Crypto legends, Andre Cronje and Anton Nell, quit, and their tokens plummet in value
Andre Cronje and Anton Nell have been two of the most prolific developers in the crypto space. Between them, they have created nearly 25 applications. These include Yearn Finance, Keep3r Network, Chainlist, Solidly and Multichain. Now the pair have announced that they are out of the space.
Their role with these applications will cease on April 3, 2022. Nell said that there was no anger behind the decision (as others have said was the reason for their crypto exit). Rather, it was a decision that had been a long time coming:
“Unlike previous ‘building in DeFi sucks’ rage quits, this is not a knee jerk reaction to the hate received from releasing a project,” Nell said. “But a decision that has been coming for a while now.”
Crypto remains personality-driven
The impact of the announcement was felt instantly. Tokens associated with the duo’s projects all dropped rapidly as investors looked to get out quickly. The FTM token, for example, has dropped by 13 per cent. Solid plummeted by 67 per cent, and Multi lost 14 per cent.
However, the panic selling would seem to have been premature. Investors were frightened that Cronje and Nell’s exit would result in a rug pull effect, but these apps will continue to be managed by other people. Fantom Foundation, for example, felt compelled to issue a tweet, reminding people that there are still more than 40 people working at the company. Yearn Finance, meanwhile, issued a statement that close to 200 people work on it, and that Cronje hasn’t contributed directly to the project in a year.
The news highlights how personality-driven the crypto space remains. Leaders and mavericks, like Cronje and Nell, as as much a stabilising force for these assets as anything else, and while stock markets can also fluctuate (for example, when a well-respected CEO leaves a company), the effect of personalities in crypto tends to be far more exaggerated.