Fantom’s losses calmed down after the tokens and Defi value locked dropped over the past day from the announcement that Andre Cronje will be leaving the crypto industry so let’s read furhter in today’s latest altcoin news.
Fantom’s losses calmed down with FTM even recovering some of its losses following the crash after DeFi architect Andre Cronje and his business partner said they will no longer be involved in the crypto market. FTM dropped 8% in the past day to as low as $1.32 during the early Asian hours and more than 60% below the lifetime high of $3.46 back in 2021.
I want to clarify a lot of misinformation going around, and share some upcoming Fantom news.
— Michael Kong (@michaelfkong) March 7, 2022
The foundation CEO Michael Kong addressed the investors’ concerns in a tweet as the prices fell. He said:
“The Fantom ecosystem consists of hundreds of developers building many great applications. They will continue. Anton, who works with Andre, tweeted that they were ‘terminating’ 25 projects. This was misunderstood. They are ‘terminating’ their involvement, but handing over anything they run to the existing teams.”
SolidX and Multichain are among the biggest Fantom projects by total value locked and will continue to operate in their teams of developers as Kong confirmed:
“These projects are not closing down development. Some of them have been running independently for years.”
FTM gained about 10 cents in the hours after Kong’s tweets and in the meantime, the price volatility caused under $6 million in losses for the FTM futures. Cronje was one of the many developers that built products based on Ethereum, FAntom which garnered a huge following. He was the key architect behind the projects like Yearn Finance and Keep3r Network as well as an adviser to Fantom Foundation. Tokens of the ETH-based Yearn as one of the first projects of Cronje boasted a market capitalization of over $3 billion and traded as high as $90,300 from the lows of $31 back in 2020. in the past day, however, YFI crashed as much as 25% before recovering slightly.
People burying YFI, you do realize Andre hasn’t worked on it for over a year? And even if he did, there are 50 full-time people and 140 part-time contributors to back things up.
— banteg (@bantg) March 6, 2022
Yearn’s success fueled a Cronje effect in the crypto industry and in the past few years, all projects built by the developer all garnered millions of dollars in the hours of their launch. The frenzy included projects like Eminence that garnered $15 million from investors and was later exploited for the full amount before hackers returned $8 million to the Eminence deployer address. In the meantime, Yearn Developers suggested that YFI had overreacted a little to the announcement as Cronje hasn’t been involved a lot in the past few months:
“You do realize Andre hasn’t worked on it for over a year? And even if he did, there are 50 full-time people and 140 part-time contributors to back things up.”
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