Despite the sustained price decline across cryptocurrency markets, Ethereum challenger Fantom (FTM) has stood out, reaching new heights in the process.
Fantom Overtakes Avalanche and Solana
The total value locked in Fantom has overtaken leading DeFi chains, Avalanche and Solana, and the Binance Smart Chain (BSC) for a brief moment. TVL represents the total capital held within the smart contracts of a defi protocol or DeFi chain.
Fantom currently has 129 protocols on its blockchain, and its TVL is currently at $13.02 billion, making it the fourth most valuable defi chain. BSC is the third-largest DeFi chain with $13.77 billion locked, Terra on second with $16.16 billion locked. Ethereum dominates the DeFi sector with a TVL of $130.1 billion.
The TVL of Fantom: Source: Defillama
Fantom’s rise to the top of the DeFi ranking is backed by a 54% rise in the last seven days. Over the last month, its TVL has increased by 170% and over 1,200% over the previous four months.
Multichain, a cross-chain swap protocol, is Fantom’s biggest TVL contributor, with over $7.1 billion worth of assets in its smart contracts. 0xDAO ranks second with over $3.99 billion locked, and SpookySwap (a decentralized exchange) is in third place with $1.12 billion in locked value.
In addition, Fantom has also surpassed Ethereum in terms of active daily transactions, cementing its place as a top competitor.
On the Flipside
- Although Fantom’s TVL has steadily increased, the value of its native token, FTM, has suffered major declines, losing 36% in the last seven days
The seven days price chart of Fantom (FTM). Source: Tradingview
Why You Should Care
According to multinational investment bank JPMorgan (NYSE:JPM), the rise of scalable defi chains like Fantom would see the take over of defi dominance from Ethereum.
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