NewsletterRumors of Andre Cronje’s Return Makes Fantom Rise by 25%
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.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Expert Predicts Further Downside For Bitcoin As Fear and Greed Index Drops To 10
- Solana and XRP ETFs Attract Fresh Inflows Even as Crypto Market Falls
- BLS to Release Jobs Report on Nov. 20 as Uncertainty Over Fed Rate Cut Persists
- JPMorgan calls Bitcoin Price Bottom, Predicts It Will Challenge Gold Next Year
- Zcash to Surpass XRP? Arthur Hayes Makes Bold Claim Amid ZEC’s 45% Rally
- Litecoin Price: With a 12% Surge and Pearson BTC Correlation at –0.01, Is LTC Gearing Up for $125?
- What’s Next for Chainlink Price After 53.87 Million Tokens Accumulated
- What the New Bitcoin Model Predicts About a Possible $200K BTC Price Target?
- Zcash Price Soars 45%: Here’s Why
- Bitcoin Price Pattern Points to a Crash to $62k as Fed Cut Odds Fall to 54%
- Zcash Price Defies Market Crash: Will Shrinking Exchange Netflows Keep ZEC Rallying?
