Greetings, fellow DeFi degen. It’s never a dull moment in the cryptoverse and the team at Lrn.Fi are excited to bring you up to date with the latest comings and goings. In this edition, we’ll discuss the bright multi-chain future, two iconic Fantom project birthdays, the latest news from the Celsius and Three Arrows Capital debacles, and much more.
If you have any questions, concerns, or comments, feel free to reach out on Twitter or Discord. If you’re interested in writing an article for Lrn.Fi, send me a message on Twitter @Brickfrog_0 or find me on the Byte Mason discord.
State of the Opera
Protocol | TVL on FTM Network (USD) | MCap/TVL |
Beethoven X (BEETS) | $64.52M [-33.46%] | 0.08 |
Spooky Swap (BOO) | $114.87M [-41.57%] | 0.18 |
Geist Finance (GEIST) | $46.35M [-78.3%] | 0.04 |
Liquid Driver (LQDR) | $26.69M [-49.27%] | 0.11 |
Scream (SCREAM) | $5.8M [-81.17%] | 0.12 |
Spirit Swap (SPIRIT) | $31.56M [-38.33%] | 0.12 |
Tarot (TAROT) | $20.96M [-52.68%] | 0.09 |
Tomb Finance (TOMB) | $41.26M [-85%] | 0.30 |
Solidly (SOLID) | $5M [-72.36%] | |
Reaper Farm (OATH) | $14.15M | 0.47 |
Fantom protocols and the multi-chain future
Several Fantom projects have deployed cross-chain this month, following the latest trend of cryptocurrency protocols becoming multi-platform projects. Hector DAO is officially live on BNB Chain.
Sturdy Finance now offers competitive lending and borrowing on the Ethereum network.
In last month’s edition, we spoke about Beethoven X’s and Tarot’s recent arrival on Optimism, and it’s looking like more Fantom native protocols will follow suit.
The farming folk at The Granary are now live on Optimism and have announced an upcoming airdrop for its users across all networks. The Granary is available on five different platforms, including Fantom, Avalanche, Optimism, Harmony, and Ethereum.
Beefy Finance has expanded its long list of deployed chains to now include Optimism.

The Optimism Foundation has been accepting proposals for their “OP Stimpack.” The governance fund plans to distribute 5.4% (231,928,234 OP) of the total initial token supply of $OP to empower the future growth of projects and communities within the Optimism ecosystem.
The Byte Masons have drafted a proposal for the Optimism Foundation detailing their plans to use $OP incentives to boost yields & drive sustained adoption of Optimism amongst its users. The proposal is currently in the feedback stage of the process and is open to community input. OP token holders and their delegates will be allowed to vote for their proposal of choice after the draft stage is finalized. If you’d like to get involved or have any questions for the team, feel free to leave a message in the comments section of the proposal.
Fantom proposes new Ecosystem Support Vault
The Fantom Foundation has proposed a new Ecosystem Support Vault for an upcoming governance vote. The proposed vault will aim to utilize 10% of the total transaction fees ‘burned’ by the Opera network to fund the Ecosystem Support Vault. If the proposal is passed, protocols will be able to submit proposals for the use of the ecosystem funds. Validators and stakers will then vote on which proposals will be funded. For a proposal to pass, it must have a 55% turnout + a 55% agreement rate.
For more details on the proposed idea, check out the discussion on the Fantom Network forums.
Tomb Finance’s first birthday! LIF3 born on Tomb Chain
Tomb Finance celebrated its first birthday on June 1st, 2022. Here we are 39 Tomb Tuesdays later and the project has come a long way since its inception. The list of Tomb products has on offer has grown to be very impressive.. This month saw the introduction of Lif3 Genesis Pools to the Fantom ecosystem and Tombs latest project, Lif3 Swap. Users can now single-stake 11 different assets to acquire $LIF3 and stake LPs containing the token in their new Cemetery V2 pools. Cemetery V2 will reward LP providers with the first-ever LIF3 share token, $LSHARE.

Harry Yeh and the team at Tomb have been working hard to demonstrate the utility and intrinsic value of TOMB after pivoting from their previous aim to peg TOMB to FTM 1:1. The token now seeks to maintain “ratio” to FTM. TOMB holders now benefit from trading fee discounts on Felix.com. The token will act as gas for Tomb Chain, the first Layer 2 Optimistic rollup for the Fantom Opera network. The mainnet for Tomb Chain is now live with airdrops soon to be claimable on the new network as soon as the ‘final pieces of the Tomb Chain puzzle have been put in place.’ Users will be treated to $FANTY and $TBONE as the first claimable airdrops on Tomb Chain, so be sure to check out future Tomb Tuesday updates for more details.
Consensus 2022

Coindesk hosted Consensus 2022: The Festival for the Decentralized World this month. In the first in-person Consensus since 2019, 17,000+ builders and crypto-enthusiasts flooded the streets of Austin for the four-day event.
Despite the uncertainty in the wake of TerraLab’s UST collapse and the ongoing crypto winter, attendees flocked to hear optimistic industry leaders discussing the industry\’s future. New projects, web3 development, Metaverse, the crypto regulatory landscape, and the future of digital assets were the points of discussion, rather than current market prices.
Attendees were treated to networking events, hackathons, and talks from some of the biggest names in crypto: FTX CEO Sam Bankman-Fried, Binance Founder and CEO Changpeng Zhao, and CEO of the Fantom Foundation, Michael Kong.
Fantom and its associated protocols were represented by presentations from Owen Palmer (SpookySwap), Michael Kennedy (Byte Masons), and Pete Ho (Fiberblock) who discussed the future of their projects.
Michael Kong discussed the platform\’s underlying technologies, smart contracts\’ executions, and the foundation\’s future.
FTM Alerts had a strong showing with a presentation from DoubleSharp, CryptoClay, and the man himself, Austin Rampt.
You can watch all the Fantom presentations here, and if you’re interested in seeing what other chains are working on, all videos are hosted on CoinDesk’s video archives, available here.
Celsius and 3 Arrows Capital insolvency issues
Two major crypto institutions are facing insolvency issues in the wake of the Terra/Luna crash.
Celsius is a centralized lending platform where users can deposit and borrow cryptocurrencies in return for interest payments. The project boasted 1.7 million users and was the first protocol to reach $20 billion in managed crypto assets. As of May 2022, Celsius reportedly managed $12 billion in digital assets.
On June 13, Celsius announced it would pause all withdrawals, swaps, and transfers for all users, citing “extreme market conditions”.
After the Terra crash and UST collapse, a discrepancy between the value of Staked Ethereum (stETH) and Ethereum (ETH) occurred. stETH represents a liquid stake of ETH that has been locked to secure the Ethereum network. The stETH can be redeemed 1:1 for ETH after Ethereum’s Proof-of-Stake (PoS) transition. In the meantime, stETH can be traded on secondary markets or used as collateral for lending protocols.
With the overall market sentiment reaching new levels of fear coupled with the already falling price of ETH, the risk of stETH de-pegging from the price of ETH became a real concern as that could potentially result in cascading liquidations. This fear became a self fulfilling prophecy as users began to sell their stETH on the secondary market en masse. This panic selling led to a de-peg spiral that would spell disaster for numerous lending protocol users.
Celsius deposited most of their ETH holdings into Lido, the largest liquid staking platform for Ethereum, to utilize the attractive yield.
Huobi Research published a report regarding the de-pegging and stated that Celsius had incurred a $71 million loss on their staked Ethereum holdings on Stakehound, an ETH 2.0 staking service provider.
This led to a frenzy of Celsius depositors attempting to redeem their position resulting in a classic bank run.Celsius was forced to sell other assets like stETH for ETH on secondary markets. Celsius needed a staggering amount of liquidity (reports suggest as much as 50,000 ETH in one week) to repay their ETH depositors.
Unfortunately for Celsius, only 27% of their ETH holdings were liquid, with the rest staked in ETH 2.0 or stETH. Celsius now faces the challenge of finding liquidity to support their aggressive selling to pay off the substantial debt they took upon themselves. Celsius has already started to sell its stETH positions to meet customer redemption demands.

Meanwhile, Three Arrows Capital (3AC) is facing insolvency issues following the transformation of its $600 million positions in LUNA to a $700 positions. The stETH crash affected the crypto investment firm\’s bottom line as 3AC rushed to dump the token to pay back their loans.
3AC has been an early investor in numerous blockchain ecosystems and owns many illiquid tokens subject to lock-up periods. There is a real risk that these assets will be liquidated to repay debtors in case of bankruptcy proceedings. Numerous crypto exchanges have already liquidated 3AC’s positions after they failed to meet margin calls this month.

Celsius and 3AC have been attempting to pay back their debt, but only time will tell if these firms will stay afloat in this sea of red. Crypto commentators have been concerned about the possible ramifications of these two firms collapsing as both were heavily intertwined with many popular crypto ecosystems.
For a more in-depth overview of Celsius and Three Arrows Capital, I highly recommend Coin Bureau’s videos ‘What REALLY Happened With Celsius?! What We Know!!’ and ‘Three Arrows Capital: What REALLY HAPPENED to 3AC’. Guy from Coin Bureau provides sources and reading lists in his video description, so be sure to check those out.
FTM and Polygon RPC attacks
Blockchain infrastructure provider, Ankr,recently suffered an attack on its services that impacted Polygon and Fantom.. The Fantom and Polygon remote procedure call (RPC) interfaces were victims of a domain name system (DNS) hijack attack on the 1st of July.
RPC refers to a set of protocols that allow a client, such as MetaMask, to communicate with a blockchain and transfer data between networks. Attackers manipulated this communication to send users a false error message urging them to transfer their funds to another platform. The user would then be linked to a page prompting them for their seed phrase.
Reminder to never give your seed phrase to anyone under any circumstances!
According to Polygon’s chief information security officer, ‘No funds lost as far as we know, but we are still investigating.’ Ankr tracked the source of the breach to a third-party service they used that had their system altered by a hacker. A customer service representative transferred control of Ankr’s account to the attacker, which was the root cause of the DNS hijack. As of July 2nd, Ankr had restored all services
The Future of Firebird Finance
Firebird Finance celebrates its first birthday with the announcement of its new Firebird Aggregator Token (FBA) and a fresh new look. The popular Fantom project declared its intention to shift focus purely to its exchange aggregation platform. Firebird offers yield farming and auto-compounding products, which will now be relegated to legacy.firebird.finance.
The project unveiled its new profit-sharing FBA token and the governance equivalent token, veFBA. Users can lock their FBA to receive veFBA, which can be used to vote on profit share distribution.
FBA is minted and given back to users when they utilize Firebird for swapping tokens on a daily epoch. The new token will reward users for swapping while saving them on swap fees within the project. FBA can be staked for profit-share from all chains where Firebird is operational for ‘incredible additional rewards.’
For a detailed overview of the tokenomics of FBA, check out their medium article here. Check out the FTM Podcasts and Video section in Pulse of the Network for Nick Drakons take on the new upgrade.
Charles has done a deep dive on Firebird Finance that you can check out here.
DeFi Snapshot
Chain | Protocols | TVL (USD) | MCap/TVL |
Avalanche (AVAX) | 226 [+6.1%] | $2.73B [-31.23%] | 1.97 |
BNB Chain (BNB) | 414 [+2.98%] | $6.37B [-25.9%] | 6.06 |
Ethereum (ETH) | 510 [+3.87%] | $48B [-30.28%] | 2.91 |
Fantom (FTM) | 247 [+5.1%] | $861M [-46.85%] | 0.77 |
Terra Classic (LUNC) | 31 [+3.33%] | $14.79M [-70.97%] | |
Polygon (MATIC) | 270 [+4.65%] | $1.6B [-36%] | 2.58 |
Solana (SOL) | 73 [+8.95%] | $2.69B [-29.39%] | 4.66 |
Outside the Opera
Forbes has released its Fintech 50 of 2022 and has named Ava Labs as one of the newcomers to the prestigious list. The company behind Avalanche was part of the growing category of crypto and blockchain companies to grace the list this year, joining the likes of FTX, OpenSea, and Chainalysis.
Ava Labs has released the highly anticipated ‘Core,’ a non-custodial browser extension engineered for seamless and secure interaction with Avalanche dApps. Core is touted to be the all-in-one operating system bringing together Avalanche applications, subnets, bridges, and NFTs into one high-performance browser experience.
Core will be integrated with Avalanche Bridge, the protocols bridge for fast and secure ERC20 asset transfer, and will now support bridging for native Bitcoin. This new functionality will unlock half a trillion dollars of value on the Bitcoin network for use within the Avalanche DeFi ecosystem.
Ava Labs has also launched a contest calling for written developer tutorials for their Subnets. The contest is an effort to expand Ava Labs’ library of resources. The contest will reward tutorial writers with a prize pool of $32,000 and will be added to Avalanche\’s official documentation.
Binance has caught the attention of US regulators as they investigate whether the company broke securities laws by selling digital tokens. A report from Bloomberg outlines that the Securities and Exchange Commission (SEC) is now reviewing if the 2017 initial coin offering (ICO) for BNB amounted to the sale of a security that should have been registered with the agency.
A virtual currency may fall under the SEC’s remit if investors buy it to fund a company or project with the expectation of profiting from those efforts. That determination is based on a 1946 US Supreme Court decision defining investment contracts. Binance has stated that it works with authorities and “will continue to meet all regulatory requirements.”
Binance has partnered with famous football player Cristiano Ronaldo to release football-related NFTs. The multi-year partnership will launch a global campaign to introduce Ronaldo fans to web3 and a ‘compelling entry point into the world of NFTs’. In another collaboration, BNB Chain will collaborate with the Blockchain Center of the University of Zurich to take part in a 3-week course on fundamental blockchain concepts. World-leading academic experts in the field and practitioners will be on hand to represent a unique selection of platforms and an NFT workshop for the attending students. For more information, check out the BNB Chain Weekly Ecosystem report.
Ethereum co-founder Vitalik Buterin has shown public support for Optimism and its new governance structure. He has expressed concerns about moving beyond coin voting in DeFi as it risks domination by whales. Optimism has gained institutional support from Andreessen Horowitz (a16z) and Paradigm. In March 2022, they raised a total of $150 million in a Series B funding round at a valuation of $1.65 billion.
Ethereum saw a large retreat of investment funds, according to CoinShare’s weekly market report. By the end of May, the project saw a year-to-date capital withdrawal of $250 million, and by the end of June, the capital withdrawn totaled $448 million. This places Ether-related investment products as institutional investors\’ least favored investment choice.

The second to last testnet before the official Merge went live on Ethereum without a hitch, according to Ethereum Foundation’s Tim Beiko. All monitored nodes on the Sepolia testnet remained in sync for the duration of the test. The Ethereum Foundation website still estimates that the official Merge will go through during Q3/Q4 of this year, with no official date being set as of yet.
Vitalik and his father, Dmitry Buterin, sat down with Fortune to discuss the future of crypto in this exclusive Fathers Day interview here.

South Korean authorities have banned Terra’s main designers from leaving the country. After the collapse of TerraUSD and LUNA, South Korean investigators have intensified their investigation with new evidence suggesting that the collapse may have been an inside job. The wallet identified as an ‘attacker’ for generating a transaction that caused the collapse was allegedly maintained by Do Kwon’s Terraform Labs. This follows after Terraform Labs was accused of laundering $4.8 million via a Korean shell company.
The hacker group ‘Anonymous’ has set its sights on bringing Do Kwon to justice. The hacktivist group has accused Do Kwon of malice and fraud in a recent Youtube video and suggests that he had ‘bad intentions from the start’. The video brought up his alleged history with Basis Cash, another failed algo-stable coin project. The group has vowed to hold Do Kwon accountable and have him ‘brought to justice as soon as possible’.
Despite terrible market sentiment and the attention of international regulators, over $530 million has flown into Terra Classic (LUNC). As of the 29th of June, Terra Classic’s market capitalization stood at $922 million.
Polygon will host Bentley Motors\’ first venture into the NFT marketplace. The British car manufacturer has scheduled for September 2022 a NFT collection of 208 pieces. 208 holds special relevance to Bentley, being both the top speed of its fastest Grand Tourer and the total production run of the iconic R-Type Continental of 1952 – the car that inspired the modern Bentley design.
Continuing Polygon\’s trend of high-profile collaborations, the team behind Words with Friends has raised $46 million for a new gaming venture on the Polygon network. The new project ‘Wildcard’ will be a hybrid multiplayer online battle arena and also a collectible card game.
The Polygon Team unveiled their first iteration of Polygon ID, a private and self-sovereign identity solution powered by zero-knowledge cryptography. For more information on the innovative new product and the problems, it seeks to solve, check out its blog post here.
Solana has debuted its flagship Android phone for web3, Saga. The phone will be tightly integrated with the Solana blockchain and ‘allow easy and secure transactions in web3’. The community welcomed the new development with various reactions, comparing the project to Apple and Ethereum, while others brought up concerns over Solana’s network outages. Users can preorder the new smartphone at the Solana Mobile Homepage with an anticipated final cost of $1000.
Solana DeFi protocol Solend has received backlash from the DeFi community over a proposal to seize the funds of one of its users. The fluctuating price of SOL during this bear market put the protocol in a perilous position. A single whale wallet borrowed 108 million USDT using 5.7 million SOL as collateral. Since it was a leveraged position, 20% of the trade stood to be liquidated if the price of SOL fell under a certain threshold (in this case, $22.3).
“Letting a liquidation of this size to happen on-chain is extremely risky. [Decentralized exchange] liquidity isn’t deep enough to handle a sale of this size and could cause cascading effects. Additionally, liquidators will be incentivized to spam the network in an effort to win very lucrative liquidations. This has been known to cause load issues for Solana in the past which would exacerbate the problems at hand.” – Solend Protocol
The amount of the position and the potential liquidation put Solend at risk of being unable to provide the liquidity needed to execute such a trade. The protocol proposed an extreme measure that involved granting emergency powers to Solend to temporarily take over the whale’s account.
The proposal faced a huge backlash from the community causing Solend to propose other alternatives and “reach out to market makers to help provide better on-chain liquidity.” The Solana whale eventually moved parts of their position to another protocol, lessening the potential risk. Solend is currently discussing solutions with the owner of the wallet.
Key Metrics
Market Cap
Metric – Market Cap (USD) | March 2022 | April 2022 | May 2022 | June 2022 |
Bottom | $2,741,029,682 [15th] | $ 2,117,706,124 [30th] | $ 751,925,839[13th] | $558,599,166[19th] |
Peak | $5,093,563,394 [3rd] | $ 4,093,975,738[4th] | $ 2,183,045,913[5th] | $1,033,001,240[1st] |
Monthly Close | $3,592,267,282 | $ 2,117,706,124 | $ 1,057,948,615 | $660,373,034 |
Fantom continues to share the pain with the rest of the cryptocurrency community. The network\’s market cap continues to slump and remains below one billion USD. The project seems to be stabilizing around the half a billion mark as current market sentiment continues to be bearish. While writing this article, Fantom sits at number 70 on CoinGecko by market capitalization.
Price Movement
Metric – FTM (USD) | March 2022 | April 2022 | May 2022 | June 2022 |
Bottom | $1.08 [15th] | $0.68 [30th] | $ 0.29 [12th] | $0.22 [19th] |
Peak | $2.01 [3rd] | $1.62 [4th] | $ 0.86 [5th] | $0.40 [1st] |
End of Month | $1.42 | $0.68 | $0.40 | $0.25 |
The price of Fantom continues its downward trajectory but the descent seems to be slowing down as the range between bottom and peak prices tightens. Users were treated to some level of stability as FTM maintained the price level somewhere between $0.25 to $0.35 for the majority of June.
User Engagement
Metric | March 2022 | April 2022 | May 2022 | June 2022 |
Avg daily unique wallets created | 12,128 | 9,534 | 6,497 | 3,858 |
Avg daily transaction count | 934,930 | 748,432 | 864,685 | 903,497 |
Total Distinct Addresses (End of Month) | 2,658,320 | 2,953,401 | 3,172,282 | 3,288,008 |
Overall user engagement has slowed down to a crawl as crypto users withdraw from the current crypto bear market. Average daily unique wallets created now sit at just over a quarter of their previous average from three months ago. The transaction count on the network did see some nominal growth from the previous month, indicating that Fantom users are still active within the ecosystem.
Top FTM Senders and Receivers

Spooky Swap stands alone as the only protocol to be featured in the top FTM receivers of June. The protocol fell from 11.4% to just 6.53% of all FTM received in the month\’s final week.
Top Tokens by Transaction Count

Liquid Driver’s native token had its debut in this month’s top tokens by transaction count, showing bullish signs of activity for the popular FTM protocol.
ftmWSPP piqued our interest, and after investigating the source of this strange token, we believe it may be connected to or masquerading as Wolf Safe Poor People token (WSPP). The project’s site seems to be down.. In my personal opinion, I would not recommend connecting your wallet or interacting with this project/coin. I would advise against any interactions with the token if you find it in your wallet. Check out our piece on Trash Tokens for more information.
Top Tokens by Unique Wallets

USDC, WFTM, and POWER remain from last week\’s top tokens by total uniques. 8bitcats.com and NFTWorld are this month’s flavor of trash tokens that seem to have been airdropped to a staggering amount of FTM users. Be wary of interacting with these tokens.
Pulse of the Network
This section will hope to aggregate and compound your own interest within the FTM network space. If you’re looking for some research to claim as your own or just the headlines for all the latest news and gossip this is the Pulse of the Network, the information you don’t want to miss out on.
FTM Ecosystem Headlines
The Future of DeFi on Fantom: Builders of DeFi protocols answer questions about the future of DeFi
Pietro Fittipaldi competed in the famous 24-hour endurance race of LeMans repping Fantom
Chainlink Keepers and Chainlink VRF are now live on Fantom mainnet – These new developer tools will improve the security and functionality of dApps on the Fantom network
DeFi Insurance protocol Solace now available to Fantom network users – Users can now purchase insurance to help secure their portfolio positions
Keep your eye on
Revest Protocol introduces Resonate: The solution to the biggest problems of DeFi
Robovault announces their multi-chain future with initial deployment on Avalanche – Polygon, Arbitrum, and Optimism soon to follow
Spooky Swap announces Magicats Staking! – Holders of the Magicats NFT can now boost their staked BOO pools using their NFT
Beethoven X hints at an NFT airdrop – When? Soon….Maybe
Liquid Driver on the release of its Shadow Farms ‘on hold due to market conditions with the tech ready to be deployed
Tarot Velour is the new core deployed on the Optimism network – Tarot continues its amazing naming convention for the first leveraged yield farming experience for Velodrome
FTM Podcasts and Videos
Fantom Unchained Episode 39: The gang talks Tomb peg or not to peg, Fantom gas, and the latest DEUS news
Crypto Clay explains Beethoven X by Balancer and its deployment on the Optimism network – Everything you need to know about the hot new chain
DeFi talk with the Granary AMA – FTM Alpha Friends speak with The Granary team about DeFi’s degens, Granary tech, and what the future holds
Nick Drakon discusses Firebird Finance Cashback program – Nick delves into the announcement news
FtmAlerts live with Beethoven X and Homora V2 – Austin talks with the teams from Beethoven and Alpha Homora
Fantom Unchained Episode 41: The gang talks BTC dropping below 20k, Consensus 2022, 3AC and Celsius drama, and much more
FtmAlerts discusses authentic communities in DeFi with the Fantom and Avalanche teams
Nick Drakon considers rising interest rates, Celsius, and Three Arrows Capital\’s insolvency
Industry Reports
Glassnode discusses the ‘most significant bear market in digital asset history’ in their report ‘A Bear of Historic Proportions’
Delphi Digital reveal the Top 10 NFT collections by volume in one of their daily insight reports
Researchers from Cornell University explain the key differences between Automated Market Making (AMM) used in crypto trading and traditional limit-order book-based market making
FTM Education Community and Art
Check out this amazing 25 Tweet thread-comic on Fantom ecosystem from user @RobotDefi
@DeFi_naly acts as your space guide in this thread discussing NEAR-by networks
This Fantom Punk pities the fool that isn\’t an FTM fan
@tombheads offers an insightful perspective on how to improve your NFT artwork and how to succeed in the space
@SlothtopiaNFT lay down some beats at W3Studio
Shining Wizard drops the Pop Pussies Poppin track of the year! Pop Pop!
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