FTM token rises by 25% in 24 hours after the publication of the project’s financial statements

According to an article by developer Andre Cronje, Fantom has a 30-year margin of financial strength

29.11.2022 - 11:30

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What’s new? The price of the token of the Fantom (FTM) blockchain platform has shown a significant increase in the last 24 hours. The change in value came after developer Andre Cronje published detailed financial statements of the project on the social media platform Medium, which showed that at current costs, the company’s existing assets will be sufficient for 30 years of operation.

Link to the article

What is known about the project? Fantom is a decentralized blockchain platform for smart contracts. The Fantom ecosystem is used by projects like Aave, Curve, and yEarn. As of November 29, Fantom has $438,65 million in total value locked (TVL) (according to DefiLlama).

What does the report say? Cronje’s article describes the entire financial history of the Fantom blockchain, from June 2018, when the project raised $40 million in Ethereum cryptocurrency, through November 2022. The project currently holds $100 million in stablecoins, $100 million in cryptocurrencies, and $50 million in other assets.

The article also states that the project rejected numerous offers for listing and promotion by influencers. Thanks to its commitment to the DeFi strategy, Fantom earns about $6 million annually.

After the article was published, the price of the FTM token has risen by 25,62% in just 24 hours, from $0,1772 on the morning of November 28 to $0,2226 on the morning of November 29. At 11:30 UTC, the price of the asset is down slightly to $0,2159, according to Binance.

In March, Fantom announced the launch of its own algorithmic stablecoin USDB. The owners of the asset will have access to liquidity pools, stacking, as well as the provision of loans in cryptocurrency.

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