Fantom Opera’s (FTM) price plummeted by 32% to $1.14 per coin after key people affiliated with the project announced their departure, however it has since recovered.
After news broke that star developer Andre Cronje was leaving the decentralized finance (DeFi) industry, the Fantom ecosystem, not only FTM, saw a dramatic reduction in total value locked (TVL).
According to data from DefiLlama, the Fantom DeFi ecosystem’s TVL has dropped from $11.26 billion to $8.28 billion, a decrease of nearly 26% since the tweet announcement less than a week ago.
This drop corresponds with Anton Nell, a Fantom Foundation developer, tweeting on Sunday that he and Cronje were both leaving the crypto industry, without elaborating.
The tweet below includes charts of some of the most important DeFi protocols created by these talismans when their exit was revealed.
Cronje’s departure will not affect the project’s course, according to the Fantom Foundation on Twitter.
Fantom (FTM) prices are starting to bounce after the gloomy mood that dominated the network ecosystem and caused a nosedive. The token is currently trading hands around $1.26 l, up by nearly 10% from its lows recorded about 12 hours ago.