The price of Yearn Finance (YFI) and other projects involving Andre Cronje, once dubbed DeFi’s child prodigy, has slumped today after news of his complete departure from the industry.
Phantom Foundation’s senior solution architect Anton Nell, as well as Andre Cronje, known for his work on Phantom and Yearn Finance, will reportedly leave the crypto money and DeFi field. Anton Nell, senior solutions architect at the Phantom Foundation, announced in a tweet today that Andre Cronje and himself will stop contributing to the DeFi and crypto space.
“Andre and I close the era of contributing to the defi/crypto space We decided it was necessary. We have about 25 apps and services that we will terminate on April 03, 2022.”
One such service is YearnFi, the interface to Yearn Finance (YFI) that Cronje is working on. It’s worth noting that this does not mean that Yearn Finance will stop working in any way or form. However, Cronje found the protocol in the first place, and it was an iconic move at the start of DeFi Summer in 2020.
Commenting on the matter, Banteg from YFI also said:
“People who buried YFI, are you aware that Andre hasn’t been working on it in over a year? There are also 50 full-time employees and 140 part-time employees here to support the business.”
The news immediately caused a 13% loss in YFI’s price. According to current data, YFI is down 10% in the last 24 hours and is trading at $18,060.89. Along with YFI, FTM has also dropped about 16% in the last 24 hours.
Another project that Cronje is involved in, Keep3rV1 (KP3R), has dropped 27% in the last 24 hours.
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