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Fantom ranked most profitable token in the crypto top 100 | The Crypto Mile

Watch: Fantom ranked most profitable token in the crypto top 100 | The Crypto Mile

Ethereum rival Fantom has soared 36%, making it this week's most profitable token in the crypto top 100.

Fantom's native network token goes by the ticker FTM (FTM-USD), and it is currently trading at $0.25 per token, up 36% in the week.

Last week the project's founder, Andre Cronje, a well-known crypto developer, reported details of Fantom's finances.

Check: Crypto live prices

The article penned at the end of November by Cronje was a candid detail of the network's income, cash flows and reserves and its dealings with FTX trading arm Alameda Research.

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He claimed that in contrast to other cryptocurrency networks, Fantom owned only 3% of its native token at launch, and since then has bought around 14% of the total circulating supply.

The article states the following communications with Alameda, stating, "23 Feb 2021, we announce the sale of 81,500,000 FTM to Alameda at an average price of 0.428831 for $34,949,726.55. In Jan 2022 Alameda asks for further cooperation, we pass."

Cronje concludes the article by stating: "Other than ETH, Fantom is the oldest non-fork L1 with any real TVL, we have been operating for over four years, we plan to continue operating for at least another 30 more. We have a proven track history of technological advancements and delivery."

What is the Fantom network?

The Fantom is an open-source distributed ledger technology (DLT) that provides a platform for smart contracts and decentralised applications, such as decentralised finance platforms.

The network does not use blockchain technology per se, but instead utilises a type of distributed ledger technology called a directed acyclic graph (DAG). A DAG can validate transactions simultaneously instead of consecutively, so transaction speeds are almost always faster than blockchain transactions.

It is designed to be fast, secure, and scalable, with the goal of becoming the world’s first public blockchain to serve as a provider of infrastructure services for businesses.

The platform is powered by the Fantom opera consensus mechanism, which allows it to process transactions quickly, securely, and at scale.

Solana

The health of NFT markets has been taxed, with digital collectibles (DMs) on the Solana blockchain taking a significant hit after the network's close proximity to the disgraced FTX exchange comes home to roost.

New data from DappRadar suggests that total NFT trading volume fell again in November, continuing a broader market trend that began in May after the crash of Terra's UST algorithmic stablecoin.

The relationship between Solana and Bankman-Fried runs deep, with the ethereum rival benefiting from the fallen crypto tycoon's support in an early 2021 funding round to the tune of $314m.

According to the Financial Times, FTX held $982m in sol as revealed in a balance sheet shared with investors just before the firm filed for bankruptcy.

Solana’s close ties with Bankman-Fried, FTX, and Alameda has worried investors and developers alike, which has been reflected in the value of sol dropping 93% from its all-time high in November 2021.

Many of the decentralised finance tokens on Solana, or “Sollet assets”, were believed to be listed, issued and backed by the FTX exchange.

The Solana Foundation has tens of millions of dollars in cryptocurrencies stranded on the beleaguered FTX exchange and in the past week the value of its sol token rose a modest 5%.

As of the time of writing the price of Solana is $14 per token, an increase of 0.3% in the past 24 hours.

After the collapse of the FTX exchange Solana (SOL-USD) released a statement about its deep exposure to Bankman-Fried's collapsed exchange and its trading arm, Alameda Research.

The statement on the platform's website read: "Solana Foundation asset exposure to FTX/Alameda.

"As of 11/14/22, the Solana Foundation has exposure to the below assets.

"These assets were held on FTX.com accounts, and continue to be held there, as of 11/6/22 when FTX.com ceased to process withdrawals; ~3.24m shares of FTX Trading LTD common stock, ~3.43m FTT tokens, ~134.54m SRM tokens."

SRM (SRM-USD) tokens refer to serum tokens which are related to a Solana blockchain decentralised finance (Defi) application in which Bankman-Fried was heavily involved.

Since the collapse of the FTX exchange and the downfall of Bankman-Fried, the SRM token has dropped from around $0.80 each to $0.22 (GBPUSD=X).

Watch: Get your money off exchanges' warns Bitboy Crypto after FTX scandal | The Crypto Mile