Fantom’s FTM token has surged 39% this week following the publication of Fantom Foundation financial records.
FTM is trading at around $0,253 per unit at the time of writing. The Fantom network’s native token has gained 5% on the day and 39% on the week following the publication of the Foundation’s financial records.
Through his blog, blockchain developer and Fantom architect Andre Cronje published a article on financial management of the network, highlighting that annual profits exceed $10 million dollars and that the Foundation has sufficient funds to operate for approximately 30 years without needing to touch its funds in FTM.
As of Nov. 27, the Fantom Foundation held over 450 million FTM tokens (about $111 million USD, currently), over $100 million USD in stablecoins, over $100 million USD in cryptocurrencies, and $50 million USD in non-crypto assets, Cronje reported. In addition to this, the Fantom architect highlighted that Fantom generates over $10 million USD in annual revenue, excluding any capital gains.
“We have a positive cash flow,” said the DeFi and blockchain developer.
Fantom network financial data published
Andre Cronje’s Medium post was accompanied by detailed data on the Fantom Foundation’s treasury, funding rounds, core, operational and unplanned expenses, investments, DeFi holdings, and more. All of this data is recorded since June 2018, before the blockchain network was officially launched.
However, one of the points that stands out in Cronje’s post is the $34,9 million investment by Alameda Research, FTX’s investment arm, into the FTM token. While this exposure may have raised concerns among token investors, Cronje dismissed any connection to the failed company, stating that “being a validator is not part of the Foundation.”
Alameda Research had become a validator of the Fantom network in February of last year by investing in the FTM token, but in his post, Cronje assured that validators are not part of the network's core business, which is to build the most scalable and robust L1 ecosystem in the blockchain industry.
On the other hand, Cronje also highlighted that the Fantom Foundation holds a relatively small amount of its own FTM token, unlike many of its competitors.
FTM up 39% weekly
The information presented by Cronje has renewed investor interest and has pushed the price of FTM up to $0,253 currently.
Source: CoinMarketCap
According to data from CoinMarketCap, FTM’s market cap has risen by 4% in the past few hours, reaching $797,48 million on the market.
Likewise, the Fantom network token has generated a trading volume of $89,9 million USD, currently. Although this metric has decreased by 25% on Monday, compared to the previous week it represents an increase of 10,7%. Last Monday, the trading volume for FTM was about $51,6 million USD.
The number of active FTM holders has grown by 0,6% weekly and 7,4% over the past 3 months, according to the data from CoinMarketCap.
At Google, the FTM search interest As a search term, it remains above 70 points, with Tunisia, Kuwait and Turkey being the three countries most interested in this cryptocurrency.
Continue reading: Near Protocol (NEAR), Fantom (FTM) and Kilt Protocol (KILT) now available on Bit2Me Earn
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