Fantom ecosystem suffered a sharp drop by 21% in Total Value Locked (TVL) amid devs’ exit
According to DefiLlama, the Total Value Locked (TVL) of the Fantom network dropped by over 21.16%, following developers Andre Cronje and Anton Nell. As AZCoin News reported, Cronje, the developer of Yearn.Finance and Keep3r announced that he was calling it quits with fellow software architect Nell.
“According to DeFi Llama data, in the past 24 hours, the TVL of Fantom network dropped by 21.16%, of which Solidly dropped by 44.61% and Solidex dropped by 45.22%”, Wu Blockchain stated.
Fantom (FTM) loss eases as the foundation soothes investor concerns
The TVL for the Fantom DeFi ecosystem has been down more than 20% in the last 24 hours. Solidly and its yield optimizer protocol Solidex contributed the most significant 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 writing.
Until now, a total of 25 DeFi applications will be terminated starting from April 3. Yearn.Finance, Keep3r Network, Solidly, and other protocols are abandoned projects.
1/ 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.
— Michael Kong (@michaelfkong) March 7, 2022
Fantom’s total value locked grew by nearly 600% in November 2021 following the announcement of the 370 million Fantom Incentive Program. Following the news, the Fantom protocol’s Total Value Locked (TVL) has shed nearly $3.35 billion since March 3 to stand at a present value of $7.64 billion.
Sign up for a Binance account here (Discount 10% trading fees): https://accounts.binance.com/en/register?ref=29171587
- YFI And FTM Plummeted By Double Digits Immediately After Andre Cronje Quit DeFi
- Anonymous Shiba Inu Whale Buys 42 Billion SHIB Worth Approximately $1 Million