YFI Crashes 13% On News That Andre Cronje Is Leaving Crypto

YFI Crashes 13% on the news that the founder of Yearn Finance will be leaving the crypto industry forever so let’s read more today in our cryptocurrency news.

Andre Cronje is best known for his work on Yearn Finance and Fantom alongside Anton Nell, and now he will be seemingly leaving the crypto space. In a Twitter thread from March March 6^th, Anton Nell who is the senior architect at Fantom Foundation announced that Cronje will quit contributing to the crypto space.  He wrote:

“Andre and I have ecided that we are closing the chapter of contributing to the defi/crypto space. There are around 25 apps and services that we are terminating on 03 April 2022.”

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.

— Sonic (@SonicLabs) March 6, 2022

One of the services that will be terminated is YearnFi which is a front-end interface for YFI that Cronje was working on. However, this doesn’t mean that Yearn Finance will stop working. Cronje as one of the people who came up with the idea in the first place brought an iconic move at the start of DEFI summer in 2020. On the news that he will be leaving the industry, YFI crashes 13%. Commenting on the matter was YFI’s Banteg who said:

“ 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.”

The news was met with quite a disappointment whcih was evident from the YFI price which lost about 13% and dropped below $17 to $20,000. FTM is also down for the past 24 hours. As to whether or not Cronje will return, Nell’s thread indicates something else. Unlike the previous “rage quits” this will not be an instant reaction to the hate received from releasing the project but a decision that has been In preparation for a while now.

As recently reported,  Yearn Finance creator Andre Cronje believes DOGE is good for crypto, weighing in on the discussion. Unlike those that think that the coin could trigger a negative effect on the industry, Cronje thinks the opposite. He claims that Dogemania will attract new investors in the crypto space. Comparing DOGE with other projects responsible for attracting users in the early days on the internet dubbed lolcats, Cronje said that DOGE could have a similar effect.