In the crypto industry, where personalities reign supreme, hiring and firing are a big problem. At the time of going to press, several crypto and DeFi communities were dealt a shocking blow when two major players announced they were stepping out of the game — possibly for good.
Sing, my angel of DeFi!
The Fantom, Yearn and Solidly communities, among others, were let down when Andre Cronje, technical advisor at the Fantom Foundation, and Anton Nell, senior solutions architect at the Fantom Foundation, announced their departure from crypto via Nell’s Twitter account†
Nell too explained that on April 3, 2022, some 25 “apps and services” would be discontinued. This understandably caused a panic storm.
Unlike previous “building in defi sucks” rage outbursts, this isn’t a knee-jerk reaction to the hate received from releasing a project, but a decision that’s been going on for a while.
Thank you to everyone who has supported us over the years.
— Anton Nell (@AntonNellCrypto) March 6, 2022
Were there any signs of this before? Well, at the end of January 2022, Cronje wrote a sort of open letter expressing his frustration at rich fast schemes in crypto, saying that he was struggling to follow his vision while building. He also previously deleted his Twitter account and updated his LinkedIn profile.
What happened to André Cronje? After all the sound of Solidly, he’s off Twitter and changed his LinkedIn to show that he ended his tenure in Ethereum, Fantom and YFI in February 2022! He only kept Keep3r active? Anyone know anything? pic.twitter.com/cKu3yot8Mb
— Ran NeuNer (@cryptomanran) March 5, 2022
Users expressed a wide range of emotions, ranging from betrayal to grief, as they tried to understand what would happen next.
Exit, chased by bears
The Fantom Foundation was quick to release a statement, reminding fearful investors that despite Cronje’s departure, more than 40 people were still working on projects.
Therefore, Fantom’s development will not be affected by Andre’s decision.
Great things are coming, as planned.
We are still on track to release snapsync and a db upgrade and release middleware improvements such as flat storage and the fvm in the near future.
— Fantom Foundation (@FantomFDN) March 6, 2022
However, some numbers speak for themselves. Yearn Finance’s YFI token has skyrocketed 10.04% in the past 24 hours and bled out at $18,028.28 in the press. Meanwhile, Fantom’s FTM fell 15.29% to reach a price of $1.42.
Overall, it seems that FUD has hit the communities hard. There were even claims that Cronje and Nell were running the communities, which could have fueled panic selling.
On the other hand, when looking at data from Santiment, weighted sentiment hadn’t changed much. It may be just a matter of time, but the weighted sentiment for Fantom appears to be a mix of mild negativity coupled with euphoric spikes.
Some who still believe in the project may even see it as an opportunity to buy the dip. Santiment data showed that as the price fell, there was a major spike in the number of active addresses, with more than 200 registered at the time of writing.
However, this could also be due to investors rushing to get out.
However, it was too early to assess the currency inflows and outflows for the asset.
This post All the news about the FUD around FTM, YFI after the exit of Cronje
was published first on https://ambcrypto.com/as-two-defi-heavyweights-exit-the-game-ftm-and-yfi-tokens-experienced-the-biggest/