Fantom (FTM) plunged more than 16% on Sunday, dropping as lows as $1. 38 as negative sentiment cut across the decentralised finance (DeFi) market.

The sharp decline was caused by an unexpected tweet by Anton Nell (an advisor to Fantom Foundation and a prominent developer).

Andre Cronje, Anton Nell’shocker ‘

In a short Twitter conversation, Nell stated that he and Andre Cronje, a legendary DeFi developer, had made a decision regarding their future involvements in the Fantom ecosystem as well as overall decentralised finance (DeFi).

According to Nell, Cronje and he had decided to stop working as crypto developers. They listed several projects they would not be involved in.

The news saw Fantom’s (FTM), along with Yearn.finance’s (YFI), a closely linked project to Cronje. YFI tanked more than 10% on Sunday.

However, both tokens bounced higher in the past few hours with FTM price rising more than 2%, and YFI up by 6%.

Fantom’s upside is evident after Michael Kong, CEO of Fantom Foundation, issued a statement “clarifying” that Nell’s message was likely misunderstood by the crypto community.

In reassurance to the Fantom community, Kong noted on Monday:

“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.”

Fantom has ‘hundreds developers ‘

Kong reiterated that Fantom. and Yearn.finance would be fine even after the departure of the famous developers.

He believes this is certainly the case given the Fantom ecosystem currently has “hundreds of developers” working on multiple applications. He believes that these developers have done a fantastic job and will continue to do so, despite the changes in events.

Speaking of Yearn.finance Kong said that the project has been around for years and that it has an existing team who will continue to work on it.

He shares the same views on Multichain and Solidex. These are two of the most important projects on the Fantom Chain. These projects are similar to YFI’s because they have been worked on by teams for many years. These and other projects that are closely associated with Nell Cronje and Cronje will not be ‘terminated .’

, he assured the community.

Echoing Kong’s view was Year.finance designer pseudonymously called banteg. The developer commented on the YFI token’s decline:

“People burying YFI, you do realize Andre hasn’t worked on it for over a year? And even if he did, there are 50 full-time people and 140 part-time contributors to back things up.”

People burying YFI, you do realize Andre hasn’t worked on it for over a year? And even if he did, there are 50 full-time people and 140 part-time contributors to back things up.

— banteg (@bantg) March 6, 2022