Wonderland’s Daniele Sestagalli tweeted the upcoming release of a new coin on January 5 as part of a collaboration with veteran DeFi software developer Andre Cronje.
If you’re asking, Andre and I will flip a new coin at #fantom And the Fantom Season will begin! We started here, it is natural that we now grow back the ecosystem and technology that made me who I am today. 🙏
– Daniele 🐸✊ (@danielesesta) January 5, 2022
Earlier this week, Cronje himself tweeted that he was “implementing a new experiment on Fantom this month.”
I am implementing a new experiment in Fantom this month.
– Andre Cronje 👻🐸 (@AndreCronjeTech) January 1, 2022
Both men are no strangers to the world of DeFi. Sestagalli maintains an active social media presence with the #frognation community and is the mastermind behind several high-profile protocols. He first rose to prominence with the launch of Wonderland on the Avalanche blockchain, an OlympusDAO fork. Soon after, it launched the successful Abracadabra stablecoin issuance protocol that has surpassed MakerDAO in revenue. His latest project is Popsicle Finance, a multi-chain performance aggregator.
Cronje is best known for founding the top-of-the-line Yearn Finance DeFi protocol and the lesser-known DevOps automation protocol Keep3rV1. Cronje is also closely associated with Fantom, having served as Chairman of the Fantom Foundation’s Technology Council and a Fantom technical advisor for the past 3-4 years.
What’s in the works?
What could two of DeFi’s brightest minds be building? At this point, all we know is that the project would be launched on the Fantom blockchain, which has seen an increase in TVL and the price of its native FTM token of late. As with the other Sestagalli protocols, the new project is likely to relate to the existing #frognation ecosystem as well.
Based on Medium post For Cronje, the next project involves a variation of the prisoner’s dilemma game theory that the use was popularized by the Olympus DAO DeFi 2.0 protocol, combined with the acquired escrow concept pioneered by Curve Finance.
Users will be incentivized to gamble and block their token, of which there would be a general decreasing broadcast effect by the protocol (thus attracting early risers but deterring late arrivals). However, the longer users stake their holdings, the more incentives they would receive when the protocol mints new tokens:
“Assume a weekly broadcast of 1,000,000, a total supply_ of 20,000,000, and a blocked_supply of 10,000,000. This would mean that 1,000,000 new tokens will be minted and provided as incentives, a 5% supply increase. Our goal is to make sure that five lockers are never diluted, therefore five lockers have their stock increased by 5%. ”
Finally, token bettors are given a “lock” to stake their tokens, similar to a liquidity provider token, which would be a non-fungible asset in its own right that can be traded on secondary markets.
Another tweet from Cronje on January 3 indicates that the tokenomy of the next project is assigned 100% to the public community.
– Andre Cronje 👻🐸 (@AndreCronjeTech) January 3, 2022
This suggests that the project would be highly decentralized and could allude to some kind of fan / social token that will come in the form of an airdrop.
It can also be linked to a Metaverse or NFT related project. This is not out of the question in light of the recent Fantom Foundation publication. expansion of its 370 million dollars in progress liquidity mining incentives to GameFi projects.
Exciting things ahead for Fantom
At the time of this writing, cryptocurrencies are moving further into a bear market as BTC fell 9% in the last 24 hours to $ 42,683. Despite that, Fantom appears to be a Layer-1 that is challenging this price trend, with FTM rising 27.23% last week to $ 2.74. This increase is a continuation of FTM’s bull run in the last month that has seen a rise of more than 132% since December 20, 2021, distinguishing FTM as a big winner from other higher market cap currencies.
Fantom’s other growth metrics also indicate that great things are happening in its chain. TVL has risen from $ 3.81 billion to $ 5.71 billion in the span of 2-3 weeks. Their unique addresses have enjoyed relatively linear growth, nearly doubling from 832,000 in early October to 1.5 million in January. Daily transactions have dropped to the 500,000-900,000 range from an all-time high of 1.8 million on September 12, but are still higher than before September.
As Sestagalli and Cronje prepare for their big announcement, the Fantom ecosystem may see a new boost in activity.
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