Prominent DeFi Devs Quit Crypto

Well known developers in the decentralized financial space Andre Conje and Anton Nell have announced their departure from the cryptocurrency field. The announcement was tweeted out by Nell on Sunday which indicated that this would act as an true shift away from the field and not just a temporary break.

As mentioned in the tweet above, the pair of developers have worked on several DeFi projects including yearn.finance (YFI) and Fantom (FTM). The yearn.finance protocol acts as a yield aggregator, where users can invest funds into the protocol and a human “manager” directs the capital into the highest yielding opportunities in DeFi such as lending protocols and liquidity pools.

As shown above, the yearn.finance governance token ($YFI) suffered noticeable losses over 10% in the hours after the announcement circulated throughout Twitter and various online communities. It has since quickly rebounded along with the current rally that the overall crypto market is currently producing.

A part of the governance token’s recovery could be attributed to the fact that Andre Conje previously announced that he would stop developing for the YFI project over a year ago. A YFI developer by the name of “banteg” on twitter commented on the situation, making the case that yearn.finance will continue to grow and be worked on since there are several other developers working on the project even after Conje’s departure.