Fantom (FTM) rises on reports of Andre Cronje's return, but TVL sharply declines Fantomtalk andrecronje DeFi FTM $FTM
,"Andre Cronje released the Fantom fUSD optimization proposal. AC address has recently added nearly 100 million FTM, which is considered to be returning to Fantom. FUSD suffered a severe de-pegging, and Fantom TVL also dropped sharply by about 69%."Fantom's stablecoin, FUSD, has been de-pegged and seems to be wallowing in its losses. At the time of publication, Fantom USD is currently trading at $0.6804, well below its $1 peg, according to data from CoinMarketCap.
Another stablecoin in the Fantom ecosystem, Deus Finance's stablecoin, Dei , lost its peg with the U.S. dollar, tumbling as low as $0.55. The drop came amid several algorithmic stablecoins losing their pegs in recent weeks.In the wake of the UST collapse, which brought Terra's ecosystem to its knees, thefUSD is not UST. fUSD is an over-collateralized stablecoin backed by staked FTM. UST had nothing backing it. Users create fUSD by borrowing against their staked FTM.
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