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9 billion FT removed from circulation in non-event, Andre Cronje notes

9 billion FT removed from circulation in non-event, Andre Cronje notes
9 billion FT tokens burned, non-event

Andre Cronje, founder of Flying Tulip and former chief technology officer and board member of Sonic Labs, explains that 9 billion FT tokens have been burned with no ability to mint new ones.

According to Cronje, these tokens could never enter circulation, making their removal effectively a non-event. He notes that although 10 billion FT were originally minted, the reported $1 billion fully diluted valuation (FDV) was misleading, as only the tokens allocated in the Options were accessible, with no other ways for FT to circulate.

In previous reports, Cronje noted that USDC and USDT on Ethereum were generating yields near 14.71%. He also reported that holders of USDC and USDT could earn 10.22% APY using ftUSD on Ethereum. These updates followed increased liquidity and higher caps for stablecoin strategies.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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