It has been almost a month since Fantom’s highly regarded DeFi developer, Andre Cronje, announced he was leaving the DeFi space; however, Fantom got through the FUD and is still one of the most promising layer-1 solutions.  Covered: Fantom FUD Recap Fantom Is Still A Leading Protocol In The DeFi Space Why Fantom’s DeFi SpaceWill […] The post Data Shows Impact of Andre Cronje Leaving Fantom Have Subsided appeared first on CryptosRus.

Data Shows Impact of Andre Cronje Leaving Fantom Have Subsided

It has been almost a month since Fantom’s highly regarded DeFi developer, Andre Cronje, announced he was leaving the DeFi space; however, Fantom got through the FUD and is still one of the most promising layer-1 solutions. 

Covered:

  • Fantom FUD Recap
  • Fantom Is Still A Leading Protocol In The DeFi Space
  • Why Fantom’s DeFi SpaceWill Dominate 2022

Fantom FUD Recap

At the beginning of the month, Fantom followers were devastated after hearing that one of the top developers of the ecosystem, Andre Cronje, was leaving the DeFi space.

Both price and TVL for the promising L1 protocol plummeted, as many traders and investors saw this as the end of Fantom. In just a couple of days, the price and TVL of Fantom were both down over 30%.

Fantom Is Still A Leading Protocol In The DeFi Space

Now that about a month has passed, let’s take a look at how Fantom has held up. After Andre’s announcement, the price of Fantom fell from $1.70 to $1.04 over the course of just over a week. But that seemed to be the end of the Fantom FUD impact, since then, price has been steadily (and seemingly naturally; i.e., not much whale manipulation) climbing and is now at $1.38 at the time of writing.

In terms of TVL, Fantom dropped dramatically from about $11.26 billion to $7.04 billion, but it seems to have stabilized its TVL at around 7.4 billion for the past two weeks. However, if we take a closer look at TVL from Fantom-only protocols, we can start to see that investors are beginning to trust the Fantom ecosystem again. Of course, if you look at the one month change, almost all protocols on Fantom are in the red. However, TVL has significantly increased over the past seven days for some of the top well-known Fantom protocols. For example, SpookySwap and Tomb Finance are up 9.22% and 37.84% in TVL this past week, respectively.

Fantom is slowly recovering, and the protocol sits at number 6 right behind Solana (only by about a half billion) in terms of TVL. All TVL data was acquired from DeFi Llama.

Why Fantom’s DeFi Space Will Dominate 2022

First off, Fantom’s ecosystem is still growing, and the numbers show that:

Second, even after Andre’s departure, Fantom came out with some pretty big collaborations. Fantom recently named a new chief research officer, Professor Bernhard Scholz, whose research focuses on smart-contract execution, security, and performance. Professor Scholz has published extensively on programming languages and blockchains and has a strong understanding of the Fantom ecosystem. Additionally, in recent news, Fantom announced that they would now be a sponsor of brothers Enzo and Pietro Fittipaldi, the F1 and F2 drivers that are well integrated in not only auto racing, but in the world of esports and virtual auto racing as well.

In looking even further into the future, there are some major milestones and metrics that show Fantom will continue to be one of the leading protocols in the DeFi space. For example, Fantom has been exceeding Ethereum in terms of daily transaction, meaning there is a massive amount of activity on the network.

Fantom also has over 200 native dApps, a 42x increase in verified contracts compared to last year, is on the wormhole bridge, and is one of the most eco-friendly blockchains. There is too much potential in Fantom’s ecosystem for the project to just die because a prominent developer left. The Andre Cronje FUD has officially subsided, and although Fantom did take a hit because of it, Fantom has shaken off the FUD, and the giant ecosystem (see below) can continue its growth.

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