Fantom Ecosystem: Signs of Speculation Inflow?

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    The Datafi
    Published on
    · 2 min read
  • Andre Cronje's recent activity in the Fantom ecosystem has caused a significant stir in the world of cryptocurrency, with increased attention being paid to the money flow within the network. We have been observing Andre's wallet activity and noticed signs of increased activity.

    • Andre Cronje, founder of Yearn and co-founder of Fantom, recently rejoined the network and deposited 50 million FTM on Geist Finance.
    • He has also been purchasing tokens on the network, such as BOO, BEETS, GEIST, MMY, and BRUSH.
    • The growth in bridge and lending TVL suggests positive signs of speculation in the Fantom ecosystem.

    Andre Cronje is known for his significant impact on the blockchain development community as the founder of Yearn and co-founder of Fantom, as well as being a backer of successful DeFi projects like Curve. He rejoined Fantom in November after his sudden exit earlier in the year.

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    Andre Cronje recently deposited 50 million FTM, worth approximately 10 million dollars, on Geist Finance on November 30th. He also borrowed 3 million USDC and deposited it on the protocol to take advantage of price disparities and earn APY. Since November 21st, Andre has been purchasing tokens such as BOO, BEETS, GEIST, MMY, and BRUSH.

    These tokens on the Fantom network should be monitored as Andre may have inside information about these projects. Currently, Stargate Finance and Geist Finance are the two largest protocols on Fantom, as they have experienced the largest growth in Total Value Locked (TVL) in the past 30 days.

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    The increase in bridge TVL suggests increased inflow into the ecosystem through bridges. Meanwhile, the growth in lending TVL could indicate a short-term demand for speculation (as assets are mortgaged to borrow stablecoins and then used to purchase tokens). 

    Insight: This points to positive signs of speculation in the Fantom network.

    Token Fantom (FTM) is the underlying cryptocurrency of the Fantom network. It has been the subject of recent attention due to the observed wallet activity of Andre Cronje and the growing popularity of Fantom protocols. Readers should continue to monitor developments in the Fantom ecosystem for further insights.