After being absent on Twitter for about one and a half years, renowned cryptocurrency developer and founder of numerous projects, Andre Cronje abruptly broke his silence. Thanks to a new image and a nickname with the “.ftm” domain name, the DeFi architect reappeared with the accompanying buzz, raising the prices of one of his important projects, Fantom (FTM).
The Real Source of the Rumor
When Cronje wrote a Medium piece last week discussing the numerous factors that contributed to the most recent market collapse, rumors of his return started to circulate. The DeFi creator also took use of the occasion to demand additional regulatory changes in the industry.
Given his absence from all projects in March of this year, Cronje’s reappearance, particularly with the Fantom story, came as a complete shock. The DeFi developer’s departure at the time resulted in a sharp decline for all the coins and tokens associated with him. However, the prices of YFI, FTM, and KP3R got positive responses from the crowd after the rumor started to circulate.
FTM and KP3R Price Action
Fantom lost $3.62 billion in market capitalization while Andre, their senior developer was away. FTM is currently trading for less than 0.3 cents per token. Having said that, even without its core architect, FTM has been true to its tokenomics in recent months, with some of its supply being burned, staking awards being scaled back, and grants from Gitcoin being given to contributors.
Fantom Records 7 Million Unique Addresses
In past one week, over 3.6 million new addresses have been generated on the Fantom network as data from FTMScan revealed. DeFi projects on Fantom have emerged as the top performers in recent months and have been the primary growth factor for the project.
Andre Cronje in Brief
Cronje is widely recognized as the originator of DeFi and is credited with creating a number of applications, such as Yearn Finance, Keep3rV1, PowerPool, SushiSwap, PowerPool, CreamV2, etc. He worked as the project’s technical advisor and was the chairman of the Fantom Foundation.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Discussion about this post