In a tweet this morning, FantomFDN CEO michaelfkong addressed community concerns as sentiment around FTM fell after the exit of influential developer Andre Cronje. By shauryamalwa
Fantom’s FTM token recovered some of its loss in European morning hours following a plunge on Sunday after DeFi architect Andre Cronje and his business partner said they would no longer be involved in the crypto market as developers.
Multichain and Solidex, among the largest Fantom projects by total value locked, will continue to operate with their existing team of developers, Kong confirmed. “These projects are not closing down development. Some of them have been running independently for years,” he said. Tokens of Ethereum-based Yearn, one of Cronje's first projects, boasted market capitalization of over $3 billion at their lifetime peak, trading as high as $90,700 from lows of $31 in 2020,Yearn’s success fueled a ‘Cronje Effect’ in crypto circles. In the past years, projects built by or associated with the developer have garnered millions of dollars within hours of their launch.
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