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Andre Cronje's Possible Return to DeFi Boosts FTM Price Growth

bctd.news 23 May 2022 08:55, UTC
Reading time: ~2 m

DeFi architect Andre Cronje, who served as a technical advisor for the smart contract platform Fantom, may return to the industry. This march, Cronje together with Anthon Nell, whith whom they worked on various DeFi projects, announced leaving the industry. What makes suggest that the developer may return is his recent proposal on Fantom's stablecoin FUSD's optimisation.

According to a tweet by the crypto reporter Wu Blockchain, Cronje's address has added about 100 M FTM, which is considered a come back. Fantom's stablecoin FUSD has seen a major de-pegging, falling as low as $0.6. The price has increased afterward and currently stands at around $0.7.

Andre Cronje released the Fantom fUSD optimization proposal. AC address has recently added nearly 100 million FTM, which is considered to be returning to Fantom. FUSD suffered a severe de-pegging, and Fantom TVL also dropped sharply by about 69%. https://t.co/dpBe7y9AQ4

— Wu Blockchain (@WuBlockchain) May 22, 2022

Fantom's stablecoin de-pegging may be a result of the general market pressure and the collapse of Terra blockchain and the UST stablecoin.

Meanwhile, Fantom Foundation tweeted on the de-pegging, saying fUSD is different from UST as it is overcolletaralized like DAI and is backed by staked FTM.

In general, the crypto market started to turn green today. In the last 24 hours, the Bitcoin price increased by around 1.4% and currently trades at around $30,000. Ether went up by 2.5%. Fantom, hbowever was one of the biggest gainers. In the last 7 days, the coin grew by around 41%, and in the last 24 hours, it increased by 15%. At the moment, the Fantom price is around $0.5.

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