Mass migration of liquidity from the Fantom DeFi ecosystem has ensued following developer Andre Cronje’s reported departure from the crypto industry.
on Sunday that both he and Cronje were exiting the crypto space, without stating reasons for their departures.to have quit DeFi last year, only for those reports to have proven false – or at least premature. The developer didn't immediately respond to messages from The Block today seeking clarity on the situation.
Apart from quitting the industry, Nell's tweet also announced they were terminating 25 apps and services on April 3, including the recently launched Solidly exchange. As previously reported by, the Solidly launch was a major contributor to Fantom temporarily becoming the third-largest DeFi ecosystem among popular Layer 1 chains.
Solidly and its yield optimizer protocol Solidex contributed the largest TVL slump following news of Cronje’s exit. The removal of liquidity from these projects saw their TVLs fall more than 30% over the last 24 hours. Fantom’s native coin, FTM, also took a nosedive during the period, sliding 20% from $1.71 to $1.32. FTM has since recovered somewhat and is trading at $1.44 as of the time of writing.
According to the Fantom Foundation, Nell and Cronje’s exit doesn't sound the death knell for the network. Tweeting on Sunday, the Foundation stated that development on the chain will
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