{"id":58555,"date":"2022-03-06T16:19:17","date_gmt":"2022-03-06T14:19:17","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=58555"},"modified":"2025-09-04T17:21:33","modified_gmt":"2025-09-04T14:21:33","slug":"as-andre-cronje-exits-the-industry-yearn-finance-token-price-falls-11","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/as-andre-cronje-exits-the-industry-yearn-finance-token-price-falls-11\/","title":{"rendered":"As Andre Cronje exits the industry, yEarn Finance token price falls 11%"},"content":{"rendered":"<p>Fantom Foundation senior solution architect Anton Nell and the ecosystem&#8217;s leading DeFi developer, who is also the founder of yEarn Finance, Andre Cronje, have decided to leave the cryptocurrency industry.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Most notibly<a href=\"https:\/\/t.co\/SJhS8JI2fT\">https:\/\/t.co\/SJhS8JI2fT<\/a> (use <a href=\"https:\/\/t.co\/dIf7HllUKH\">https:\/\/t.co\/dIf7HllUKH<\/a>)<a href=\"https:\/\/t.co\/XY0GDeJy9T\">https:\/\/t.co\/XY0GDeJy9T<\/a> (use <a href=\"https:\/\/t.co\/uUK45iz2fx\">https:\/\/t.co\/uUK45iz2fx<\/a>)<a href=\"https:\/\/t.co\/KYFr6KkGZb\">https:\/\/t.co\/KYFr6KkGZb<\/a> (use <a href=\"https:\/\/t.co\/Z3EldYg0wj\">https:\/\/t.co\/Z3EldYg0wj<\/a>)<a href=\"https:\/\/t.co\/J813DMXTdb\">https:\/\/t.co\/J813DMXTdb<\/a> (lots of people replacing it)<a href=\"https:\/\/t.co\/wOnlLnBztJ\">https:\/\/t.co\/wOnlLnBztJ<\/a><a href=\"https:\/\/t.co\/WOipmCRr9o\">https:\/\/t.co\/WOipmCRr9o<\/a><br \/>2\/3<\/p>\n<p>\u2014 Anton Nell (@AntonNellCrypto) <a href=\"https:\/\/twitter.com\/AntonNellCrypto\/status\/1500405475296296961?ref_src=twsrc%5Etfw\">March 6, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abUnlike previous angry statements such as &#8216;DeFi development is rubbish&#8217;, this is not a knee-jerk reaction to criticism received after the project&#8217;s launch, but a decision we have been thinking about for some time. Thanks to everyone who supported us over the past few years&#8221;, Nell wrote.<\/p>\n<\/blockquote>\n<p>According to him, they will stop collaborating on 25 projects, including yEarn Finance, Multichain and the recently launched Solidly Exchange. For some of these products, the developers&#8217; departure is likely to mean closures.\u00a0<\/p>\n<p>Solidly Exchange has already warned users that as of April 3, 2022 they will lose access to the service.\u00a0<\/p>\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"940\" height=\"490\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/solidly.png\" alt=\"\u041d\u0430 \u0444\u043e\u043d\u0435 \u0443\u0445\u043e\u0434\u0430 \u0410\u043d\u0434\u0440\u0435 \u041a\u0440\u043e\u043d\u044c\u0435 \u0438\u0437 \u0438\u043d\u0434\u0443\u0441\u0442\u0440\u0438\u0438 \u0446\u0435\u043d\u0430 \u0442\u043e\u043a\u0435\u043d\u0430 yEarn Finance \u0443\u043f\u0430\u043b\u0430 \u043d\u0430 11%\" class=\"wp-image-167041\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/solidly.png 940w, https:\/\/forklog.com\/wp-content\/uploads\/solidly-300x156.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/solidly-768x400.png 768w\" sizes=\"auto, (max-width: 940px) 100vw, 940px\" \/><figcaption>\u0414\u0430\u043d\u043d\u044b\u0435: <a href=\"https:\/\/solidly.exchange\/home\">Solidly Exchange<\/a>.<br \/><\/figcaption><\/figure>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abThe source code is open; anyone wishing to continue hosting this service is welcome\u00bb, the notice says.\u00a0<\/p>\n<\/blockquote>\n<p>Within two hours of Nell&#8217;s announcement the native token price of the decentralized exchange collapsed by 66%.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"431\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/solidly-chart-1024x431.png\" alt=\"\u041d\u0430 \u0444\u043e\u043d\u0435 \u0443\u0445\u043e\u0434\u0430 \u0410\u043d\u0434\u0440\u0435 \u041a\u0440\u043e\u043d\u044c\u0435 \u0438\u0437 \u0438\u043d\u0434\u0443\u0441\u0442\u0440\u0438\u0438 \u0446\u0435\u043d\u0430 \u0442\u043e\u043a\u0435\u043d\u0430 yEarn Finance \u0443\u043f\u0430\u043b\u0430 \u043d\u0430 11%\" class=\"wp-image-167042\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/solidly-chart-1024x431.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/solidly-chart-300x126.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/solidly-chart-768x323.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/solidly-chart-1536x646.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/solidly-chart.png 1583w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>\u0427\u0430\u0441\u043e\u0432\u043e\u0439 \u0433\u0440\u0430\u0444\u0438\u043a SOLID\/USD. \u0414\u0430\u043d\u043d\u044b\u0435: <a href=\"https:\/\/www.coingecko.com\/en\/coins\/solidly\/usd\">CoinGecko<\/a>. <br \/><\/figcaption><\/figure>\n<p>Launched in February, Solidly Exchange rapidly gained popularity among users of the Fantom ecosystem. Just 17 days after launch, the TVL in its smart contracts exceeded $2.21 billion.<\/p>\n<p>As of writing, the latest figure stood at $0.99 billion, according to DeFi Llama.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"445\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/llama-1024x445.png\" alt=\"\u041d\u0430 \u0444\u043e\u043d\u0435 \u0443\u0445\u043e\u0434\u0430 \u0410\u043d\u0434\u0440\u0435 \u041a\u0440\u043e\u043d\u044c\u0435 \u0438\u0437 \u0438\u043d\u0434\u0443\u0441\u0442\u0440\u0438\u0438 \u0446\u0435\u043d\u0430 \u0442\u043e\u043a\u0435\u043d\u0430 yEarn Finance \u0443\u043f\u0430\u043b\u0430 \u043d\u0430 11%\" class=\"wp-image-167043\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/llama-1024x445.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/llama-300x130.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/llama-768x333.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/llama.png 1481w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>\u0414\u0438\u043d\u0430\u043c\u0438\u043a\u0430 TVL \u043f\u043b\u0430\u0442\u0444\u043e\u0440\u043c\u044b Solidly Exchange. \u0414\u0430\u043d\u043d\u044b\u0435: <a href=\"https:\/\/defillama.com\/protocol\/solidly\">DeFi Llama<\/a>.<br \/><\/figcaption><\/figure>\n<p>The sharp drop in TVL followed numerous user reports of funds disappearing from the exchange&#8217;s liquidity pools. Despite complaints, Cronje insisted that there were no errors in the project&#8217;s codebase, and a few days ago he deleted his Twitter account.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/solidlyexchange?ref_src=twsrc%5Etfw\">@solidlyexchange<\/a> <a href=\"https:\/\/twitter.com\/AndreCronjeTech?ref_src=twsrc%5Etfw\">@AndreCronjeTech<\/a> <\/p>\n<p>I just used solidly to exchange $24k USD to FTM\u2026 showing 1.62 FTM per USD and set at 2% slippage\u2026.. and received 390 FTM rather than the 15k I was expecting\u2026.. so 25k just turned into $600<\/p>\n<p>Could you investigate? <a href=\"https:\/\/t.co\/88hPKNerlu\">https:\/\/t.co\/88hPKNerlu<\/a><\/p>\n<p>\u2014 Solidlytxissue (@solidlytxissue) <a href=\"https:\/\/twitter.com\/solidlytxissue\/status\/1497243098673557507?ref_src=twsrc%5Etfw\">February 25, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In the wake of Nell&#8217;s announcement the prices of YFI and other Cronje projects also fell. For example, the price of yEarn Finance (YFI) dropped 11% within hours, and Multichain (MULTI) by nearly 20%, according to <a href=\"https:\/\/www.coingecko.com\/en\/coins\/multichain\">CoinGecko<\/a>.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"469\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/YFIUSDT_2022-03-06_15-41-27-1024x469.png\" alt=\"On the backdrop of Andre Cronje's exit, yEarn Finance token price falls 11%\" class=\"wp-image-167044\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/YFIUSDT_2022-03-06_15-41-27-1024x469.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/YFIUSDT_2022-03-06_15-41-27-300x137.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/YFIUSDT_2022-03-06_15-41-27-768x352.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/YFIUSDT_2022-03-06_15-41-27_1536x703.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/YFIUSDT_2022-03-06_15-41-27.png 1813w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Hourly YFI\/USDT chart. Data: <a href=\"https:\/\/ru.tradingview.com\/symbols\/YFIUSDT\/\">TradingView<\/a>. <\/figcaption><\/figure>\n<p>The lead developer of yEarn Finance, known as banteg, noted that users are burying the project in vain.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">People burying YFI, you do realize Andre hasn\u2019t worked on it for over a year? And even if he did, there are 50 full-time people and 140 part-time contributors to back things up.<\/p>\n<p>\u2014 banteg (@bantg) <a href=\"https:\/\/twitter.com\/bantg\/status\/1500416805659201537?ref_src=twsrc%5Etfw\">March 6, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abPeople bury YFI, you realize that Andre hasn\u2019t worked on the project for more than a year? And even if he had, there are 50 full-time people and 140 part-time contributors to back development\u00bb, wrote him.<\/p>\n<\/blockquote>\n<p><a href=\"https:\/\/forklog.com\/en\/news\/yearn-finance-developers-uncover-vulnerability-in-robo-vault-defi-project\">In October 2021, yEarn Finance developers <\/a>discovered a vulnerability in the Robo Vault smart contract, which could potentially have cost the project around $50 million.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fantom Foundation&#8217;s senior solution architect Anton Nell and the ecosystem&#8217;s leading DeFi developer, who is also the founder of yEarn Finance, Andre Cronje, have decided to leave the cryptocurrency industry.<\/p>\n","protected":false},"author":1,"featured_media":58556,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1093,1869],"class_list":["post-58555","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-defi","tag-yearn-finance"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/58555","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=58555"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/58555\/revisions"}],"predecessor-version":[{"id":58557,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/58555\/revisions\/58557"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/58556"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=58555"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=58555"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=58555"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}