FTM, the native token for the Fantom blockchain rallied on Saturday after DeFi developer Andre Cronje was spotted writing code on the chain.
FTM jumped 13% from intraday lows to $0.3746, outpacing all of the top-100 cryptocurrencies in the past 24 hours. The token’s rally was sparked by Github data showing Cronje is writing code for a Fantom stablecoin platform.
Cronje, who is considered one of the most prolific developers in DeFi, had abruptly left Fantom in early-March, along with lead developer Anton Nell. The move had caused a sharp selldown in FTM- one that the token has struggled to recover from.
But Cronje’s return to the platform comes amid troubled times. Fantom’s stablecoin, FUSD, has de-pegged sharply in the past week, and is deepening its losses.
FUSD’s depegging also comes after the implosion of Terra’s UST, which has made investors more skeptical of stablecoins.
