Ethereum’s competitor Fantom (FTM) crashed 25% after news of a high-profile withdrawal from the project.
Famous Decentralized Finance (DeFi) developer Andre Cronje, along with fellow developer Anton Nell, is reported to be completely away from the DeFi space.
Explanation Nell on Twitter thread,
“Andre and I have decided to close the DeFi / Cryptographic Space Contribution chapter. There are about 25 apps and services ending April 3, 2022 …
Unlike the previous “build in DeFi” anger, this isn’t a kneeling reaction to the hatred received from the project’s release, but a decision that’s been made for some time. Thank you to everyone who has supported us over the past few years. “
According to the LinkedIn page, Cronje was a technical advisor to the Fantom Foundation. FTM, a native asset of the smart contract platform, was trading at around $ 1.65 on Sunday, but at the time of writing it was down to $ 1.32, down 25%.
Phantom Foundation To tell On Twitter, Cronje’s loss did not affect the project’s trajectory.
“I am very grateful for everything Andre did for the entire cryptocurrency, though Fantom was not a team of one, never a team of one. Fantom has more than 40 people. People are working.
Thanks to the efforts of the team, Fantom has become one of the most used and beloved decentralized networks in. [the] world. Hundreds of developers build Fantom every day, and over 100,000 unique addresses use Fantom every day. Contrary to some common beliefs, Andre was not the core developer of the Phantom.
Teams working on consensus and middleware these days have been doing so for years, and the team continues to grow. He is a big picture and worked closely with CEO Michael Kong to lay the groundwork, especially during the tough times of 2018.
Therefore, Fantom’s development is unaffected by Andre’s decision. Big things are coming as planned. “
Cronje was also the founder of the DeFi platform yearn.finance (YFI). Yearn’s native token, YFI, has fallen about 8.5% since the news of his departure was reported.
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