The crypto market today undeniably recorded a decline in price with a record Bitcoin (BTC) slipping nearly 3% in 24 hours, trading at $ 37,874.42.
But luck was not so good for Phantom (FTM) and Yearn Finance (YFI) as both of these crypto assets fell to lower levels after a few days of price consolidation.
Within 24 hours:
FTM
Down over 18%, trading at $ 1.34
The current value touches the support level, around $ 1.3 tested last week.
YFI
Down over 9%, it traded at $ 18,088.72
The current value is approaching the support level, $ 17,377 recorded yesterday.
What happen?
It is understood the developer of these two crypto projects, Andre Cronje has retreated from the decentralized finance (DeFi) space.
Cronje’s decision apparently coincided with the resignation of the solution designer at the Phantom Foundation, Anton Nell.
So far, there is still no clear reason why the two individuals quit the project.
Based on tweets shared on the Twitter page, Nell explained about 25 apps and services will be discontinued immediately on April 3, 2022. These include:
Yearn Finance
Network
Xyz
Org
Exchange
Crv.finance
This unexpected news shocked the entire crypto community. But one of Yearn’s developers known as ‘banteg’ on Twitter was already anticipating this news:
“Are you aware that Adre has not focused on YFI for more than a year? Even if he focuses on this project, there are only 50 full -time staff and 140 part -time staff who contribute to Yearn's resilience. ”
The crypto community panics
Be aware, DeFi is a project developed on a blockchain with the presence of smart contracts. Generally the DeFi feature does not require authentication to perform its function.
To alleviate the situation, the former co -founder of Ethereum - James Hancock explained, "as long as the contract remains or does not require Andre's confirmation for changes, it will remain operational as usual.".
It is understood what Cronje deleted was a website linked to those contracts.
This means anyone can place a UI against the service, but they still need incentives and enhanced legitimacy.
Even so, the project community certainly feels betrayed as if they are victims of rug pull.
Yet in fact this is a good opportunity for Yearn and Phantom to continue to grow with the presence of developers with new ideas excited to continue Andre’s legacy.
