How did Fantom Ecosystem's TVL reached $10bn so quickly!

in LeoFinance4 months ago

Hi HODLers,

Fantom has been on a roll as I have been commenting on lately. This is mostly due to Andre Cronje and Daniele just being very active on social media and on the development front with a lot new projects coming to Fantom and getting users excited about.

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(Andre Cronje and Daniele)

The latest project Andre Cronje unveiled was a new Defi project called ve(3,3).

This project will run on Fantom blockchain, it will include an AMM (such as Uniswap, PancakeSwap...) and and emission-based token structure (OHM style DeFi).

Users will be able to deposit and lock a base token, in return, they will get some farming incentives.

Andre and Daniele have developed their idea on Twitter Space yesterday during close to 2hours. There were 7k+ listeners and the overall conversation was very high level and very interesting.

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Top #10 Chains by TVL

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Fantom TVL

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As much as I am bullish on Fantom, this increase in TVL should be taken with a grain of salt. A lot of this jump is indeed on the Fantom network but due to the tweet shown below.

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Therefore a project: veDAO ($WeVe) was created with the ONLY goal, to get into the Top 20 Fantom TVL teams to get one of these 20 NFTs.

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This project solely accounts for 25% of the overall funds locked on Fantom. Therefore, as I said before, the TVL numbers should be looked deeper into. Do not fall for the headline ;)

Nevertheless, Fantom is HOT and I plan to bring you the latest news about it as well as creating some simple tutorials. I am excited and I hope you are my dear Degens!

Stay safe out there,

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Haha oh Fantom, sneaky sneaky.

Good catch!

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Hehe, not their fault but definitely a bit of fireworks 💥 there. Still a great network ! One of my Top3 for sure.

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This is the first time I will be seeing anything related o fantom, I will do more research on it. Thanks for this information

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If you like DeFi and being a Degen you definitely should 😉

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The ve(3,3) hype is real but seeing every "3,3" project out there crashing and burning isn't giving me much hope for this new protocol.

The airdrop is also for protocols only not users so many of them moved a lot of liquidity over to fantom. Even Yearn deployed vaults with insane APY on BTC and ETH.

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Damn these APYs are juicy, which platform are they on?

I also feel this ve(3,3) looks like a remake of OHM and OHM forks krach.

It's from Yearn finance

They deployed on FTM recently so those will go down fast but they are the OG DeFi protocol and they will probably share some of that ve3,3 airdrop with yearn holders.

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Through loads of rehypothecation, it isn't real value being locked in, its just creating more derivatives, this is classic fiat

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I could not agree more. “TVL” in DeFi is overstated by at least a factor of 2.

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I am glad that I moved some funds over to Fantom. It has been very good thus far... this recent development cannot hurt.

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I am glad you had a good experience. Crypto is tanking at the moment so I might get some stablecoins and put some more $ in there hehe 😉

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Great! Thanks for showing the top 10 Chains by total value locked. Fantom is there

I only trade all this token.i don't invest them because many of them, their Network are not strong, they always hack them.

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Great!! It’s dip o clock time to scoop up some fantom

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I would be interested to see those tutorials, but this network has its own wallet right?

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