Cryptocurrency

Andre Cronje reveals how DeFi saved Fantom; FTM surges 17%

Hull Invest

Fantom (FTM) has grown over 17% following Andre Cronje’s revelation that the foundation has assets worth $340 million and annual revenues in excess of $10 million.

Cronje said Fantom is cash-plus and still growing.

Cronje says DeFi saved Fantom

Cronje said that without DeFi, the foundation might have ceased to operate. He said:

“We wouldn’t be able to operate today without DeFi. I think the same is true for many companies.”

In the November 28th blog PositionFantom holds over 450 million FTM tokens ($96.43 million), $100 million worth of stablecoins, $100 million of other crypto assets, and $50 million of non-crypto assets, according to André Cronnier It is said that

The famous founder detailed how the project grew to what it is today after raising $40 million in 2018. He revealed that Fantom paid exchanges more than his $3 million and influencers more than his $500,000 in the early stages. But after all the initial costs, he had less than $5 million left in the Treasury.

This led to the decision to never pay replacement or sponsorship fees again, and I began cutting expenses until my spending was below $500,000 a year.

How DeFi Saved the Phantom

In February 2020, the company had about $4 million worth of assets left, so it joined DeFi and used the profits to buy back FTM. The goal was to increase combustion so that it could be scaled.

This led to the launch of COMP. After that, the project launched Yield Farming and other his DeFi participation, which surpassed his $39 million in funding.

By 2021, the project will have over $51 million in financials and $2 million in annual revenue. He also sold FTM tokens to Alameda and Blocktower to generate more money and scale, the Treasury in September 2021 said he reached $263 million without FTM.

FTM and related tokens surge

Andre Cronje’s revelation has made FTM one of the top performing digital assets in the last 24 hours.

According to CryptoSlate data, FTM surged more than 17% to $0.2139 at the time of writing. Digital assets in layer-1 blockchain networks rose 27.5% in the seven-day index.

Meanwhile, coin gecko clearly Other tokens in the Fantom ecosystem, such as SCREAM and GEIST, rose 14.3% and 43.5% respectively.

Defilama data It also showed that the total amount of assets locked in Fantom increased by 3.39% in the last 24 hours to $438.45 million.

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