Fantom’s $FTM Price Has Plummeted Nearly 20%; The TVL of Fantom Network Dropped by 21.16%

The loss of Andre Cronje had a significant impact on Fantom

In the last 24 hours, Fantom (FTM) has plummeted over 20%. FTM is now down 18.12% at $1.35, putting it in 37th place by market capitalization.

Fantom’s current price drop corresponds with Andre Cronje, the project’s chief DeFi builder, suddenly exiting the crypto sector. The Fantom community has been shaken by this announcement, resulting in a dramatic price drop for FTM. Anton, Andre’s business partner, also confirmed the news, indicating that 25 apps and services developed on Fantom will be shut down.

“Andre and I have decided that we are closing the chapter of contibuting to the defi/crypto space. There are around ~25 apps and services that we are terminating on 03 April 2022,” he stated.

Since the news released, the majority of Fantom ecosystem projects have experienced a 20-30% price drop. As a result, Fantom’s total value locked (TVL) has also decreased by 21%.

Yesterday, the Solidly pools saw a lot of cashing out, with the Solidy TVL plummeting $44, lost as much as 75% in one day; and the Solidex TVL losing 45%. Keep3r, an automation platform established by Cronje, and Iron Bank, a lending platform, both of which are down 25% and 50% respectively.

Fantom Foundation has given an announcement to encourage their users and investments:

“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,” they added, “Therefore, the development of Fantom won’t be impacted by Andre’s decision. Big things are coming, as scheduled. We’re still on track to ship snapsync and a db upgrade in the short term and to release middleware improvements such as flat storage and the fvm.”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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