Fantom tokens plunged 33% after influential developer Andre Cronje exited the development of decentralized finance (DeFi) projects, according to a report by CoinDesk on Monday.
- DeFi is a multibillion-dollar cryptocurrency industry that depends on smart contracts rather than third parties for providing financial services like trading, lending, and borrowing.
- Investors started to react as Cronje, who worked as an adviser to the Fantom Foundation from mid-2018, updated his LinkedIn bio to signal the end of his tenure at the foundation prior month.
- Business partner Anton Bell confirmed the exit in a tweet, stating that he and Andre were closing the chapter of contributing to the DeFi space.
- Fantom ecosystem tokens sank with the fall in FTM prices, even though there is no connection between their related projects and Cronje.
Fantom ecosystem projects eroded some $1.5 billion in market capitalization. Some investors stated that the exit of Cronje would not mean the end of the projects. FTM USD down -1.25%