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.
Most notiblyhttps://t.co/SJhS8JI2fT (use https://t.co/dIf7HllUKH)https://t.co/XY0GDeJy9T (usec 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
— Anton Nell (@AntonNellCrypto) March 6, 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.
We’re extremely grateful to Andre for all he did for crypto as a whole.
However, Fantom isn’t and never was a one man team.
There are 40+ people working at Fantom.
— Fantom Foundation (@FantomFDN) March 6, 2022
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
Efficient markets pic.twitter.com/kR1oMJ3ltr
— Darren Lau (Lau, Lau) ? (@Darrenlautf) March 6, 2022
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.