Is Andre Cronje (YFI’s Founder) Working on a Fantom-Based Uniswap Competitor?

Andre Cronje is undoubtedly one of the best-known names in the cryptocurrency field lately, especially when it comes to decentralized finance (DeFi).

On July 17th, 2020, Cronje announced the release of various products under yearn.finance, as well as the governance token for the protocol called YFI.

It didn’t take long for users to realize the potential of the platform, which, coupled with YFI’s incredibly scarce supply of 30,000 tokens, drove its price to the sky. Now, Cronje hints that he’s working on a Uniswap competitor based on the Fantom blockchain.

Uniswap Analogue Coming to Fantom?

Andre Cronje took it to Twitter to hint that he’s working on a Uniswap alternative “on another chain that needs base layer liquidity.”

He also shared a picture of the prospective logo of the upcoming decentralized exchange and automated market maker. While, at a glimpse, it looks like Uniswap’s logo, there are a few details that hint at what’s to come.

uniswap_fantom_logoProject Logo. Source: Twitter

Apart from the Chef’s hat on the unicorn’s head, it’s clearly visible in its eye that there’s a logo – not just a random one, but Fantom’s logo.

Cronje explained that “this is nothing related to ETH Uniswap, but thought the logo they made was cool.”

At the time of this writing, there are no further details on the potential upcoming release, although it’s worth noting that Cronje is listed as a technical advisor to the Fantom project.

Uniswap’s Growth

It goes without a shred of doubt that Uniswap is currently the most widely used decentralized swap protocol, allowing users to execute quick and permissionless peer-to-peer token swaps.

Moreover, the total liquidity locked in the protocol is just shy of $2 billion, putting it atop of the DeFi projects, according to DeFi Pulse.

This comes days after the team behind Uniswap launched its governance UNI token and airdropping a whole lot of it to the community. Since then, the total locked value has skyrocketed almost 160% as liquidity providers race to farm the new token.

 

The post Is Andre Cronje (YFI’s Founder) Working on a Fantom-Based Uniswap Competitor? appeared first on CryptoPotato.

Publication date: 
09/21/2020 - 11:58
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