Ethereum Rival Fantom (FTM) Crashes 25% After Abrupt Departure of DeFi Developer Andre Cronje
Ethereum-competitor Fantom (FTM) has crashed 25% after news broke of a high-profile departure from the project.
Famed decentralized finance (DeFi) developer Andre Cronje is reportedly leaving the DeFi space altogether, along with fellow developer Anton Nell.
Explains Nell in a Twitter thread,
“Andre and I have decided that we are closing the chapter of contributing to the DeFi/crypto space. There are around ~25 apps and services that we are terminating on 03 April 2022…
Unlike previous ‘building in DeFi sucks’ rage quits, this is not a knee-jerk reaction to the hate received from releasing a project, but a decision that has been coming for a while now. Thank you to everyone that supported us over the past few years.”
Cronje served as a technical advisor for the Fantom Foundation, according to his LinkedIn page. The smart contract platform’s native asset, FTM, was trading around $1.65 on Sunday and has since dipped to $1.32 at time of writing, a 25% decrease.
The Fantom Foundation says on Twitter that the loss of Cronje won’t impact the project’s trajectory.
“We’re extremely grateful to Andre for all he did for crypto as a whole. However, Fantom isn’t and never was a one-man team. There are 40+ people working at Fantom.
The team effort is what allowed Fantom to become one of the most utilized and loved decentralized networks in [the] world. Hundreds of developers build on Fantom daily and 100k+ unique addresses use Fantom every day. Contrary to some popular belief, Andre wasn’t a core dev at Fantom.
The teams working on consensus and more recently middleware have been doing so for years, and the team continues to grow. He was a big picture guy, working closely with CEO Michael Kong laying the groundwork, especially during the tough times of 2018.
Therefore, the development of Fantom won’t be impacted by Andre’s decision. Big things are coming, as scheduled.”
Cronje was also the founder of the DeFi platform yearn.finance (YFI). Yearn’s native token, YFI, has dipped about 8.5% since the news broke of his departure.
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