{"id":635816,"date":"2024-08-16T07:00:28","date_gmt":"2024-08-16T07:00:28","guid":{"rendered":"https:\/\/ktsl888.com\/?p=635816"},"modified":"2024-08-15T18:54:32","modified_gmt":"2024-08-15T18:54:32","slug":"defi-founder-save-ftm-after-taking-over-as-cto","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/fantom-news\/defi-founder-save-ftm-after-taking-over-as-cto\/","title":{"rendered":"Will This Experienced DeFi Founder Save FTM After Taking Over As CTO?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">In five short months, FTM, the native coin of the Fantom Network, has been in free fall. In summary, the token is down a massive 70% from March highs but is presently stable, following a stream of supportive fundamentals.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">A big part of the recent turnaround is due to a recovery in DeFi and capital flowing into the sector. According to DeFiLlama data, all DeFi protocols across multiple blockchains manage over $84 billion worth of assets. Though Ethereum leads, over $128 million of digital assets are tied to the interoperable Fantom Network reading from <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/defillama.com\/chain\/Fantom\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">DeFiLlama<\/span><\/a><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<figure id=\"attachment_635817\" aria-describedby=\"caption-attachment-635817\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-635817\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Screenshot1022.png?resize=1024%2C298\" alt=\"Fantom DeFi TVL | Source: DeFiLlama\" width=\"1024\" height=\"298\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Screenshot1022.png?w=1699 1699w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Screenshot1022.png?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Screenshot1022.png?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Screenshot1022.png?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Screenshot1022.png?w=1536 1536w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Screenshot1022.png?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Screenshot1022.png?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-635817\" class=\"wp-caption-text\">Fantom DeFi TVL | Source: DeFiLlama<\/figcaption><\/figure>\n<h2><span data-preserver-spaces=\"true\">Sonic (Formerly Fantom) Appoints Andre Cronje As CTO<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">As DeFi TVL stabilizes in the Fantom Network, though significantly lower than in 2021, attention has been paid to the change in leadership at Sonic (previously Fantom) Labs. <\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/crypto-arthur-hayes-under-the-radar-altcoin\/\" target=\"_blank\" rel=\"noopener \">Crypto Guru Arthur Hayes Bets On This Under-The-Radar Altcoin<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">According to a <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/blog.soniclabs.com\/andre-cronje-chief-technology-officer-of-sonic-labs\/\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">press release<\/span><\/a><span data-preserver-spaces=\"true\">, Andre Cronje, the founder of Yearn.Finance and an experienced DeFi developer is now the new Chief Technology Officer (CTO). The DeFi founder takes over from Quan Nguyen.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Cronje will spearhead the design and development of the blockchain with a keen focus on building a new bridging technology, The Sonic Gateway. This bridge aims to ensure that Sonic is interoperable and users can move tokens across multiple blockchains, including Ethereum. <\/span><\/p>\n<figure style=\"width: 1233px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.tradingview.com\/x\/TXKIVxhb\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/TXKIVxhb\/\" alt=\"FTM price trending upward on the daily chart | Source: FTMUSDT on Binance, TradingView\" width=\"1233\" height=\"590\"><\/a><figcaption class=\"wp-caption-text\">FTM price trending upward on the daily chart | Source: <a href=\"https:\/\/www.tradingview.com\/x\/TXKIVxhb\/\" target=\"_blank\" rel=\"noopener nofollow\">FTMUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Only time will tell how FTM evolves, looking at the development in the daily chart. As of mid-August, FTM is up 52% from August low. Most importantly, the token appears to be absorbing the selling pressure of the last five months. <\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Impact Of The Multichain Hack, Efforts To Revive FTM And Sonic Ecosystem<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Following the Multichain hack in 2023, the Sonic ecosystem and FTM face challenges. The attack on the Multichain Bridge saw hackers make away with roughly $125 million of assets, a massive blow. With the community hit hard, Cronje said the Fantom team was misled about the security of Multichain.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/drive-the-bitcoin-price-to-48000\/\" target=\"_blank\" rel=\"noopener \">Crypto Analyst Reveals What Could Drive The Bitcoin Price To $48,000<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">As Sonic Labs looks to fast-track development, they recently <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/docs.soniclabs.com\/funding\/innovator-fund\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">announced <\/span><\/a><span data-preserver-spaces=\"true\">the Sonic Innovator Fund. The fund, seeded from the Sonic Foundation treasury, will offer support for top protocols migrating to their platform. To make this possible, they are also working with angel investors like the founders of <a href=\"https:\/\/ktsl888.com\/news\/company\/top-defi-coins-surge-bet-bullish-on-uniswap-raboo-and-aave\/\" target=\"_blank\" rel=\"noopener \">Aave<\/a>, Curve, and Compound.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from iStock, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>In five short months, FTM, the native coin of the Fantom Network, has been in free fall. In summary, the token is down a massive 70% from March highs but is presently stable, following a stream of supportive fundamentals. A big part of the recent turnaround is due to a recovery in DeFi and capital flowing into the sector. According to DeFiLlama data, all DeFi protocols across multiple blockchains manage over $84 billion worth of assets. Though Ethereum leads, over $128 million of digital assets are tied to the interoperable Fantom Network reading from DeFiLlama. Sonic (Formerly Fantom) Appoints Andre Cronje As CTO As DeFi TVL stabilizes in the Fantom Network, though significantly lower than in 2021, attention has been paid to the change in leadership at Sonic (previously Fantom) Labs. Related Reading: Crypto Guru Arthur Hayes Bets On This Under-The-Radar Altcoin According to a press release, Andre Cronje, the founder of Yearn.Finance and an experienced DeFi developer is now the new Chief Technology Officer (CTO). The DeFi founder takes over from Quan Nguyen. Cronje will spearhead the design and development of the blockchain with a keen focus on building a new bridging technology, The Sonic Gateway. This bridge aims to ensure that Sonic is interoperable and users can move tokens across multiple blockchains, including Ethereum. Only time will tell how FTM evolves, looking at the development in the daily chart. As of mid-August, FTM is up 52% from August low. Most importantly, the token appears to be absorbing the selling pressure of the last five months. Impact Of The Multichain Hack, Efforts To Revive FTM And Sonic Ecosystem Following the Multichain hack in 2023, the Sonic ecosystem and FTM face challenges. The attack on the Multichain Bridge saw hackers make away with roughly $125 million of assets, a massive blow. With the community hit hard, Cronje said the Fantom team was misled about the security of Multichain. Related Reading: Crypto Analyst Reveals What Could Drive The Bitcoin Price To $48,000 As Sonic Labs looks to fast-track development, they recently announced the Sonic Innovator Fund. The fund, seeded from the Sonic Foundation treasury, will offer support for top protocols migrating to their platform. To make this possible, they are also working with angel investors like the founders of Aave, Curve, and Compound. Feature image from iStock, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":573240,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[92002],"tags":[84155,54512,1946,9376,43491,85756,92897,92896,79663],"class_list":["post-635816","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fantom-news","tag-andre-cronje","tag-defi","tag-ethereum","tag-fantom","tag-ftm","tag-ftmusdt","tag-multichain-hack","tag-sonic-labs","tag-yearn-finance"],"acf":[],"yoast_head":"\n<title>Will This Experienced DeFi Founder Save FTM After Taking Over As CTO?<\/title>\n<meta name=\"description\" content=\"FTM is under immense pressure but prices might turn around as Andre Cronje is now the CTO. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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