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Last year, Andre Cronje, known as the father of DeFi, abandoned his project and then returned. During this time, we saw that the price of FTM Coin experienced significant fluctuations. Today, Andre Cronje, who made some important statements, defended that their intentions regarding layer 2 were misunderstood.
FTM Coin News
Last month, the Celo network voted to transform its layer 1 network into an l2 using optimistic rollups on Ethereum. This proposal was accepted and it was speculated that the multi-chain world would consist of Ethereum layer 2 solutions, as many layer 1 solutions expressed similar intentions.
Andre Cronje, co-founder and architect of the Fantom Foundation, said today in an interview that Fantom is considering connecting the Fantom network to Ethereum using a similar method with CELO.
“We are looking at Optimistic Stacks, Arbitrum Stack, and all these things to see how they use these proofs to have a higher security guarantee for real asset bridges. We are examining and researching them for our own bridge.”
Michael Kong, CEO of the Fantom Foundation, also added that implementing Layer 2 technology in this way would enable the Fantom network to access more liquidity from the Ethereum ecosystem. However, Cronje does not believe that there is such a thing as a Layer 2 network. He prefers to view what is typically called a Layer 2 network as a sidechain and sees the optimistic rollup technology that connects them as a bridge between the two. He acknowledges that there is a semantic difference but emphasizes that he is quite firm on this matter.
“Does adopting this bridge make us a Layer 2? No, because Layer 2 is just a sidechain.”
FTM Coin Chart Analysis
Cronje is saying things that differ from the commonly accepted view and claims that the independent network will not become an l2 solution. So, how is the price of FTM Coin doing? At the time of writing this article, the popular altcoin is finding buyers at $0.23. The negativity in BTC price has also affected it negatively.
The price has been fluctuating between $0.22 and $0.32 since June 10. On July 14, with the decision of Ripple, the price, which aimed for the upper trendline for the last time, has been hovering near the bottom for about a month. In the short term, it seems difficult to target $0.32 unless there are closings above $0.25, and BTC’s current outlook supports the negative scenario. If the price falls below the bottom trendline, it could experience a decline to $0.195 and $0.167.
