Fantom (FTM), which has seen a 12% price increase over the past day, is one of the top crypto market gainers. The price of Fantom(FTM), which is the token that underpins the eponymous Blockchain network, jumped by 12% in the past 24 hours and reached a daily high at $0.502 on Monday morning.
Data from CoinMarketCap indicates that FTM has also seen a remarkable 45% increase over the past seven days. This makes it the best-performing cryptocurrency of the industry’s 100 largest assets.
Fantom’s most recent price action could have been driven by speculation That Andre Cronje (a prolific developer of decentralized finance ( DeFi)), was returning to the project.
Cronje , a fellow developer, announced less than three months ago that he and Anton Nell were leaving the crypto space.
This unexpected move caused a sharp selloff of FTM and YFI (the native token of yearn).
Cronje was recently spotted on GitHub while working on fMint Protocol, Fantom’s platform for minting fUSD. This native stablecoin has suffered a significant depegging over the past few weeks.
The market pressure from the TerraUSD(UST) collapse may have led to the fUSD depegging. The Fantom Foundation highlighted on Twitter that fUSD, unlike UST is an over-collateralized stablecoin similar to DAI, backed by staked FTM.
“UST had no backing. By borrowing against staked FTMs, users can create fUSD. Users can borrow against their staked FTM to create fUSD. stated that UST did not have an auction process. The Fantom Foundation added that an explanation of the functions of fUSD will be published in the “coming weeks.”
At the time this article was written, fUSD was trading around $0.70. This is well below its $1 peg per CoinMarketCap.
Cronje, a Chinese crypto reporter Colin Wu observed , released the Fantom USD optimization proposal. Meanwhile, the Fantom account of the developer has recently added almost 100 million FTM “which is thought to be returning to Fantom.”
In particular, over the last two weeks, 11 tranches totaling 9,999,998.99 FTM have been sent to the address. The latest transaction occurred earlier Monday.
