THELOGICALINDIAN - Fantom has jumped back Andre Cronje submitted a angle to save fUSD
Fantom’s FTM badge has rallied back Andre Cronje issued a angle to balance fUSD’s peg.
Andre Cronje Submits fUSD Proposal
Fantom is accepting cogent bullish drive as belief mounts about Andre Cronje’s accessible acknowledgment to DeFi.
Cronje has acquired a activity in the Fantom association over the accomplished few canicule afterwards he submitted a fUSD access proposal that aims to break the stablecoin’s astringent de-pegging issue. Cronje, who became accepted for creating the crop access apparatus Yearn Accounts and a host of added DeFi protocols, announced he would be abrogation crypto to acknowledgment to the acceptable accounts area in March, canicule afterwards ablution his long-awaited Solidly activity on Fantom.
Moreover, a Fantom address broadly believed to accord to Cronje has added over 100 actor FTM in the accomplished two weeks, which has added to the belief surrounding his accessible acknowledgment to the Fantom ecosystem.
The fUSD angle comes during a agitated aeon for the stablecoin market. Earlier this month, Terra suffered a affecting collapse afterwards its UST stablecoin absent its peg to the dollar. However, the Fantom Foundation afresh put out a Twitter update advertence that “fUSD is not UST,” abacus that fUST is “over-collateralized” and backed by staked FTM. “Users actualize fUSD by borrowing adjoin their staked FTM. If the amount of the FTM goes beneath the minimum accessory ratio, again the FTM is progressively auctioned off to users who bid application fUSD (to accumulate peg),” the column read.
Still, it charcoal to be apparent whether Cronje’s angle can advice fUSD achieve its $1 peg.
FTM Meets Resistance
FTM rallied by added than 45% over the weekend, advertence that bazaar participants accept aplomb that fUSD can be saved. The abrupt advance acquired from a balanced triangle blemish that developed on the four-hour chart.
Despite the cogent gains, Fantom appears to accept accomplished resistance.
Transaction history shows that 207 addresses accept ahead purchased about 85 actor FTM amid $0.49 and $0.51. This cogent accumulation barrier could anticipate prices from advancing added as addresses attending to breach alike on their underwater positions.
A abiding four-hour abutting aloft $0.51 could advice Fantom accretion added drive to beforehand to $0.56. Failing to affected the $0.51 could animate traders to advertise their holdings, potentially blame FTM aback to the $0.43 abutment level.
Disclosure: At the time of writing, the columnist of this allotment endemic BTC and ETH.
