Andre Cronje, the developer of various decentralised finance (DeFi) projects, has reportedly decided to quit them altogether from April 2022. This decision directly impacted the price of popular DeFi projects like YFI and FANTOM.
Meanwhile, the global crypto market cap fell 4.77 per cent to $1.69 trillion at 8.59 am. The global crypto volume, however, increased by 28.85 per cent to $68.98 billion, as per Coinmarketcap data.
Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $37,830.34, lower by 4.14 per cent in the last 24 hours.
“Bitcoin has been dropping since Friday and is currently trading at $37,716.48, with nearly a 5 per cent retracement in the past 24 hours. Ether has retracted by about 6 per cent, with other major altcoins following the pattern. Investors are on the edge, a result of global uncertainty,” says Gaurav Dahake, CEO and founder, Bitbns.
Andre and I have decided that we are closing the chapter of contibuting to the defi/crypto space.— Anton Nell (@AntonNellCrypto) March 6, 2022
There are around ~25 apps and services that we are terminating on 03 April 2022.
Ethereum (ETH), the second-largest cryptocurrency by market capitalisation, was also down by 5.59 per cent at $2,514.25.
Among other major coins, Cardano (ADA) was down by 6.32 per cent at $0.8097, Algorand (ALGO) by 4.99 per cent at $0.7308, Binance Coin (BNB) by 5.04 per cent at $365.96, Solana (SOL) by 6.92 per cent at $81.68 and Polkadot (DOT) was trading lower by 4 per cent at $16.39.
Today’s top gainer was Meta Speed Game (MTSG), which was up by 444.66 per cent at $0.00003749. The top loser was ASIX Token (ASIX), which was down by 94.94 per cent at $0.000003167.
Meme Coin And DeFi Prices
Dogecoin (DOGE) was down by 4.72 per cent at $0.1192. Its volume to market cap ratio stands at 0.02905. Rival Shiba Inu (SHIB) also fell by 4.84 per cent at $0.00002314.
Dogelon Mars (ELON) was trading with a loss of 7.28 per cent at $0.0000007067. Floki Inu (FLOKI) was also down by 13.04 per cent at $0.00002978, while Samoyed Coin (SAMO) lost 3.51 per cent at $0.01875.
In the DeFi segment, YFI (yearn.finance) was trading with a loss of 9.53 per cent at $18,046.73 after Andre Cronje quit this and other DeFi projects. While Terra (LUNA) was down by 9.12 per cent at $78.80. Avalanche (AVAX) fell 6.31 per cent at $71.28, Uniswap (UNI) lost 6.62 per cent to trade at $8.30, and Aave (AAVE) declined 7.26 per cent to $114.76.
Andre Cronje has removed the DeFi project names he was associated with from his Linkedin profile. Along with him Anton Nell, a senior solutions architect at FANTOM Foundation, has also decided to quit, as per his tweet. The tweet read, “Andre and I have decided that we are closing the chapter of contributing to the defi/crypto space. There are around ~25 apps and services that we are terminating on 03 April 2022.”