The prices of dozens of tokens plunged after prolific developer, Andre Cronje, announced that he was going to stop developing in the decentralized finance space along with his frequent collaborator Anton Nell.
Some market observers saw the move coming as Cronje had deleted his Twitter account and updated his LinkedIn profile to reflect he was no longer an advisor to the Fantom Foundation. Despite the warning signs, tokens associated with projects Cronje worked on plunged.
Solidly, a hybrid automated market maker (AMM), lost 75% of its value on the announcement while automation platform Keep3r lost 25%. Lending platform Iron Bank lost 50% of its value as well.
While Cronje was no longer involved in the day-to-day operations of Yearn Finance, a yield vault protocol he turned over to a DAO, its YFI token plunged as much as 12% on the announcement. Likewise, tokens from the Fantom ecosystem tumbled, despite Cronje not being known for significantly being involved in their development.
