Fantom Blockchain Announces Formula One Sponsorship
- Fantom partnered with AlphaTauri driver Pierre Gasly for the 2021 season.
- The blockchain’s partnership campaign includes collaborations with Sushiswap, Yearn, FTX, Solana, Serum, Curve, Graph Protocol, and Keep3r.
Pierre Gasly, then driver of Red Bull Racing, during the Formula One test days at Circuit of Barcelona-Catalunya on 19 February 2019. Shutterstock
According to a report from Forbes, Pierre Gasly was previously sponsored by Red Bull and is set to enter his fourth F1 season as AlphaTauri’s all-time top point scorer. The company’s partnership with the Formula One driver is the latest move in Fantom’s aggressive partnership campaign. In the past two months, Fantom announced partnerships with Keep3r, Cover, Cream, Frax, Sushiswap, Yearn, FTX, Solana, Serum, Curve, and Graph Protocol.
The company has offered its partners “seamless cross-chain ecosystem integration” with high throughput and increased transaction speed, Forbes reported.
Created by Andre Cronje, the founder of popular DeFi projects YFI and Keep3r, Fantom is a layer-1 blockchain platform built on an aBFT consensus protocol called Lachesis. The protocol was built to overcome the limitations of other consensus algorithms and offer high-throughput, fast finality, and security. Last month, Fantom presented its blockchain ecosystem to the U.N. Digital Currency Global Initiative’s (DCGI) CBDC Architecture Group in a bid to showcase its blockchain’s ability to operate a CBDC.
Since the beginning of the year, Fantom’s native cryptocurrency, the FTM token, saw its price increase by 4,500%, rising from $0.01 on 1 January to $0.46 on 6 April. Alameda Research, the company behind the FTX exchange, recently invested $35 million into Fantom, while Block Tower Capital invested $20 million.
Fantom is the second is the second major company from the crypto and blockchain space to become a sponsor of Formula 1. Last month, crypto trading platform Crypto.com became a supporter of Aston Martin’s return to the F1 stage, after a 61 year absence, and will have its logo appear during the new F1 season.
- One of the most prominent figures in DeFi, Andre Cronje, has decided to withdraw from the space, and “terminate” his involvement with 25 projects.
- While he has not been involved in the day-to-day operations of many of these projects for years, they still saw the price of their tokens drop after the announcement.
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- The hacker made five deposits into the vault while the first was being processed by exploiting the protocol’s vault contract.
- The project quickly paused its vaults, but not before the attacker stole around $30 million worth of digital assets, causing Grim Finance’s TVL to fall to $4 million.
- The integration was made possible through the Chainlink Community Grant Program awarded to block42.
- Fantom developers will be able to test Chainlink’s price data ahead of their launch on the Opera mainnet.