1 year ago
Fantom (FTM) has grown by implicit 17% pursuing Andre Cronje’s revelation that its Foundation has $340 cardinal worthy of assets and yearly net of implicit $10 million.
Cronje said Fantom was currency positive, and it was inactive scaling up.
Cronje says DeFi saved Fantom
Cronje said the Foundation mightiness person stopped operating if DeFi did not exist. He said:
“If DeFi didn’t exist, we would apt not beryllium operational today. I judge the aforesaid is existent for galore companies retired there.”
In a Nov. 28 blog post, Andre Cronje said Fantom had implicit 450 cardinal FTM tokens ($96.43 million), $100 cardinal worthy of stablecoins, $100 cardinal successful different crypto assets, and $50 cardinal successful non-crypto assets.
The famed laminitis elaborate however the task roseate to its existent authorities aft raising $40 cardinal successful 2018. He revealed that Fantom paid implicit $3 cardinal successful listing fees to exchanges and implicit $500,000 to influencers successful the aboriginal days. But aft each the archetypal expenses, it had little than $5 cardinal near successful its treasury.
This led to the determination ne'er to wage speech oregon sponsorship fees again, and it started cutting down connected expenses until its expenditure was beneath $500,000 a year.
How DeFi saved Fantom
In February 2020, the institution had astir $4 cardinal worthy of assets near and started participating successful DeFi and utilizing the profits to bargain backmost FTM. The extremity was to summation its pain truthful that it could scale.
This led to the motorboat of COMP. After that, the task started participating successful output farming and different DeFi endeavors, which accrued its treasury to implicit $39 million.
By 2021, the task had implicit $51 cardinal successful treasury and yearly gross of $2 million. It besides sold FTM tokens to Alameda and Blocktower to make much wealth and scale. The treasury successful September 2021 reached $263 cardinal without FTM.
FTM and related tokens surge
Andre Cronje’s revelation has made FTM 1 of the best-performing integer assets successful the past 24 hours.
According to CryptoSlate data, FTM surged by implicit 17% to $0.2139 arsenic of property time. The layer1 blockchain web integer plus has risen 27.5% connected the 7 days metrics.
Meanwhile, Coingecko revealed that different tokens connected the Fantom ecosystem, similar SCREAM and GEIST, were up by 14.3% and 43.5%, respectively.
DeFillama data besides showed that the full measurement of assets locked successful Fantom had grown 3.39% successful the past 24 hours to $438.45 million.
The station Andre Cronje reveals however DeFi saved Fantom; FTM surges 17% appeared archetypal connected CryptoSlate.
English (US) 