Fed Chair Schwome Powell Press Conference
Table of content
As you may have noticed our ecosystem has experienced some turbulence as we expanded into the new zkEVM chain. Overnight, the circulating supply of FRTN nearly doubled. However there is a huge supply shock on the new chain and only a portion of our protocol operational.
As you have seen this caused a pretty large sell off especially on the ZK side where the utility of FRTN is still very limited. Interestingly, this surge in supply but drop in price kept our marketcap right about the same as where it has been hovering at $1M.
We are giving some very competitive farming rates on zk and have seen steady growth day over day and have 5% of liquidity on the chain right now. By the end of this 3 month long promotion the circulating supply of FRTN on both chains will be the same.
The farming yield is getting us results, we now have 100x more liquidity than when we first launched FRTN a little over a year ago. Now 3 strong pairing of CRO, Yield Baring CRO and Stable coin all together over 280k in liquidity 1/4 of the way to our first major milestone of 1M! Overall our DEX is is also nearing 2M in TVL combined across all platforms another amazing milestone!
I don’t often comment on the price of FRTN but I will say I do not think it is fairly valued. The market values meme coins with no roadmap or utility over utility tokens powering an entire ecosystem backed by passionate developers who have built in the open non-stop for nearly 3 years innovating and creating new things.
However, we continue to move forward and build having faith the someday the market will treat us fairly. Here is what we have coming up on the short term roadmap (4 weeks timeline)
- Paymaster Integration on ZK. This allows us to sponsor the gas or for you to pay for gas with other tokens such as FRTN. As an intro offer we will be paying all gas for all transactions during its launch.
- We will be deploying our Bank protocol to the ZK chain. This will let people lock up their FRTN for a yield as well as giving you Mitama our governance token. Mitama from each chain will be combined going towards your troop count. Additionally, this bank will support depositing LP tokens containing FRTN giving you an even higher Mitama amount and will result in early withdraws permanently locking liquidity into the system.
- Daily checkin enchantments aligned with cronos labs pioneer program giving you bonus points and Koban for using each primary protocol DEX, Market, Farm each day.
- Sea Shrine Mystic Dragons + Sea Crystals released on Cronos zkEVM. This will utilize the DN404 protocol meaning Sea Crystals represent partial NFTs holding enough Sea Crystals will automatically mint an NFT to you. This new protocol is rather experimental and new but we believe it will pick up popularity in the coming months. These assets are manually bridged from Aptos with love. If you own dragons on aptos and have not begun the claim please do so now.
- Opening a bridge for FRTN allowing you to free move it between Cronos and zkCronos (as well as the future chains we will be supporting) We will be partnering with a third party on the bridge to help ensure future scalability and security.
We know you are all looking forward to GameFi enhancements as well. After all, thats what we are all really here for! We are a small team who must remain agile to keep alive and competitive in this landscape yet we continue to slowly push these things forward. As the core systems and tech have been developed so has game design efforts ready to be picked up next by the team.
We are eager to bring you these next core components allowing you to harvest resources from your lands, automatically grand your projects farming, staking and other platform capabilities through ownership, as well as hero arenas and tavern games. We will continue to release features in an agile manner leading into our next large official season kickoff of Ryoshi Dynasties which will coincide with its LP counter part Moggy Money Market.
“As we navigate this financial landscape, raising FRTN rates is our way of ensuring that the winds of fortune continue to blow in our favor.”
- Fed Chair Schwome Powell