn Finance (YFI) and Phantom (FTM) Fall After Andre Cronje Leaves Defi

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The price of FTM fell 15% and YFI fell 8% after news that Andre Cronje, best known for creating Yearn Finance Keep3rV1 and several other Defi apps decided to retire from all these projets and shut down all their apps by 03 April 2022.

Andre Cronje, who is known for his work in Defi projects especially Fantom and Yearn Finance, deleted his Twitter several days ago and it was Anton Nell another  senior developerof the Fantom Foundation that announched the decision that booth will leave the defi space and shut down all the apps mentioned in the above tweet.

The Fantom Foundation commented on the matter reassuring investors that the projects is not a one man project and that more than 40 other developers are working on Fantom.

A commenter said on Twitter:

People burying YFI, you do realize Andre hasn’t worked on it for over a year? And even if he did, there are 50 full-time people and 140 part-time contributors to back things up.

Another commenter said:

yeah bagholding is fun, but have you tried capitulating?

People expressed their anger posting charts of the affects coins

Another project involving Andre Keep3rV1 (KP3R) fell by 26% in the last 24 hours.

Crypto space is the only space known by making overnight billionaires and many of these projects that rely on developers who became wealthy and have no more incentives to further develop these projects are at risk. Despite being decentralized projects the individual cult exists and affects the project negatively.

What would happen if Vitalik Butterin announces that he is abandoning the Ethereum project.

Maybe this is the positive thing about bitcoin, that Satoshi is a unknown person.

 

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Ethan Hunt

Bitcoin Maximalist and Toxic to our banking and monetary system. Separation of money and state is necessary just like the separation of religion and state in the past. Also, pro-local, pro-global and anti-national.

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