An Unexpected Twist
If you know Andre Cronje, he was essentially the face of DeFi and a champion of the Fantom network, being the founder of many successful projects such as Yearn Finance and Solidly and a participant in other high-profile projects such as SushiSwap, Cream, and Pickle. He was also the senior solutions architect in Fantom Foundation.
On 6th March 2022, an official tweet from Andre’s partner, Anton Nell, said that they have decided to exit DeFi/Crypto space. Mentioning they will be terminating 25 apps and services on 3rd April 2022. This caused Fantom token price to fall as much as 25% that day after the news broke out. The sudden departure of Andre Cronje has left a deep void in their community and left many to wonder, what is exactly going on with the raising star or crypto space, Fantom. Answers till today have not been answered and their typically vocal project heads, node validators are all silent, which is what is most concerning to all that are exposed in the Fantom network, investors, and developers alike.
Although Fantom Foundation has reassured all investors that no apps and services will be shut down and will be handed over to existing developers. The sentiments over at Fantom have been a gloomy one as many concerns and questions over node validators and developments have been left unanswered.
Outlook for Fantom
With Hunny’s intention to migrate and build all future projects on the Fantom network. This is a huge blow for us.
TVL for Fantom has since dropped from 12B to 6.6B at the time of writing and we predict that it will drop further as projects that have built their entire ecosystem around FTM lose more faith in the ecosystem itself.
With all the FUD going on, the outlook for Fantom is not ideal, although the Hunny team believes this may be only temporary, it may never see its glory days again if there are too many unanswered questions that are left unanswered. With this, we have decided NOT to proceed with the Fantom network as Hunny’s next playground.
Way forward
The Hunny team believes that having our assets protected is the main priority and following closely is the potential of the network that we will be building on, questions like “What is the next big network?” “Where are institutions investing their money at?” “What does on-chain data tell us about the shift in TVL from chain to chain?” are questions that we ponder and research on a day-to-day and hour-to-hour basis.
We feel that we may have found the rising star.
The Hunny Team has come to a consensus that we will be building our new DEX and P2E games on the Aurora chain. We do not want to go into details about Aurora because there are many meta analysis and good reads on the internet that will tell you essentially why this chain is the up and coming chain in the crypto space.
https://near.org/
Just a summary of why Aurora
- Aurora uses ETH as fees
- 1 sec average block time
- $0.02 average per transaction
- Started in November of 2021
- TVL currently sitting at 626M and growing
- Many big projects are starting or planning to migrate to Aurora
- On-Chain Analysis sees a good shift of TVL from retail to Aurora
- VCs/Institutions have been investing progressively into projects on Aurora
- Dev Support is Strong and present
- Grants are available
With many more projects coming soon to Aurora, we believe it’s the next go-to place for DeFi users.
Development Updates
We are currently in the final stages of development and will be starting the testing phase soon. After which we will be sending our codes to Certik for Audit before officially listing them on Aurora. We should be expecting HunnySwap to be ready in early April.
We appreciate everyone’s patience. Rest assured we are working round the clock to bring our best to you folks!
