The Fantom Foundation behind the popular altcoin, Fantom (FTM), has made a buyback. The altcoins subject to the buyback were six Phantom-based cryptocurrencies. Here are the details…
“Buyback” process begins for gold altcoin project
The Fantom Foundation, a team dedicated to the growth of Fantom, will use some of its funds to repurchase the tokens of six projects critical to the Fantom ecosystem. Unconfirmed reports indicate that the foundation has already spent 870,000 FTM to acquire tokens from six Phantom-based projects: BOO, GEIST, BEETS, EQUAL, MMY and BRUSH. BitcoinEmber, a Chinese analyst, shared the following tweet containing images of Phantom transactions.
The team aims to strengthen the supported projects. According to the community, this will likely trigger activity on the platform and indirectly support FTM, the native currency of the Fantom Blockchain. The Foundation transfers its trust in these six projects and is committed to benefiting the Fantom ecosystem by fostering growth.
Using project funds to repurchase tokens is a common practice in the cryptocurrency industry. In such a case, the local token usually tends to rise in value. It also stimulates demand and raises the value of the entire ecosystem. Therefore, if history repeats itself, the Phantom Foundation’s decision has the potential to have a similar effect. This could increase the value of FTM and the six supported tokens. However, given the current market conditions, it would not be a surprise to see an uptrend as expected. After the development, the value change in cryptocurrencies was as follows:
- BOO: 3 percent increase
- GEIST: 2.4 percent increase
- BEETS: 10 percent increase
- EQUAL: 29.4 percent drop
- MMY: 20.98 percent increase
- BRUSH: 2.93 percent increase
The phantom network is growing: What are the next goals?
The Phantom Foundation has recently partnered with the Government of Afghanistan to create a Blockchain-based land registry system. This agreement aims to increase transparency and efficiency in Afghanistan’s land registry process. Also, FTM’s presence on various platforms, including South Korea’s e-commerce site 11Street, has facilitated its adoption as a commerce tool.
The founder of Fantom, the famous developer Andre Cronje, made a statement about the development of Fantom. cryptocoin.com As we have reported, Andre Cronje has risen to become a board member of both Fantom Operations Ltd and Fantom Foundation Ltd. as the next step in a successful career in Yearn.finance and other ecosystems. Cronje shared a blog post about Fantom and shared his goals for the project.
Cronje stressed that Fantom has not been affected by the issues that plagued the crypto market over the past year. In fact, he pointed out that Phantom was set up under similar circumstances. That’s why, according to Cronje, FTM knows how to weather the storm. Cronje also said that the team at Fantom is focused on building tools for developers. That’s why GameFi states that it doesn’t plan to be distracted by crashing stock markets, NFTs, and the like. Instead, the Fantom team will continue to do its best to provide crypto developers with all the tools they need to complete their vision.