The DeFi crypto community learned this Sunday of the decision by the two developers working at the Fantom Foundation (FTM) to end their involvement in the DeFi ecosystem. The news, first presented in the form of a tweet on Anton Nell’s account, caused many tokens useful to the projects the two men were working on to drop.
The smartest users may have anticipated such an announcement after Cronje deleted his Twitter account and updated his LinkedIn account last week to indicate that he was no longer an advisor to the Fantom Foundation FTM).
For the vast majority, the news through this tweet was still a huge surprise, taking a large number of tokens into the red. Indeed, although the protocols created by Andre Cronje are based on immutable smart contracts, the reputation of the developer was so important, that the mere fact that his name is no longer affiliated with certain protocols looks like a FUD.
The token associated with Solidly, a hybrid automated market makingt (AMM) platform totaling 2.3 billion TVL in 3 days, dropped 75% over the course of Sunday. In the same idea, the token of lending platform Iron Bank lost 50%, and that of automation platform Keep3r 25%.
Why did Andre Cronje and Anton Nell say goodbye to the crypto world?
It is difficult to say why the two DeFi architects left the ecosystem, but it is certain that Cronje had a special relationship with this unique world.
Indeed, the godfather of DeFi often took to his personal blog to talk about the negative effects of his work on his psychological state. Cronje often pointed the finger at the investors and speculators of his projects, obsessed with returns and ready to criticize the developer personally and virulently. On several occasions, he distanced himself from social networks and the ecosystem for several months to focus on his mental health.
It is therefore not unimaginable, that this sudden retirement was decided to take care of his moral state.
Less than a week ago, some users claimed that a bug in the smart contracts of the young platform Solidly Exchange caused the disappearance of funds from liquidity pools.
Users claim to have lost hundreds of thousands of dollars trading assets on the platform. Cronje responded to these allegations, stressing that no funds were lost through the protocol.
“No smart contract bug has been identified”Andre Cronje
The developer also blames users for trading via pairs that have no liquidity.
source : blog d’Andre Cronje
The shared response of the DeFi community
Obviously, this sudden decision displeased many investors, seeing the tokens of their protocols collapse and their cash flow go up in smoke. On the other hand, many members of the ecosystem have been working to replace the platforms using the protocols created by Cronje and Anton Nell.
Although the latter is declaring a scheduled shutdown of the platforms on April 3, these sites remain mere interfaces to standalone contracts deployed long ago.
Indeed, within hours of the announcement, a team has already announced that they have replaced Cronje’s bribe.crv.finance site by creating bribe.ccrv.finance.
For many in the community, Andre Cronje remains a giant, a forerunner and the main person responsible for the explosion of yield farming in DeFi. His work, such as the development of Yearn.Finance or Keep3r, earned him the respect of his peers, but also of many users, who hold few grudges.