On March 6th, Andre Cronje quits cryptos officially. His partner Anton Nell delivered the news in a Tweet and announced that they will be leaving the DeFi space. Andre Cronje and Anton Nell owned or at least shared ownership of around 25 DeFi applications. These 25 applications will be terminated on April 3rd, according to Anton Nell on Twitter.
Who is Andre Cronje and Anton Nell?
Andre Cronje and Anton Nell are some of the inventors of the largest DeFi applications (DApps). These include:
These six projects are the best known of the two founders. In addition, Andre Cronje had something to do with Fantom blockchain as well. Now that he is about to leave the crypto space, some coins are falling. Fantom and Yearn Finance are the hardest hit as they are also the most well-known projects. Fantom lost about 22% and YFI (Yearn Finance) about 14%. Current price forecasts for various cryptocurrencies can be found on our website. We’ll be releasing updated forecasts for both Fantom and Yearn Finance very soon, so be sure to follow us on Twitter to not miss them.
Will DeFi projects Crash?
As Andre Cronje and Anton Nell leave the DeFi space , DeFi is poorly represented. DeFi means decentralized finance. Because it is decentralized, the area was hyped. Prices are set in a decentralized manner by different people. As project owners bid farewell to the crypto scene and projects crash as a result, it could be that there will be less trust in DeFi projects. We remain on the lookout to see what is the true outcome in the medium-term of those “self-sustainable” projects.
On the other hand, if we see that those projects manage to continue working as intended, trust in the DeFi sector should come back.
