Andre Cronje Appointed As CTO Of Sonic (Formerly Fantom) Labs

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

The native coin of the Fantom Network, FTM, has been in a free fall for five short months. However, the token has managed to stabilize recently, showing a 70% decline from the March highs but a promising recovery.

A large part of this recent turnaround can be attributed to a recovery in DeFi and the capital flowing into the sector. According to DeFiLlama, all DeFi protocols across multiple blockchains handle over $84 billion in assets. While Ethereum takes the lead, over $128 million of digital assets are tied to the interoperable Fantom Network, as per DeFiLlama.

As DeFi TVL stabilizes in the Fantom Network, albeit at a significantly lower level than in 2021, the shift in leadership at Sonic (formerly Fantom) Labs has garnered attention.

Andre Cronje, the founder of Yearn.Finance and a veteran DeFi developer, has been appointed as the new Chief Technology Officer (CTO), as stated in a press release. Cronje will take over from Quan Nguyen in this role.

Cronje will lead the design and development of the blockchain, focusing on building a new bridging technology called The Sonic Gateway. This bridge will ensure that Sonic is interoperable, allowing users to seamlessly 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 lows. Most importantly, the token seems to be absorbing the selling pressure of the last five months.

The Sonic ecosystem and FTM have faced challenges following the Multichain hack in 2023. Hackers managed to siphon off around $125 million of assets in the attack on the Multichain Bridge, dealing a severe blow. Cronje stated that the Fantom team was misled by the community regarding the security of Multichain.

As Sonic Labs aims to fast-track development, they recently announced the Sonic Innovator Fund. The fund, seeded from the Sonic Foundation treasury, will support top protocols migrating to their platform. To achieve this, they are also collaborating with angel investors like the founders of Aave, Curve, and Compound.

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