Coinbetter: The King of DeFi Retires; Where Will FTM Go From Here?

Andre Cronje (aka AC) is out of the ring.

On March 6th, Anton Nell, senior solution architect of Fantom, posted on his personal social media platform that YFI founders Andre Cronje and Anton Nell decided not to continue to contribute to the field of DeFi and Crypto, while the two were developing related 25 of the protocols will cease operations on April 3rd.

Affected by this bad news, the tokens of related projects all fell sharply in the short-term. Among them, YFI fell to a minimum of 17938.61 USDT, KP3R fell to a minimum of 356.83 USDT (current 24-hour decline of 5.12%), and Fantom fell to a minimum of 17,938.61 USDT. 1.42 USDT.

The short-term decline of related cryptocurrencies has caused market shocks, and more and more users have begun to pay more attention to whether projects led by Yearn Finance and Fantom will really “stop operations” as Anton said?

As one of the leaders of DeFi, will Yearn Finance really shut down?

Just after Anton tweeted, Yearn Finance core developer banteg made relevant instructions on Twitter. According to the banteg Twitter, AC has not worked for Yearn Finance for more than a year, so even if AC withdraws, it will not affect the development of YFI, because Yearn Finance still has 50 full-time workers and 140 part-time contributors.

From this short comment, we can get a clear understanding: YFI will not stop operating because of the withdrawal of AC.

Fantom, which is also in the whirlpool of public opinion, is undoubtedly another focus of the market and users. As we all know, AC is a core contributor to the Fantom ecosystem, as well as a KOL, and has a considerable valuable influence.

In response to the news that AC will leave the crypto industry, the Fantom Foundation tweeted that Fantom has never been a one-man operation, with 40+ employees and hundreds of developers building on Fantom every day. The Foundation also strongly expressed its gratitude to AC for everything he has done for the entire crypto industry. Notably, the Fantom Foundation denies the claim that AC is a core developer of Fantom.

In public opinion, AC is the core figure of Fantom. From the perspective of Fantom’s development process, for a long time, the ecological development of Fantom’s public chain has been in a normal state, and it has not caused a huge sensation in the market. Until Yearn (YFI) founder Andrew Cronje acted as a facilitator in the battle for TVL.

Judging from the current reactions of various project parties, the withdrawal of AC only temporarily affected the price of related tokens. As of now, no related project parties have been out of service. For a long time, users have high hopes for the “spiritual field” of the project party, and feel that the withdrawal of AC will have an impact on the development of the project. What’s more, there is the idea that the project will inevitably fail once AC leaves.

But that’s not the case.

Not only will the Fantom Foundation be affected by this, but Fantom is still expected to release snapsync and database upgrades in the near term, as well as release middleware improvements such as flat storage and fvm. (Related English translation still on track to ship snapsync and a db upgrade in the short term and to release middleware improvements such as flat storage and the fvm.)

At the same time, on March 9th, according to Defi Llama data, the current total lock-up volume on the Fantom chain has risen to 9.058 billion US dollars, a 2.03% increase in 24 hours, and its multi-chain advantage has also risen to 53.17%. That is to say, the development of the Fantom public chain has come out of AC’s retirement and has begun to move towards a better development trend.

From the historical data, the Fantom platform ecosystem has been continuously improved since the release of the independent website. By the third quarter of 2020, “Fantom DeFi” will also appear along with the market conditions and quickly detonate the market popularity. By the second quarter of 2021, the release of Fantom native protocols such as SpookySwap and SpiritSwap has created the first wave of Fantom. In general, Fantom starts with the official DeFi suite, and continues to grow the ecosystem through activities such as ecological project donations and incentives. The ecological landscape revolves around cross-chain bridges, decentralized exchanges or AMMs, revenue optimizers, NFTs, lending, and IDO platforms. and many other fields to expand rapidly.

Just two months before AC’s retirement, Fantom’s popularity, price and usage were already showing a healthy growth. In January 2021, Fantom had only about 5,000 unique wallet addresses and about 4,000 transactions; this figure has reached 1.5 million wallet addresses by the end of 2021, with the number of transactions rising to 750,000 in the same period. By February 2022, Fantom had close to 2 million unique addresses with 1.1 million transactions per day. The transaction volume at that time has been infinitely close to and even started to occasionally exceed the transaction volume of Ethereum.

“Fantom transfer takes one second, and the price is lower than Ethereum, which takes 15 seconds on average.” An investor user said.

In other words, in the crypto world, as long as it has an absolute advantage and there are no major security risks, the project will sooner or later dominate.

And this has nothing to do with who is the spiritual leader of the project.

Coinbetter believes that the success of a project is inextricably linked with the “spiritual leader”, but in addition, there are still countless staff contributing to the project, and the core team of each project party is still working non-stop for each project. Development contributes its strengths, including the ongoing expansion of its researcher and developer teams to ensure a balance of power.

Although AC is called the king of “DeFi”, it has an important relationship with the development of cryptocurrency. Coinbetter believes that the emergence of AC has indeed prospered DeFi. While paying attention to AC, we also need to pay more attention to the firewood under the flame.

Heroes make times easy, and ahrd times make heroes.

Although the era of AC has come to an end, the era of DeFi has just begun. Coinbetter has reason to believe that in the context of the development of DeFi, there will still be “AC” in the future, and they will emerge one after another. Together, we will contribute our strength to the development of the DeFi field.

Wherever Andre Cronje will go, Coinbetter will continue to pay attention, and the continuous and stable development of Fantom has also attracted the attention of Coinbetter. Coinbetter Labs will continue to keep focusing on this track, and will also provide related funds to help the development of Fantom.

If you have any news about Andre Cronje, please contact us. Coinbetter Market Brand Cooperation Email: media@coinbetter.com, looking forward to communicating with you.

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