Fantom Goes FUD After Key Departure

Crypto developers Andre Cronje and Anton Nell announced they would leave behind the world of decentralized finance, presumably returning to careers in the world of traditional finance. The two were known as crucial builders in crypto; the team built namebrand platforms such as Yearn.Finance and Multichain, were instrumental figures in the Curve Wars, and contributors to the Fantom blockchain.

Cronje’s long-time colleague at the Fantom Foundation Anton Nell, tweeted that both he and Cronje are leaving the space behind – no reason was offered, but the duo indicated this had been “coming for a while.” One prescription offered is that one of the duo’s latest projects had a spotty launch, which led to security concerns and criticism. It wouldn’t be the first time Cronje was put off by criticism. A DeFi researcher questioned Cronje’s Yearn.Finance in August 2020, which prompted him to say: “I’m so sick and tired of this space.” On his blog, he often blasts speculators and discusses the psychological hazards of work among other topics.

The crypto community expressed support for the duo, saying that they need a mental break from the intense workload. However, many commented about the irony of “decentralized finance” being so reliant on two guys. And while many argue that their exits will not mean the end for many projects, people are perplexed about the continuity plans for decentralized apps and services built by the duo – namely yearn.fi, keep3r.network, multichain.xyz, chainlist.org, solidly.exchange, and bribe.crv.finance.

The departure might be the most prominent in the crypto space as of late. That’s one reason it’s taking its toll on assets such as $YFI.X, $FTM.X, and $SOLID.X. Other Fantom ecosystem assets also fell in sympathy, even though the duo weren’t related to most of them. Perhaps the regression in assets speaks to a risk-off from Fantom, but the chain’s CEO Michael Kong stepped up to clarify that Cronje hasn’t worked with Fantom for over a year and that projects built by the duo would live on after their departure.