What a DeFi Developer Departure Means for the Crypto Market Cycle

The Breakdown

Blockworks

Business, Investing

4.8 • 806 Ratings

🗓️ 9 March 2022

⏱️ 20 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

This episode is sponsored by Nexo.io, Arculus and FTX US. One of DeFi’s best known developers, Andre Cronje, has left the industry. In this episode, NLW looks at how the markets and the broader crypto community are reacting to the news. In particular, he explores the shifting tone within the sector. Does this dev’s departure make a protracted winter more likely? - Take your crypto to the next level with Nexo. Invest and swap instantly, earn up to 20% APR on your idle assets or borrow cash against them at industry-leading rates. Get started today at nexo.io to receive up to a $100 welcome bonus. Valid through March 31. - Arculus™ is the next-gen cold storage wallet for your crypto. The sleek, metal Arculus Key™ Card authenticates with the Arculus Wallet™ App, providing a simpler, safer and more secure solution to store, send, receive, buy and swap your crypto. Buy now at amazon.com. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Obligated” by Daniele Musto. Image credit: Ja_inter/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.1	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:15.0	The breakdown is sponsored by nexo.io, Arculus, and FtX, and produced and distributed by CoinDesk.
0:22.6	What's going on, guys? It is Tuesday, March 8th, and today we are moving a little bit away
0:28.0	from our recent focus on the macro and pointing our attention more firmly on the crypto industry
0:34.2	itself. The surprise departure of one of DeFi's leading developers has a lot of
0:39.5	people asking questions about just where we are in the crypto market cycle. Before we get into that,
0:44.9	however, if you are enjoying the breakdown, please go subscribe to it, give it, I don't know,
0:49.7	five stars, maybe, wherever you can rate it, give it a review. Or if you want to get deeper into the
0:54.7	conversation, come join us on the Breakers Discord. It's a place where we discuss the news, the things
1:00.3	that are happening in the world, the things that are happening in Bitcoin, and so on and so
1:04.2	forth. You can find a link of the show notes or go to bit.com slash breakdown pod.
1:09.1	Finally, a disclosure as always. in addition to them being a sponsor of
1:12.8	the show, I also work with FTX. All right, so today we are talking about a surprise announcement
1:19.3	in Defi and what it might mean for the industry as a whole. And I think a pretty good way of
1:24.9	teasing what people are thinking about this comes from the
1:28.1	coin desk headline. Dozens of tokens tumble as prolific developer Andre Cronier calls it quits.
1:35.2	Investors are running for the exits as a mercurial developer leaves DFI development behind.
1:42.0	Here was the relevant tweet from Antonell, a longtime collaborator with Andre
1:46.5	Cronier. Andre and I have decided that we are closing the chapter of contributing to the
1:50.8	DeFi in crypto space. There are around 25 apps and services that we are terminating on
1:55.9	April 3, 2022. Unlike previous building in DeFi sucks rage quits, this is not a need-jerk reaction to the hate
	...

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