{"id":278127,"date":"2022-11-29T10:10:19","date_gmt":"2022-11-29T10:10:19","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=278127"},"modified":"2022-11-29T10:08:19","modified_gmt":"2022-11-29T10:08:19","slug":"andre-cronje-reveals-how-defi-saved-fantom-ftm-surges-17","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/andre-cronje-reveals-how-defi-saved-fantom-ftm-surges-17\/","title":{"rendered":"Andre Cronje reveals how DeFi saved Fantom; FTM surges 17%"},"content":{"rendered":"

Fantom (FTM<\/a>) has grown by over 17% following Andre Cronje's revelation that its Foundation has $340 million worth of assets and annual earnings of over $10 million.<\/p>\n

Cronje said Fantom was cash positive, and it was still scaling up.<\/p>\n

Cronje says DeFi saved Fantom<\/h2>\n

Cronje said the Foundation might have stopped operating if DeFi did not exist. He said:<\/p>\n

“If DeFi didn\u2019t exist, we would likely not be operational today. I believe the same is true for many companies out there.”<\/p><\/blockquote>\n

In a Nov. 28 blog post<\/a>, Andre Cronje said Fantom had over 450 million FTM tokens ($96.43 million), $100 million worth of stablecoins, $100 million in other crypto assets, and $50 million in non-crypto assets.<\/p>\n

The famed founder detailed how the project rose to its current state after raising $40 million in 2018. He revealed that Fantom paid over $3 million in listing fees to exchanges and over $500,000 to influencers in the early days. But after all the initial expenses, it had less than $5 million left in its treasury.<\/p>\n

This led to the decision never to pay exchange or sponsorship fees again, and it started cutting down on expenses until its expenditure was below $500,000 a year.<\/p>\n

How DeFi saved Fantom<\/h2>\n

In February 2020, the company had about $4 million worth of assets left and started participating in DeFi and using the profits to buy back FTM. The goal was to increase its burn so that it could scale.<\/p>\n

This led to the launch of COMP. After that, the project started participating in yield farming and other DeFi endeavors, which increased its treasury to over $39 million.<\/p>\n

By 2021, the project had over $51 million in treasury and yearly revenue of $2 million. It also sold FTM tokens to Alameda and Blocktower to generate more money and scale. The treasury in September 2021 reached $263 million without FTM.<\/p>\n

FTM and related tokens surge<\/h2>\n

Andre Cronje's revelation has made FTM one of the best-performing digital assets in the last 24 hours.<\/p>\n

According to CryptoSlate data<\/a>, FTM surged by over 17% to $0.2139 as of press time. The layer1 blockchain network digital asset has risen 27.5% on the seven days metrics.<\/p>\n

Meanwhile, Coingecko revealed<\/a> that other tokens on the Fantom ecosystem, like SCREAM and GEIST, were up by 14.3% and 43.5%, respectively.<\/p>\n

DeFillama data<\/a> also showed that the total volume of assets locked in Fantom had grown 3.39% in the last 24 hours to $438.45 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

Fantom (FTM) has grown by over 17% following Andre Cronje’s revelation that its Foundation has $340 million worth of assets and annual earnings of over $10 million. Cronje said Fantom was cash positive, and it was still scaling up. Cronje says DeFi saved Fantom Cronje said the Foundation might have stopped operating if DeFi did […]<\/p>\n","protected":false},"author":720,"featured_media":278173,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,46940],"tags":[75597,77282,76990],"post_folder":[],"acf":[],"yoast_head":"\nAndre Cronje reveals how DeFi saved Fantom; FTM surges 17%<\/title>\n<meta name=\"description\" content=\"Fantom's FTM has grown by over 17% following\u00a0Andre Cronje's revelation that its Foundation has $340 million worth of assets.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/andre-cronje-reveals-how-defi-saved-fantom-ftm-surges-17\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Andre Cronje reveals how DeFi saved Fantom; FTM surges 17%\" \/>\n<meta property=\"og:description\" content=\"Fantom's FTM has grown by over 17% following\u00a0Andre Cronje's revelation that its Foundation has $340 million worth of assets.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/andre-cronje-reveals-how-defi-saved-fantom-ftm-surges-17\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-29T10:10:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-11-29T10:08:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/11\/image_2022-11-29_150603345.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/andre-cronje-reveals-how-defi-saved-fantom-ftm-surges-17\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/andre-cronje-reveals-how-defi-saved-fantom-ftm-surges-17\/\"},\"author\":{\"name\":\"Oluwapelumi Adejumo\",\"@id\":\"https:\/\/cryptoslate.com\/#\/schema\/person\/b333928a322ba4c082e8bb2ad0f14eb6\"},\"headline\":\"Andre Cronje reveals how DeFi saved Fantom; 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