Finance Redefined: DeFi ‘Godfather’ Cronje quits, CAKE launches $100M venture arm and more
The decentralized finance (DeFi) ecosystem had quite an eventful week with several new developments and price action. The week started with DeFi “Godfather” Andre Cronje announcing his departure from most of his projects, leading to a massive drop in prices of projects that Cronje was associated with.
CAKE DeFi launched a new $100 million venture fund to support Web3 initiatives, ThorChain spiked over 34% after activating synthetic assets and Polygon network suffered an extended outage post new upgrade that impacted its price momentum.
DeFi architect, Fantom Foundation technical adviser and Yearn.finance founder Andre Cronje has left the decentralized finance space reeling after deactivating his Twitter account.
Cronje’s long-time colleague at the Fantom Foundation Anton Nell stated in a Sunday tweet that both he and Cronje were leaving the crypto space entirely. However, concerns arose about the fate of roughly 25 decentralized applications (DApps) and services they have been operating up to now. Among the affected apps and services are yearn.fi, keep3r.network, multichain.xyz, chainlist.org, bribe.crv.finance and the new solidly.exchange.
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Singapore-based decentralized finance services firm Cake DeFi announced the launch of a $100 million venture arm dedicated to serving as accelerators for Web3, gaming, nonfungible tokens (NFT) and other crypto initiatives.
The newly launched $100 million venture arm, Cake DeFi Ventures (CDV), will fund crypto startups that complement the company’s core business. According to Cake DeFi, the venture firm “will be focused on investing in tech startups across Web3, the metaverse, the NFT space, gaming, esports and fintech spaces.”
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