Fantom (FTM) surged far more than 17% following Andre Cronje’s revelation that their Fund has $340 million in assets and in excess of $ten million in yearly revenue.
Cronje mentioned Fantom is funds optimistic and it is nonetheless scaling.
Cronje says DeFi saved Fantom
Cronje mentioned the Foundation could have been shut down if DeFi hadn’t existed. I mentioned:
“If DeFi didn’t exist, we probably wouldn’t be up and running today. I believe the same is true of many companies out there.”
In a site on November 28 parcelAndre Cronje says Fantom has in excess of 450 million FTM tokens ($96.43 million), $one hundred million stablecoins, $one hundred million in other crypto assets, and $50 million in non-assets electronic revenue.
The renowned founder comprehensive how the task grew to its recent state immediately after raising $forty million in 2018. He exposed that Fantom paid in excess of $three million in listing costs to exchanges. discounts and in excess of $500,000 for influencers in the early days. But immediately after all the first expenditures, its spending budget was much less than $five million.
This led to the choice to by no means pay out interchange or funding costs yet again, and it started cutting prices till its investing was under $500,000 a 12 months.
How DeFi saved Fantom
In February 2020, the organization left assets really worth about $four million and started to engage in DeFi and use the revenue to obtain FTM. The intention is to maximize its flammability so that it can scale.
This led to the launch of COMP. After that, the task started to engage in yield farming and other DeFi efforts, which elevated its spending budget to far more than $39 million.
By 2021, the task has in excess of $51 million in money and $two million in yearly income. It also offered FTM tokens to Alameda and Blocktower to create far more coins and scale. Treasuries in September 2021 hit $263 million without having FTM.
FTM and connected tokens spike
Andre Cronje’s revelation produced FTM one particular of the very best executing digital assets of the previous 24 hrs.
According to CryptoSlate information, FTM is up in excess of 17% to $.2139 at press time. The Layer one blockchain network digital asset is up 27.five% on metrics in 7 days.
Meanwhile, Coinecko disclosure that other tokens on the Fantom ecosystem, this kind of as SCREAM and GEIST, are up 14.three% and 43.five%, respectively.
DeFillama data also demonstrates that the complete volume of assets locked in Fantom has elevated by three.39% in excess of the previous 24 hrs to $438.45 million.