A cryptocurrency project has outperformed most markets in its recent rise following an announcement from one of its key contributors.
Andre Cronje, a prolific developer in the decentralized finance (DeFi) space and an architect at the Fantom Foundation, says the project should be able to run for 30 years without selling a single FTM token. increase.
and blog post, Cronje reveals financial details of the project, along with a timeline for development beyond 2018. According to DeFi veterans, the Fantom Foundation has turned down multiple partnership offers, including Alameda Research, the trading arm of the now-bankrupt crypto exchange FTX.
January 5, 2022 Alameda asked for more help and was successful.
January 14, 2022 An exchange asked for $300 million to go public, and it passed.
May 2022 Treasury in BOO, CRV, YFI, CVX, and ETH, $50,000,000 loss. Still over $100 million in the stable.
October 2022 $100 million demanded by NFT exchange. pass.
November 2022 Over 450 million FTMs, $100+ million in stables, $100+ million in crypto, $50 million in non-crypto. Salary burn rate $7,000,000/year. We have another 30 years (without touching FTM).
Cronje said most Layer 1 projects own a majority of their tokens and make money by selling them, but Fantom owned just 3% at launch and 14% now. .
Besides ETH, Fantom is the oldest non-forked L1 with a real TVL. We have a proven track record of delivery.
If your entire revenue model is selling tokens, you are doing yourself, the blockchain and your supporters a disservice.
Following the blog post, FTM bounced from the $0.17 range to around $0.24 in less than two days, making it one of the best performers in the crypto market with a profit of 41%.
As of this writing, FTM is trading at $0.23, up 8% over the past 24 hours.
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