Hi HODLers,
Long time without me talking about Fantom (FTM) It used to be one of my favorite chain before the Bear Market but it had ran into some issues and lost its shine.
The main blow was the departure (and then re-departure) of Andre Cronje and the failed Solidity launch,
After saying goodbye to the game (again) last March, then returning in November, it now looks like the mind behind Yearn Finance and Keep3r (and numerous other high-profile projects) is rolling up his sleeves and getting back to work.
$FTM Price Chart
Over the past 30 days, $FTM went up a whooping 184%!
ReLaunch of the fUSD stablecoin?
It seems like the recent run of Fantom is due to a potential relaunch of the fUSD (v2).
The previous fUSD was working as LUNA and UST which means it was not sustainable.
To begin building/mergin to the new one there is a simple goal:
Liquidate any positions in which the value of the stablecoin is equal or greater to the FTM or staked FTM (sFTM) backing that stablecoin.
Saying it diferently, Fantom is clearing out the bad debt to be able to start anew.
Having a native stablecoin is very important in order to pay developers or DeFi investors and to build confidence in the network.
As Cronje writes:
“for Fantom, we want to be able to provide builders, partners, and users, a predictable and budget-friendly system.”
Well, I guess Cronje is back but I have learned my lesson and will not follow him blindly anymore, he could leave for a third time or pull up some dodgy project.
Did you hear about Fantom recently?
Stay safe out there,