Fantom Network’s native token, FTM, has dropped sharply over the last five months, falling 70% from its March highs. But new improvements in the DeFi sector and good things happening in the Fantom ecosystem have kept the token’s value stable.
The rise of decentralized finance (DeFi) and the flow of cash into the sector are two important factors in this recovery. DeFi protocols now handle more than $84 billion in assets across different blockchains, according to data from DeFiLlama.
FTM Holds $128 Million Assets
Ethereum is still the most popular cryptocurrency, but the Fantom Network has more than $128 million in digital assets, which is a sign that things are getting better.As the economy gets better, the changes in leadership at Sonic Labs (formerly Fantom Labs) have gotten a lot of attention.
Along with Quan Nguyen, Andre Cronje, the founder of Yearn.Finance and a well-known person in the DeFi space, has been named the new Chief Technology Officer (CTO). Cronje will spend most of his time working on The Sonic Gateway, a system that will make it easier for Sonic to work with other blockchains, such as Ethereum.
As of mid-August, FTM had gone up 52% from its August lows, which suggests that things might be about to get better, even though the last few months have been tough.
The Sonic environment and FTM still have a long way to go, especially after the 2023 Multichain hack, in which assets worth about $125 million were stolen. Cronje said that the Fantom team was lied to about how safe the Multichain Bridge was, which made things worse.
Sonic Labs has started the Sonic Innovator Fund, which is backed by the Sonic Foundation’s cash on hand. With extra help from angel investors like the owners of Aave, Curve, and Compound, this fund aims to help top protocols move to the Sonic platform.
