Fantom recovers losses as chief executive soothes investor fears
Fantom’s chief executive has reassured investors after two of the project’s best known developers announced their exit.
Yesterday, Andre Cronje and his business partner Anton Nell, developers behind some of the Ethereum and Fantom network’s most popular DeFi projects including Yearn Finance, announced plans to leave the crypto sector.
Fantom chief executive Michael Kong today reassured investors that Cronje and Nell’s departure does not spell the end for projects the duo worked on. Fantom’s share price has lifted 1.4 per cent on the news, having touched lows of $1.32 in the early hours.
“As many of you are aware, Anton, who works with Andre, tweeted that they were ‘terminating’ 25 projects. This was misunderstood. They are ‘terminating’ their involvement, but handing over anything they run to the existing teams,” wrote Kong.
“The Fantom ecosystem consists of hundreds of developers building many great applications. They will continue,” Kong added.
Anton Nell yesterday spooked investors with the announcement that himself and Andre would be terminating their involvement with crypto and DeFi. FTM’s price fell by eight per cent and remains 58 per cent lower than its all time high reached in October 2021.
“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,” Nell wrote.
Conje had built a following in the crypto space because of his work on Yearn Finance. Yearn tokens climbed from lows of $31 in July 2020 to over $90,000 in May 2021.
YFI has lifted over two per cent on news the project will be unaffected by the departure of Conje, trading at around $18,500 after falling from $19,500 yesterday.