One crypto project is outperforming most of the markets with a recent rally following an announcement from one of its key contributors.
Andre Cronje, a prolific developer in the decentralized finance (DeFi) space and “Architect” for the Fantom Foundation, says the project should be able to run for 30 years without having to sell a single FTM token.
In a blog post, Cronje reveals details of the project’s financials with a timeline of its development since 2018. According to the DeFi veteran, the Fantom Foundation has turned down multiple partnership offerings, including with Alameda Research, the trading arm of now-bankrupt crypto exchange FTX.
“5 Jan 2022 Alameda asks for further cooperation, we pass.
14 Jan 2022 An exchange asks us $300,000,000 for a listing, we pass.
May 2022 $50,000,000 in losses having had treasury in BOO, CRV, YFI, CVX, and ETH. Still > $100,000,000 in stables.
Oct 2022 An NFT exchange asks us $100,000,000 to deploy. We pass.
Nov 2022 Over 450,000,000 FTM, > $100,000,000 in stables, > $100,000,000 in crypto assets, $50,000,000 in non-crypto assets. Salary burn rate $7,000,000 / year. We have ~30 years left (without having to touch FTM)”
Cronje says that while most layer-one projects own the majority of their tokens and generate revenue by selling them off, Fantom owned just 3% at launch, and 14% today.
“Other than ETH, Fantom is the oldest non-fork L1 with any real TVL, we have been operating for over 4 years, we plan to continue operating for at least another 30 more. We have a proven track history of technological advancements and delivery.”
If your entire revenue model is selling your token, you are doing a disservice to yourself, your blockchain, and your supporters.”
Following the blog post, FTM bounced from the $0.17 range to well about $0.24 in less than two days for a 41% gain, making it one of the top performers in the crypto markets.
At time of writing, FTM is trading at $0.23, up 8% in the last 24 hours.
Check Latest News Headlines
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Pakpoom Makpan/Andy Chipus
This article was originally reported on The Daily Hodl.