fUSD stablecoin launch and rumors of Cronje’s return send Fantom (FTM) price higher

cointelegraph.com:

After a strong 2,000% rally in early 2021, Fantom (FTM) price collapsed alongside multiple altcoins and even though the blockchain has impressive capability, it has yet to find mass adoption due to the lack of a compelling use case. FTM price hit an all-time high at $3.46, only to collapse to its pre-bull maket lows under $0.25 after the failure of the Solidly DeFi project and the departure of developer Andre Cronje.  

Data from Cointelegraph Markets Pro and TradingView shows that since dropping to $0.238, FTM has rallied 119.23% to $0.5216 on May 23.

Three reasons for the uptrend in FTM price include the launch of the first native stablecoin on the Fantom network, new protocol upgrades and partnership announcements that bring new functionality to the network and speculation that Andre Cronje is working with decentralized finance (DeFi) protocols on Fantom.

The most notable development to occur in the Fantom ecosystem in the past few weeks was the release of fUSD, the first native stablecoin on the network.

The launch of fUSD comes on the heels of the collapse of TerraUSD and looks to capture some of the capital flight from algorithmic stablecoina by offering a over-collateralized alternative.

On May 20, the Fantom Foundation released an update outlining the maximum collateral factor and minting cap for each supported form of collateral. The foundation also set the fUSD staking reward at 11.3%

The update also included details on Fantom liquid staking, setting a global cap of 150 million staked Fantom (sFTM), removing validators for the list of those eligible to mint sFTM and setting a loan to value (LTV) ratio of FTM at 90% for the purposes of minting sFTM.

A handful of recent protocol updates and new partnerships have