As a seasoned analyst with over two decades of experience in the tech and finance sectors, I have witnessed numerous ups and downs in the crypto market. The recent tumultuous ride of FTM, the native coin of Fantom Network, has been particularly intriguing. While it’s true that the token is currently stable, having recovered from a 70% plunge since its March highs, I remain cautiously optimistic about its future prospects.
Over just five short months, Fantom’s native currency (FTM) has experienced a steep decline. To put it simply, the token has plummeted approximately 70% from its peak in March, yet it has recently found stability due to a series of encouraging underlying factors.
As a crypto investor, I’ve noticed a significant resurgence in our portfolio due to the revival of DeFi and the influx of capital into this sector. According to data from DeFiLlama, a wide array of DeFi protocols spread across various blockchains collectively manage assets valued at over $84 billion. While Ethereum dominates, an impressive $128 million in digital assets are connected to the interoperable Fantom Network, as per DeFiLlama’s readings.
Sonic (Formerly Fantom) Appoints Andre Cronje As CTO
With the DeFi Total Value Locked (TVL) on the Fantom Network steadying after a dip from its 2021 levels, there’s growing interest in the new management team now leading Sonic Labs, who were previously known as Fantom Labs.
As stated in a recent announcement, Andre Cronje, a seasoned DeFi developer who launched Yearn.Finance, has assumed the role of Chief Technology Officer (CTO), succeeding Quan Nguyen in this position.
Cronje will take charge in creating and implementing the Sonic Gateway’s design and development, which is a cutting-edge bridging technology. The goal of this bridge is to make Sonic compatible with various blockchain networks, allowing users to seamlessly transfer tokens between different platforms such as Ethereum.
Time’s progression will reveal the future trajectory of FTM, considering its day-to-day growth patterns. As we stand in mid-August, FTM has surged by 52% since its August low. What stands out significantly is that the token seems to be coping admirably with the selling pressure it faced over the past five months.
Impact Of The Multichain Hack, Efforts To Revive FTM And Sonic Ecosystem
After the Multichain breach in 2023, both the Sonic ecosystem and Fantom Token (FTM) have encountered difficulties. The incident at the Multichain Bridge resulted in hackers stealing approximately $125 million worth of assets, a significant setback. As the community grapples with this event, Cronje stated that the Fantom team had been deceived about the security of Multichain.
In an effort to accelerate their development process, Sonic Labs has unveiled the Sonic Innovator Fund. This fund, drawn from the resources of the Sonic Foundation, is designed to aid leading protocols in transitioning onto their platform. To facilitate this, they are collaborating with angel investors such as the creators of Aave, Curve, and Compound.
Read More
Sorry. No data so far.
2024-08-16 10:21