DeFi Coins Plunge After Top Devs Leave Crypto: Why They Will Rebound
Famous devs leave crypto
Andre Conje, the lead architect of Yearn Finance and a top dev in various projects like Fantom, has decided to leave the crypto industry. His friend and fellow top programmer Anton Nell also decided to leave the space.
Anton explained in a Twitter thread that their decision had been a long time coming and not a sudden one. Despite them clarifying that it was a long term process, many people in the crypto world have assumed that they left due to stress or other reasons.
As a result of this occurrence, top DeFi projects are experiencing significant price and TVL loss.
Why a rebound is likely
Even though many top coins dropped on this recent news, it's hardly an abnormal drop in the crypto world. In fact, coins in the top 100 drop 20% all the time.
Since Andre and Adam were only involved in some top projects, there should be no effect on other projects. However, it ultimately shouldn't make that much of a difference.
There has been worse news with other coins in the past like XRP, and they often make a short term recovery. Also, many crypto investors often forget that there are teams of core devs on every top project.
When Satoshi Nakamoto left Bitcoin in 2011, he encouraged other core devs to take over. Bitcoin clearly has been fine. The core devs have rewritten most of the Bitcoin original code, in fact. The same is no different with Andre Conje and Anton Nell.
While they are brilliant guys, the core teams of the projects they're leaving are perfectly capable of bringing the project to further success. This is just one hiccup in the roadmap of projects like Yearn Finance and Fantom.