Cronje resigns as DeFi’s “Godfather,” CAKE creates a $100 million venture arm, and more

The Andre Cronje fiasco, the Polygon update, the rise of ThorChain, and the expanding value of the DeFi ecosystem with synthetic assets are all covered in this week’s DeFi newsletter.

With multiple new breakthroughs and price movements, the decentralised finance (DeFi) ecosystem had a busy week. The week began with DeFi “Godfather” Andre Cronje announcing his retirement from most of his projects, resulting in a significant reduction in the value of Cronje-related projects.

CAKE DeFi announced a new $100 million venture fund to promote Web3 activities, ThorChain jumped over 34% after activating synthetic assets, and the Polygon network experienced an extended downtime following a recent update, affecting its price momentum.

As TVL and tokens tank for connected initiatives, DeFi “Godfather” Cronje resigns.

Andre Cronje, a DeFi architect, Fantom Foundation technical adviser, and Yearn.finance founder, has deactivated his Twitter account, leaving the decentralised finance industry reeling.

Cronje’s long-time Fantom Foundation colleague Anton Nell said in a Sunday tweet that he and Cronje were both departing the crypto world. Concerns have been raised, however, concerning the fate of some 25 decentralised applications (DApps) and services that have been running till now. Yearn.fi, keep3r.network, multichain.xyz, chainlist.org, bribe.crv.finance, and the new solidly.exchange are among the apps and services affected.

With multiple new breakthroughs and price movements, the decentralised finance (DeFi) ecosystem had a busy week. The week began with DeFi “Godfather” Andre Cronje announcing his retirement from most of his projects, resulting in a significant reduction in the value of Cronje-related projects.

CAKE DeFi announced a new $100 million venture fund to promote Web3 activities, ThorChain jumped over 34% after activating synthetic assets, and the Polygon network experienced an extended downtime following a recent update, affecting its price momentum.

As TVL and tokens tank for connected initiatives, DeFi “Godfather” Cronje resigns.

Andre Cronje, a DeFi architect, Fantom Foundation technical adviser, and Yearn.finance founder, has deactivated his Twitter account, leaving the decentralised finance industry reeling.

Cronje’s long-time Fantom Foundation colleague Anton Nell said in a Sunday tweet that he and Cronje were both departing the crypto world. Concerns have been raised, however, concerning the fate of the about 25 decentralised applications (DApps) and services that have been running till now. Yearn.fi, keep3r.network, multichain.xyz, chainlist.org, bribe.crv.finance, and the new solidly.exchange are among the apps and services affected.

DeFi’s top 100 tokens by market capitalisation performed quite well over the last seven days, according to data from multiple analysts.

The bulk of DeFi tokens’ weekly performance has been flat, with most of them trading in the green/red with a single-digit percentage change. Terra (LUNA) has maintained its lead for the third week in a row, gaining over 8% in the past week to a new all-time high above $104, followed by Ankr (ANKR) with a 7% gain and ThetaFuel (TFUEL) with a 1% increase.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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