Andre Cronje, undisputed king of DeFi, has announced that he is leaving all projects. On rumours of the news, both Fantom, and his new Solidly project, have fallen heavily in price. Around 25 apps and services are to be terminated or passed on to others.
According to Cronje himself, this has been long in coming. He did say that he was going to withdraw from the DeFi scene back in October of 2020. This was supposedly in response to a hack on a smart contract that he was working on, where degens piled in and lost their money. Many blamed Cronje for the loss, even though he had warned that it was not ready.
That episode really hurt the developer, and it must have taken a lot for him to reenter the scene and start building again. However, this time it looks as though Cronje is leaving for good. The following chat was over the Keep3r Network Telegram channel:
Once again, many are not happy with the way that the developer has left all projects, and there is much confusion as to whether projects are terminating, or whether Cronje is just handing over to others in the teams.
Deutscher also expressed his disbelief that Cronje’s much heralded new project Solidly, should be shutting down.
The full extent of the fall-out from Cronje’s departure is still to be seen. Some say that he is only one team member per project, and that the existing teams will pick up the slack and continue. However, Cronje’s impact on DeFi over the last few months and years has been simply huge. The DeFi sector awaits developments with bated breath.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
