Following Nell’s tweet, the price of Yearn (YFI) and Fantom (FTM) dropped instantly.
Fantom’s TVL has dropped 40% from March 3 to $7.16 billion.
Andre Cronje, founder of the decentralized financial (DeFi) sector, technical adviser to the Fantom Foundation, and founder of Yearn Finance has deactivated his Twitter account, leaving the DeFi community in disarray.
Fantom Foundation co-founder Anton Nell said in a March 6 tweet that he and Cronje were both quitting the crypto industry. The fate of the approximately 25 decentralized applications (Dapps) and services running till now has raised some questions. Fantom Opera is a scaling solution for Ethereum’s second layer.
Running Independently for Years
Keep3r.network, multichain.xyz and chainlist.org are vulnerable applications and services. Bribe CRC and the new solidly.exchange are also included in the affected list. Fantom CEO Michael Kong has explained the resignations of Cronje and Nell.
Kong tweeted:
“these projects are not closing down development. Some of them have been running independently for years.”
Following Nell’s tweet, the price of Yearn (YFI) and Fantom (FTM) dropped instantly. FTM is down 20% to $1.33 and YFI is down 10% to $18,187, according to CoinMarketCap. While Yearn’s total value locked (TVL) has stayed relatively stable at $3 billion, Fantom’s TVL has dropped 40% from March 3 to $7.16 billion. According to DeFiLlama, Cronje’s newest project, Solidly, has had its TVL plummet by 68% from March 3 to $735 million today.
Since its founding, he has been a key figure in DeFi’s climb to fame in the crypto community. “Andre Cronje is the Godfather of DeFi,” tweeted market analyst The DeFi Edge on March 6 about Cronje’s contributions to the business.