Could this be time for FANTOM to rise again?
Possibly, since the price is no support but the flirt with 0,31 is still valid.
Fantom is one of the assets we like to buy, probably a bit emotionally attached to it since we hold it so when it comes to FANTOM we look for BUY orders.
News:
Fantom (FTM) Makes Double-Digit Gains as Andre Cronje Hints Return
FANTOM NEWSFantom (FTM) Makes Double-Digit Gains as Andre Cronje Hints ReturnmmPublished 3 days ago on May 24, 2022By Ali Raza
Securities.io is committed to rigorous editorial standards. We may receive compensation when you click on links to products we review. Please view our affiliate disclosure. Trading involves risk which may result in the loss of capital.
The Fantom network and several other projects suffered a major blow after Andre Cronje announced he was leaving the decentralized finance (DeFi) sector. Cronje, who ranks as one of the reputable people in DeFi, is hinting at a return to the Fantom network according to on-chain activity.
Cronje’s rumoured return to Fantom
FTM, the native token for the Fantom network, has been up by more than 20% during the past week. The token managed to reach a weekly high of $0.503, according to CoinGecko, but it has since recorded a notable decline amid the market recession. The recent dip in Bitcoin below $30,000 has created a pullback across the market.
FTM’s latest price action could be attributed to speculation about Cronje’s return to the project. In March, Cronje, alongside Anton Nell, had announced that they were retiring from the DeFi sector. The news tanked FTM’s prices. Other projects that Cronje had invested in, such as Yearn Finance (YFI), also recorded a decline.
On-chain activity showed Cronje working on the fMint protocol. fMint is a platform used to mint the fUSD stablecoin. fUSD is the native stablecoin for the Fantom network. The stablecoin has depegged from its $1 value.
Colin Wu, a Chinese crypto reporter, also said that Cronje was behind the fUSD optimization proposal released on the network. A wallet address believed to belong to Cronje also bought around 100 million FTM tokens, which shows his interest in the Fantom project. Over the past two weeks, the wallet address has been actively buying FTM tokens.
Depegging of the fUSD stablecoin
The past few weeks have seen attention turn towards stablecoins, with investors wondering if they were as safe as they were promoted. The doubts came in after the depegging of Terra USD (UST). UST started depegging on May 9, and any attempts by the Luna Foundation Guard to restore the peg were futile.
At the time of writing, UST is yet to repeg. The co-founder of Terraform Labs, Do Kwon, has proposed the creation of an entirely new chain that will not have UST. As UST fails to recover, investors who had bought or staked the stablecoin have witnessed notable losses. The collapse of UST has also created debate on the viability of algorithmic stablecoins.
fUSD has also been under stress for the past few weeks. The collapse of fUSD has been attributed to the market pressure created after UST depegged. During the early days of UST depegging, most stablecoins, including UISDT, showed signs of stress, but they maintained their peg. However, fUSD has failed to display the same level of resilience.
However, the Fantom Foundation has stressed that its fUSD stablecoin is different from UST. The foundation said that unlike UST, which derived its stability through an algorithm, fUSD was “an over-collateralized stablecoin.”
The foundation likened fUSD to DAI, one of the oldest stablecoins in the market. DAI is a stablecoin by the MakerDAO, and it is over-collateralized. For instance, when a user needs 100 DAI, they have to collateralize it with 100 worth of ETH, and the amount of collateral is increased if Ether’s price declines.
“UST had nothing backing it. Users create fUSD by borrowing against their staked FTM. If the value of the FTM goes below the minimum collateral ratio, then the FTM is progressively auctioned off to users who bid using fUSD (to keep peg). UST had no auctioning process,” the Fantom Foundation said.
The foundation also described how fUSD would function, adding that these details would be published in the coming weeks. At the time of writing, fUSD was yet to achieve its peg, and it was trading at $0.697.
One Love,
the FXPROFESSOR
Possibly, since the price is no support but the flirt with 0,31 is still valid.
Fantom is one of the assets we like to buy, probably a bit emotionally attached to it since we hold it so when it comes to FANTOM we look for BUY orders.
News:
Fantom (FTM) Makes Double-Digit Gains as Andre Cronje Hints Return
FANTOM NEWSFantom (FTM) Makes Double-Digit Gains as Andre Cronje Hints ReturnmmPublished 3 days ago on May 24, 2022By Ali Raza
Securities.io is committed to rigorous editorial standards. We may receive compensation when you click on links to products we review. Please view our affiliate disclosure. Trading involves risk which may result in the loss of capital.
The Fantom network and several other projects suffered a major blow after Andre Cronje announced he was leaving the decentralized finance (DeFi) sector. Cronje, who ranks as one of the reputable people in DeFi, is hinting at a return to the Fantom network according to on-chain activity.
Cronje’s rumoured return to Fantom
FTM, the native token for the Fantom network, has been up by more than 20% during the past week. The token managed to reach a weekly high of $0.503, according to CoinGecko, but it has since recorded a notable decline amid the market recession. The recent dip in Bitcoin below $30,000 has created a pullback across the market.
FTM’s latest price action could be attributed to speculation about Cronje’s return to the project. In March, Cronje, alongside Anton Nell, had announced that they were retiring from the DeFi sector. The news tanked FTM’s prices. Other projects that Cronje had invested in, such as Yearn Finance (YFI), also recorded a decline.
On-chain activity showed Cronje working on the fMint protocol. fMint is a platform used to mint the fUSD stablecoin. fUSD is the native stablecoin for the Fantom network. The stablecoin has depegged from its $1 value.
Colin Wu, a Chinese crypto reporter, also said that Cronje was behind the fUSD optimization proposal released on the network. A wallet address believed to belong to Cronje also bought around 100 million FTM tokens, which shows his interest in the Fantom project. Over the past two weeks, the wallet address has been actively buying FTM tokens.
Depegging of the fUSD stablecoin
The past few weeks have seen attention turn towards stablecoins, with investors wondering if they were as safe as they were promoted. The doubts came in after the depegging of Terra USD (UST). UST started depegging on May 9, and any attempts by the Luna Foundation Guard to restore the peg were futile.
At the time of writing, UST is yet to repeg. The co-founder of Terraform Labs, Do Kwon, has proposed the creation of an entirely new chain that will not have UST. As UST fails to recover, investors who had bought or staked the stablecoin have witnessed notable losses. The collapse of UST has also created debate on the viability of algorithmic stablecoins.
fUSD has also been under stress for the past few weeks. The collapse of fUSD has been attributed to the market pressure created after UST depegged. During the early days of UST depegging, most stablecoins, including UISDT, showed signs of stress, but they maintained their peg. However, fUSD has failed to display the same level of resilience.
However, the Fantom Foundation has stressed that its fUSD stablecoin is different from UST. The foundation said that unlike UST, which derived its stability through an algorithm, fUSD was “an over-collateralized stablecoin.”
The foundation likened fUSD to DAI, one of the oldest stablecoins in the market. DAI is a stablecoin by the MakerDAO, and it is over-collateralized. For instance, when a user needs 100 DAI, they have to collateralize it with 100 worth of ETH, and the amount of collateral is increased if Ether’s price declines.
“UST had nothing backing it. Users create fUSD by borrowing against their staked FTM. If the value of the FTM goes below the minimum collateral ratio, then the FTM is progressively auctioned off to users who bid using fUSD (to keep peg). UST had no auctioning process,” the Fantom Foundation said.
The foundation also described how fUSD would function, adding that these details would be published in the coming weeks. At the time of writing, fUSD was yet to achieve its peg, and it was trading at $0.697.
One Love,
the FXPROFESSOR
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