Will This Experienced DeFi Founder Save FTM After Taking Over As CTO?
2024年8月16日 - 4:00PM
NEWSBTC
In five short months, FTM, the native coin of the Fantom Network,
has been in free fall. In summary, the token is down a massive 70%
from March highs but is presently stable, following a stream of
supportive fundamentals. A big part of the recent turnaround is due
to a recovery in DeFi and capital flowing into the sector.
According to DeFiLlama data, all DeFi protocols across multiple
blockchains manage over $84 billion worth of assets. Though
Ethereum leads, over $128 million of digital assets are tied to the
interoperable Fantom Network reading from DeFiLlama. Sonic
(Formerly Fantom) Appoints Andre Cronje As CTO As DeFi TVL
stabilizes in the Fantom Network, though significantly lower than
in 2021, attention has been paid to the change in leadership at
Sonic (previously Fantom) Labs. Related Reading: Crypto Guru Arthur
Hayes Bets On This Under-The-Radar Altcoin According to a press
release, Andre Cronje, the founder of Yearn.Finance and an
experienced DeFi developer is now the new Chief Technology Officer
(CTO). The DeFi founder takes over from Quan Nguyen. Cronje will
spearhead the design and development of the blockchain with a keen
focus on building a new bridging technology, The Sonic Gateway.
This bridge aims to ensure that Sonic is interoperable and users
can move tokens across multiple blockchains, including Ethereum.
Only time will tell how FTM evolves, looking at the development in
the daily chart. As of mid-August, FTM is up 52% from August low.
Most importantly, the token appears to be absorbing the selling
pressure of the last five months. Impact Of The Multichain Hack,
Efforts To Revive FTM And Sonic Ecosystem Following the Multichain
hack in 2023, the Sonic ecosystem and FTM face challenges. The
attack on the Multichain Bridge saw hackers make away with roughly
$125 million of assets, a massive blow. With the community hit
hard, Cronje said the Fantom team was misled about the security of
Multichain. Related Reading: Crypto Analyst Reveals What Could
Drive The Bitcoin Price To $48,000 As Sonic Labs looks to
fast-track development, they recently announced the Sonic Innovator
Fund. The fund, seeded from the Sonic Foundation treasury, will
offer support for top protocols migrating to their platform. To
make this possible, they are also working with angel investors like
the founders of Aave, Curve, and Compound. Feature image from
iStock, chart from TradingView
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