Yearn Finance saw rapid plummets after crucial players exited the network. YFI followed broad market trends before the news catalyzed new downswings as fear dominated the community. Sunday price crash emerged due to uncertainty by enthusiasts after Anton Nell declared leaving the industry. He also confirmed Conje’s exit.
Nell posted about the ‘shocking’ exit on Twitter. He stated that they have planned to exit for some time and would now stop contributing to the DeFi and crypto space.
Conje played a crucial role throughout his time with the blockchain. The developer pioneered critical projects such as Keep3r Network, Yearn Finance, Chainlist, and Multichain. Moreover, the projects attracted cryptocurrency investors, ensuring success. With such a move, Nell declared terminating nearly 25 applications and services on the Fantom network.
Nell explained that it isn’t a response to pessimism received after the project release but a planned move.
YFI Takes a Hit
The entire space felt the decision’s impact within no time. Notably, the protocols that these developers worked on highlighted evident effects. For instance, the most successful protocol Yearn Finance responded with swift drops.
Early hours on Sunday had YFI plummeting by 13% from beyond $20K to $17K lows. This price fall was sharp and quick, reacting to the news. However, the altcoin recorded a slight recovery towards $18K but lacked momentum, indicating that the current downside trend might persist in the coming hours.
For now, Yearn Finance will run without Nell or Conje’s contributions.
Fantom Foundation Reacts
Indeed, Andre Conje exiting the decentralized finance and crypto world affects networks like Fantom. That is why Fantom Foundation responded within no time. It acknowledges Conje’s impact on the space. However, the Foundation explained his exit would not affect the project’s growth. Moreover, Fantom Foundation stated that developments would proceed with Conje’s absence since he wasn’t a core dev.
The platform’s native coin FTM also experienced a hit following the news. The altcoin crashed from $1.5 to the weekend’s low of $1.4 within hours. Nevertheless, FTM held up and continued its upside moves.