DeFi ‘Godfather’ Cronje quits, CAKE launches $100M+ VC arm



The decentralized finance (DeFi) ecosystem had quite a hectic 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 for projects Cronje was associated with.

CAKE DeFi launched a new $100M venture capital fund to support Web3 initiatives, ThorChain rose over 34% after synthetic assets were activated, and the Polygon network suffered an extended outage after a new upgrade that impacted its price dynamics.

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