Prices for dozens of smaller %DigitalTokens have plunged on news that prolific decentralized finance (%DeFi) developer Andre Cronje is retiring.
The news was announced on %Twitter ($TWTR).
Many observers assumed such an announcement was imminent because Andre Cronje deleted his Twitter account and updated his LinkedIn account last week to reflect that he was no longer an adviser on multiple DeFi projects.
The news that Andre Cronje is calling it quits sent the price of Solidly, a hybrid automated market maker, down as much as 75%. Automation platform Keep3r’s token fell 25% on the news, and lending platform %IronBank declined 50%. All these protocols were founded by Andre Cronje.
Throughout his career, Andre Cronje had a difficult relationship with DeFi. He often takes to his blog to complain about speculators and discuss the psychological perils of building, but his protocols have driven billions in value and also been hacked for millions of dollars. Over the years, he had taken several months-long sabbaticals.
Since the announcement of Andre Cronje’s retirement, teams have already begun announcing the launch of new front ends for interacting with DeFi contracts, such as one team replacing Cronje’s bribe.crv.finance.