Fantom Price Surges 20% amid Andre Cronje’s Unexpected Comeback

Fantom (FTM) price has seen a bullish trend, which is worth analyzing. At the time of writing, Fantom’s price was trading at $0.261536 with a 24-hour trading volume of $407,044,934, as per CoinMarketCap. Data shows that the token was up 20.28% in the last 24 hours and ranked #67, with a live market cap of $665,610,896.

Based on the below chart analysis, Fantom crossed the $3 threshold twice in 2021 while trading at $0.2-$0.4 at the beginning of the year.

During that year, FTM recorded a 10x growth, setting two all-time highs at almost the same level in a span of 12 months. The first highs were witnessed at the time of the overall market growth in February and May. The second highs were seen in September 2021 and January 2022, when Fantom was worth $3.16 and $3.3, respectively, when the crypto market recorded its peak growth.

Numerous developments contributed to the growth of Fantom’s value throughout 2021. In May last year, the Fantom Foundation supported a few native projects, such as SpiritSwap and SpookySwap, as part of the Fantom ecosystem.

Furthermore, several protocols, like Geist Finance, Scream, Reaper Farm, RoboVault, and others, appeared within the Fantom ecosystem during that year. Also, Fantom blockchain started partnering with multiple projects from different fields, such as Coti (Payment), Suterusu (Privacy), V-ID (Identity), Travala (Travel), and others.

Fantom’s price evolved and achieved its latest all-time high point in 2021; so far, the record has never been surpassed.

As it can be seen in the chart, since the early part of this year, the token experienced some significant challenges, which pointed to why it cooled its steam. On 10 March, Fantom announced the departure of one of its key developers, Andre Cronje, from the project as of the end of March 2022. Blockchain.News further reported the matter. As a result, the update caused the price of FTM to drop by over 20% over 24 hours and trade low.

Besides that, Fantom prices also have been trading low this year due to the wider crypto winter that started seriously at the end of April.

But for the last 30 days, Fantom’s price went up by 19.49%, 21.25% surged for the last seven days, and 24% up over the last 24 hours. Market report associates the latest bullishness with rumours that DeFi trailblazer Andre Cronje is returning to the industry. The total volume of assets locked in Fantom also rose 3.10% in the last 24 hours to $517.22 million, thus reacting positively to the speculation.

Rumours about Cronje’s return started last week when he published a medium post talking about various matters that led to the recent market downturn. The DeFi developer also used that opportunity to call for more regulatory reforms within the sector.

However, the crypto community members were divided based on the post, with some arguing that the publishing was not from Cronje. But early yesterday, Cronje updated his LinkedIn profile to read that he is the Vice President of Memes at the Fantom Foundation, and stated he started the position this month. He also shared a tweet via his verified Twitter account that showed he was back in the industry. All these confirm the speculation that Cronje has finally returned.

Cronje is widely regarded as the father of DeFi for his various contributions to the space. He is credited with developing several projects such as Yearn Finance, Keep3rV1, PowerPool, SushiSwap, PowerPool, CreamV2, and many more. He was Chairman of the Fantom Foundation and served as the project’s technical advisor.

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Fantom Foundation Retorts Andre Cronje’s Publicized Exit from Crypto

The Fantom Foundation has issued a statement to address what it termed as “factual inaccuracies” from Rekt regarding the exit of superstar developers Andre Cronje and Anton Nell from the decentralized finance and crypto ecosystem as a whole.


While the foundation affirmed that Cronje would be leaving the space as noted, it is not out of spite, and the developer has stated to confirm this.

“Although I’ve made the decision to move away from crypto and DeFi, the Fantom team has been nothing but honourable throughout my engagement with them. I believe they are on the right technology path, and I have no doubts that they will continue to succeed,” Andre Cronje said in the statement.

According to the Fantom Foundation, the claim that Cronje will be exiting up to 25 projects upon his exit is false and literally not possible, rather, it said many of the projects with affiliations to Cronje will be handed over their core development teams that will take over. 

The statement issued highlighted the role of Cronje as basically an advisor to the Fantom Foundation. It was responsible for setting up the core developers that have helped build the Fantom blockchain. This advisor role appears to be the same for Cronje’s across different protocols.

Andre Cronje has been rumoured to be taking an exit from the DeFi ecosystem for quite some time, and while the rumors get stronger, he has often resurfaced to back a project or two. While the talk about Cronje’s exit appears more pronounced at this time, the Fantom Foundation is confident that the protocol is not dependent on just one individual as it is more or less a product of a confluence of developers.

The foundation said it will be hiring a new set of engineers or staff that will help cushion every effect of the exit of both Cronje and Anton from the team.

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Yearn Finance Founder Andre Cronje Allegedly to Stop Contributing to DeFi

Andre Cronje, the renowned blockchain developer who came to the limelight with Yearn Finance, is allegedly going to stop contributing to Decentralized Finance (DeFi) and cryptocurrencies in general. 


Anton Nell made the revelation a Fantom Foundation developer who took to Twitter to announce himself and Cronje have decided to stop contributing to DeFi and the broader cryptocurrency ecosystem. While the news has not yet been verified on the part of Andre Cronje, Anton said as many as 25 applications would be closed down from April 3. 

Amongst the applications singled out by Anton includes YearnFi, the Keep3r Network, and the recently launched Solidly Exchange that is built on the Fantom network. 

“Andre and I have decided that we are closing the chapter of contributing to the Defi or crypto space. There are around ~25 apps and services that we are terminating on April 03 2022,” Anton’s tweet reads, “Unlike previous “building in defi sucks” rage quits, this is not a knee jerk reaction to the hate received from releasing a project, but a decision that has been coming for a while now. Thank you to everyone that supported us over the past few years.” 

Following the news, the affected tokens under the Fantom blockchain have started plunging, with the Total Value Locked (TVL) of projects billed to be affected plunging considerably. At the time of writing, the FTM coin was down 3.25% to $1.36, atop a 19% plunge in the past week.

This is not the first time that rumours about Andre Cronje’s exit from the DeFi ecosystem have made the rounds, with many of these insinuations turning out to be wrong. While the developer allegedly was billed to quit the space last year, he has found some notable protocols in the past year, including the Solidly trading platform. As a result, only time will tell how legitimate this proposed exit will be.

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Fantom DeFi Users Aren’t Spooked by Rocky Market

Key Takeaways

  • Fantom’s DeFi ecosystem has soared to new all-time highs in total value locked, trailing only Ethereum and Terra.
  • The boom has been fueled in part by Andre Cronje and Daniele Sestagalli’s forthcoming Solidly project.
  • Several DAOs have formed in the lead-up to Cronje and Sestagalli’s project launch.

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Fantom, one of the leading Ethereum-compatible smart contract platforms, is experiencing rapid growth in its DeFi ecosystem despite shaky market conditions.

Fantom DeFi Ecosystem Soars

Fantom is on a tear.

The Layer 1 smart contract blockchain’s DeFi ecosystem is growing despite uncertainty following a selloff across the broader crypto market.

According to DeFi Llama, Fantom’s 129 DeFi platforms have attracted $12.35 billion in total value locked, placing the Layer 1 chain third in total value locked behind Ethereum and Terra.

Fantom is an outlier to other leading Layer 1 blockchains as its total value locked has jumped over 50% over the last week. The total value locked for other networks like Ethereum, Avalanche, Solana, and Harmony has plummeted in the same period. The DeFi dip can be attributed partly to market volatility; ETH and other assets have followed Big Tech stocks into the red over the last week amid fears over the

Fantom’s DeFi ecosystem has also been boosted by the upcoming launch of a new project from Andre Cronje and Daniele Sestagalli. Solidly, is it’s been dubbed, is set to launch imminently. The project will feature an automated market market that will prioritize compatibility with other protocols. It will also utilize a “ve(3,3)” tokenomics model, operating a vote escrow model popularized by Curve Finance, as well as a (3,3) staking mechanism that OlympusDAO pioneered in 2021.

The project will let users deposit a base token in exchange for a non-transferable token in order to receive transferable token rewards. Users who lock up tokens will receive an NFT.

Similar to other projects Cronje has been involved with, Solidly is taking a “fair launch” strategy. Two million tokens will be distributed as incentives per week, and the rewards will be distributed to the top 20 projects on Fantom by total value locked until voting weight can determine token distribution (there will initially

Two million new tokens will be distributed as incentives per week, and these rewards will be distributed to the top 20 DeFi projects by total value locked on Fantom until voting weight can determine token distribution (no voting will exist initially).

Solidly might be the most anticipated DeFi launch of 2022 so far. In the lead-up, several new projects have emerged on Fantom. veDAO, for example, formed with the specific goal of making it into the top 20 projects on Fantom in order to receive Solidly’s token rewards. DeFi users looking to acquire veDAO’s WEVE token had to engage in yield farming; the protocol now holds over $174 million in locked value.

Going against veDAO’s hyper-focused mission to acquire Solidly’s tokens, another DAO called 0xDAO has formed. 0xDAO bills itself as a “community-centered” project that hopes to bring “long-term value for the entire Fantom ecosystem.” Its fundamental goal is to build decentralized infrastructure that will create a liquidity “free market” on Fantom. 0xDAO already has a total value locked of nearly $4.3 billion after launching this month.

FTM has also fared well relative to the rest of the market over the last 24 hours. Despite suffering from the recent market decline, it’s up 20.5% today, far outpacing every other leading Layer 1 coin.

Disclosure: At the time of writing, the author of this feature owned BTC, ETH, and several other cryptocurrencies. Andre Cronje is an equity holder in Crypto Briefing. 

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What Are Andre Cronje and Daniele Sestagalli Building on Fantom?

Key Takeaways

  • DeFi builders Andre Cronje and Daniele Sestagalli have teamed up to launch a new project on the Fantom blockchain.
  • Based on Cronje’s various hints, the new project will be fairly launched, with the entire token supply going to the community.
  • Furthermore, according to Sestagalli, the new project will be synergistic with the Frog Nation ecosystem.

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Andre Cronje and Daniele Sestagalli, two of the most figures in decentralized finance, have hinted at a new product and token dropping on the Fantom blockchain this month. 

Andre Cronje Announces “New Experiment” on Fantom

Andre Cronje has revealed that he will be launching a new project on Fantom—and it’s set to have its own token.

Cronje, the prolific coder and legendary DeFi founder best known for creating the yield optimization tool Yearn.Finance, first revealed that he would be launching a new project on Fantom at the beginning of the month. “I’m deploying a new experiment on Fantom this month,” he tweeted on Jan. 1.

The project is reportedly a collaboration between Cronje and Daniele Sestagalli, the founder of Abracadabra.Money, Wonderland.Money, Popsicle.Finance, and self-anointed leader of the “Frog Nation”—a crypto-native movement focused on preserving decentralization in DeFi. 

Sestagalli revealed the collaboration between the Frog Nation and Cronje on Twitter today, promising that the launch would kick off “Fantom Season!” He said:

“If you’re asking, me and Andre are launching a new coin on #fantom and it will start Fantom Season! We started here, is natural we now come back to growth the ecosystem and tech that made me who I am today. Folded hands”

Besides the announcement and a few cryptic tweets, Cronje and Sestagalli have been secretive about the project. The only details revealed so far are that the project, due to launch on the Fantom blockchain sometime this month, would be synergistic with the Frog Nation’s ecosystem of dApps, and have a fair launch—meaning the entire token supply is set to be allocated to the community.

Cronje hinted at the fair launch in a Monday tweet when he shared—without further comment—a picture that likely showcases the tokenomics breakdown of the new secretive project.

The breakdown suggests that the new project will launch without a seed, private, or public token sale. Instead, the entire token supply will be allocated to the community, likely through a liquidity mining event.

Despite being widely regarded as one of the most prolific developers and founders in the space, Cronje has also has amassed a bad reputation amongst certain community members due to his “test in prod” mentality. In September 2020, he deployed a series of new and unaudited smart contracts pertaining to a project called Eminence shortly before it was hacked for roughly $15 million. Although the people who invested knew that the project hd neither launched nor been audited, many blamed Cronje for his supposed role in executing a “rug pull” on them following the hack.

Notably, Cronje is also known for helping the Fantom Foundation launch the EVM-compatible Opera mainnet in December 2019. Fantom is currently one of the largest Layer 1 blockchains with a fast-growing DeFi ecosystem in the space, rivaling the likes of Solana, Terra, Avalanche, and NEAR. The Fantom Foundation recently revealed that the number of unique addresses interacting with the Fantom network has grown from roughly 5,000 in January to over 1.5 million in December 2021, marking a user base growth of 29,452% over the year.

According to data from DeFiLlama, the total value locked in DeFi protocols on Fantom is currently over $6 billion. Fantom’s native token, FTM, is currently the world’s 28th largest cryptocurrency with a market capitalization of around $7.5 billion. It’s recently benefited from a Layer 1 boom that’s also seen other coins like NEAR soar in value. It’s up over 90% in the last two weeks.

Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies. Andre Cronje is an equity holder in Crypto Briefing.

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Andre Cronje Announces Keep3r Expansion With Eden Network

Renowned developer Andre Cronje has revealed a new partnership with Eden Network that will benefit Keep3r users. As part of the strategic partnership, according to a post written by Cronje, Keep3r Network has acquired 602,409 EDEN tokens.

Eden Network, previously ArcherDAO, is a transaction ordering protocol that protects its users from “arbitrary reordering” while making transactions on Ethereum. In other words, users are protected from transaction frontrunning by sending transactions via the Eden Network.

The protocol is optional and non-consensus breaking, their official website claims, and offers a “fair set of rules to order transactions within each block”. In addition, it has a reward system to realized Miner Extractable Value (MEV) profits.

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The acquisition of the EDEN tokens guarantees that Keep3r Network has “probabilistic certainty” to become a Slot Tenant on Eden Network.

This will grant premium blockspace to Keep3r effectively allowing to “own a slice of every block” and have priority to insert transactions, benefit from private transactions, users will receive better prices to transact on Ethereum, and thus Keep3r will increase its adoption levels.

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To access these benefits, a person needs to leverage the kp3r proxy, the post clarified. Andre Cronje said the following on Keep3r Network’s new collaboration:

This is valuable for Keep3r as we can protect keepers & jobs from frontrunning while having priority access to block space. Over half of Ethereum hashpower is on the Eden Network.

Eden Network EDEN Ethereum Andre Cronje

Eden Network Contributes To Solve Ethereum’s High Fees Problem?

As NewsBTC has reported on several occasions, high transactions fees have become a major issue for the Ethereum ecosystem.

Thus, solutions emerged from many sectors, such as the series of tools developed by Flashbots, Eden Network and its user focus MEV approach, L2 scaling solutions like Optimist Rollout, and others.

Ethereum is the epicenter of some of the hottest trends in the crypto industry, from DeFi to Non-fungible tokens (NFTs), and on-chain gaming. To trade or interact with a smart contract, a transaction must be triggered.

Cronje, known as the developer behind Yearn Finance, and for his motto “I test in prod”, seems to acknowledge the importance of integrating Keep3r with solutions that mitigate the high fee issue.

The main objective is to protect users, but also to encourage them to use Ethereum and prevented them from migrating to alternatives.

In the past weeks, Ethereum competitors and their ecosystem have been thriving on the back of the high costs to operate on its network. Recently, Solana and Cardano reached new highs with massive rallies that have gone, at some point, against the general trend in the market.

In the short term, Eden could gain more relevance as other projects will prioritize the preservation of their user base amidst the current congestion of the Ethereum network. The team behind Eden Network told NewsBTC the following on their collaboration:

This partnership demonstrates the value that blue chip DeFi projects are finding in Eden Network’s priority protocol. In the near term, we plan to continue to expand access and awareness of Eden Network to traders, who currently are being quietly exploited by malicious MEV bots on the order of several millions of dollars per week. Taking advantage of Eden Network is low-hanging fruit that offers a lot of advantages.

At the time of writing, ETH trades at $3,225 with sideways movement coming out of the weekend.

Eden Network Keep3r Network


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C.R.E.A.M. launches Iron Bank flash loans, eyes cross-chain capital efficiency

In a press release today, C.R.E.A.M. Finance announced a new feature for (and, by proxy, an unofficial relaunch of) Iron Bank, the protocol-to-protocol lending platform designed for flash and undercollateralized loans. 

C.R.E.A.M., which founder Leo Cheng describes as “the yolo-est Compound fork,” is a money market designed to cover assets that are “underserved” and allow for greater capital efficiency for decentralized finance (DeFi) power users, listing assets such as Yearn vault tokens and liquidity pool tokens.

“We’re adding assets that people want to have, but others may be scared of,” said Cheng.

Iron Bank is, in many ways, an extreme implementation of that ethos. The protocol, which allows for undercollateralized protocol-to-protocol lending, is meant to serve as DeFi’s equivalent of the $10 trillion corporate debt industry, allowing the principle of “corporate credit” to function between whitelisted protocols. 

Some critique the idea conceptually — undercollateralized lending is still an exotic niche in DeFi — and those critics took a victory lap in the wake of the Alpha Homura hack that led to an exploit of Iron Bank. This despite Iron Bank bearing little responsibility for the vulnerability, and the fact that the Iron Bank has quietly continued to function across multiple Yearn vaults for months — though not nearly at the scale to which it’s capable. 

Now, with a new feature release and Alpha Homura gearing up for a relaunch of its V2, Iron Bank is ready to re-enter the spotlight — and it may be poised to do so in a major way. 

DeFi Voltron

Cheng speaks with a touch of pride about C.R.E.A.M.’s status as a member of “DeFi Voltron” — the body of high-profile protocols that “merged” with or were “acquired” by the Yearn ecosystem at the end of last year. 

What started as a casual conversation about getting DeFi maestro Andre Cronje involved in the project quickly became a team-level integration between Yearn and C.R.E.A.M., says Cheng. To this day the practicalities of the integrations/mergers/collaborations between the protocols largely remains a mystery to outsiders, and as a recent rupture with Cover has demonstrated, the “mergers” are not always etched in stone.

In Cheng’s view, right now the various projects/protocols can be thought of as the pre-Constitutional United States: separate state-level entities are linked through the Articles of Confederation, and each leverages their own currency.

He hinted that one day it might be a “possibility” that all tokens under the Yearn banner merge to create a single, unified token.

“I’m not saying that’s where we’re headed, but I think it’s a possibility in the long run — I don’t know.” 

C.R.E.A.M’s purpose in the Yearn DeFi Voltron machine is to be the one-stop all-things-lending solution, and as the Iron Bank proves, lending is a wide umbrella. While Iron Bank can be difficult to grasp conceptually, ultimately what it creates is simple capital efficiency, says Cheng. 

“Look at the anatomy of a flash loan,” says Cheng.

A flash loan might interact with multiple protocols at once and trade between multiple assets, but Ethereum “doesn’t quite care, and it doesn’t quite see the borders with the smart contract projects.” They jump between protocols and assets in a “flash,” enabled by open liquidity.

If this borderless vision is taken to its extreme, “any asset a user has on Ethereum, they should be able to leverage it to borrow anything else anywhere else,” and if liquidity can be achieved through an arbitrage trade via a flash loan, that alone counts as a form of asset — at least in an ideal, capital-efficient future.

Iron Bank brings this principle of open liquidity to protocol-to-protocol relationships. Cheng says that C.R.E.A.M. is looking into working with projects like Saffron Finance, who are developing risk-based tranched debt. If users think that Iron Bank debt is riskier (especially at the upper end of its possible leverage, up to 95x), Saffron has the infrastructure to support that.

What’s more, Cheng says that C.R.E.A.M is working to expand the horizons of liquidity even to other chains.

Capital Efficiency Squared

If Ethereum doesn’t care about the borders between assets and protocols, then why can’t the same liquid efficiency logic apply to all Ethereum Virtual Machine-compatible chains? This would allow for loans, undercollateralized loans, and flash loans across multiple ecosystems, bolstering liquidity across the space. 

“Cross-chain lending. That’s the thing where people stop and say, ‘wait, hold on, what?’” Cheng laughed. “That’s something we’re prototyping right now. It’s not something on the roadmap, blah blah, we’re prototyping it right now.”

In its early form, users would be able to deposit assets on C.R.E.A.M. V1 and unlock a loan on another chain, allowing them to access an alternative ecosystem while maintaining their assets on Ethereum. The more exotic lending types will come later.

The problems in creating ideal, safe capital efficiency across all EMV-compatible chains are significant, but they’re currently being worked through, says Cheng. Eventually the goal is to enable Yearn vaults to go cross-chain via a “generalized wrapper,” which could expand the tools available to vault strategists by orders of magnitude.

It’s a vision of open liquidity and capital efficiency enabled, in part, due to an open developmental ethos across the DeFi Voltron:

“We have so many channels open. If you had my Telegram open… so many working groups. I think that story is underplayed. The whole idea of this merger, it’s so powerful — we can hop in these channels at any time, ask each other anything. It’s letting us move so quickly.”