In the past months, the announcement of legendary giant developer Andre Cronje that he will leave his sector has triggered the destruction of related altcoin projects. The price of one of these altcoins, Phantom (FTM), took a leap today as Cronje’s codes reappeared on the network.
Andre Cronje’s return has skyrocketed the price of Phantom (FTM)
Fantom (FTM), the 57th largest crypto currency by market value, has bottomed at $0.3243 in the past hours jumped by more than 10%. Thus, it was the best performer among the top 100 altcoins. The reason for the rise is due to Github data that revealed that Cronje has created code for the Fantom stablecoin platform. As we have covered in
Kriptokoin.com news, Cronje, considered one of the most prolific developers in the DeFi industry, and main developer Anton Nell had unexpectedly left Phantom in early March. After that, the price of FTM fell sharply, which took a long time to recover.
Andre Cronje returns to the altcoin market during a difficult time
After a hiatus of nearly two months, Cronje’s return coincided with a difficult period in the market. FUSD, the stablecoin of the phantom network, has been losing price stability like UST since last week. Following the Terra UST collapse, FUSD leaves investors cautious about stablecoins.
Legendary developer Phantom is back to fix the stablecoin crisis?
Cronje seems to be working on Fantom’s FMint technology that allows users to print FUSD. Its comeback came at a time when stablecoin prices were destabilizing due to severe market pressure. According to data from Coinmarketcap, FUSD is currently trading at $0.6972, well below its stable price of $1. It also indirectly caused FUSD to fluctuate when Phantom changed the stablecoin mechanism. To hedge positions through FUSD, the protocol outlined high collateralization requirements. He also did not specify the amount of time he would allow to cover the positions.
New FIP out!
Read on to learn about proposed changes to sFTM and fUSD.
Addressing:
– liquidations
– how to repay outstanding debt
– LTVs and minting limitsWe welcome everyone to leave comments on Github.
— Fantom Foundation (@FantomFDN) May 20, 2022
Additionally, FUSD also has a dynamic will see the interest rate. But judging by the stablecoin’s sharp stabilization, it seems that investors are not happy with the move.
In a blog post published in early April, Cronje declared that “crypto is dead” and said that more regulation is needed in this area. He also denounced the focus on community wealth building, which overshadows the “fundamental principles” of the cryptocurrency market.
