Why DeFi Coins Fantom And Yearn Finance Are Seeing Major Slumps Today

Fantom (FTM) and Yearn Finance (YFI)  — coins associated with Andre Cronje — tumbled 21% and 10.3% over 24 hours to $1.33 and $18,046.12 respectively after the news of the software developer’s departure from Decentralized Finance, or DeFi, was announced.

Fantom Performance
Time-frame % Change (+/-)
24-hour -21%
24-hour against Bitcoin BTC/USD -17.1%
24-hour against Ethereum ETH/USD -15.7%
7-day -15.7%
30-day -35.45%

YTD performance

-47.7%
Yearn Finance Performance
Time-frame % Change (+/-)
24-hour -10.3%
24-hour against Bitcoin BTC/USD -7.5%
24-hour against Ethereum ETH/USD -6%
7-day -6.75%
30-day -26.9%

YTD performance

-50.15%

See Also: How To Buy Fantom (FTM)

Why Are They Moving? Over the weekend, Anton Nell, a colleague of Cronje, tweeted, “Andre and I have decided that we are closing the chapter of contributing to the defi/crypto space.”

Nell said nearly 25 apps and services would be terminated on April 3. In the Twitter thread, Nell confirmed that unlike previously announced departures, this is not a “knee jerk reaction” to the “hate received from releasing a project.”

As per Nell’s announcement, the application or website frontends that will be discontinued by both developers include yearn.fi, keep3r.network, multichain.xyz, chainlist.org, bribe.crv.finance and solidly.exchange. 

Cronje, the founder of Yearn Finance, deleted his Twitter media and tweaked his LinkedIn profile to reflect he was no longer an advisor to Fantom Foundation earlier.

In 2020, Cronje penned a blog titled “Unpacking my involvement in DeFi.” He wrote that Tokens are not stocks.

“In defi, tokens are a coordination mechanism. If you have tokens, it is because you want to be a contributor, not a bystander. There is this concept of ‘community,’ and I think that concept is causing friction, it should not be team and community, but instead contributors. There is no separation, they are one and the same.”

Fantom and Yearn Chatter: Fantom CEO Michael Kong clarified on Twitter that Nell and Cronje are “terminating” their involvement but handing “over anything they run to the existing teams.”

Kong said in the same Twitter thread that many of these projects have existing teams. 

“These projects are not closing down development. Some of them have been running independently for years,” said Kong. 

On Sunday, Yearn.Finance’s retweeted a post that pointed out that Cronje hasn’t worked on the project for a year.

“Even if he did, there are 50 full-time people and 140 part-time contributors to back things up.”

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Posted In: DeFiFantomwhy it's movingYearn.FinanceCryptocurrencyNewsMarketsMoversTrading Ideas

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