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Fantom Becomes Third-Largest DeFi Protocol through Value Locked

The price locked on DeFi-centric tasks built on Fantom surged 52% in the past week.

Fantom overtook Binance Smart Chain (BSC) over the weekend to grow to be the third-largest decentralized finance (DeFi) ecosystem with the aid of complete cost locked, data from analytics device DeFiLlama showed.

DeFi commonly refers to clever contract-based economic offerings such as trading, lending and borrowing offered via blockchain initiatives to users.

As of Monday morning in Europe, more than $12.2 billion worth of Fantom’s FTM and different tokens are locked on 129 protocols geared toward Fantom users. That’s simply over $94 million locked per undertaking on average. This is a 52% expand in the previous week, and a greater-than 170% extend over the past month, the statistics showed.

Cross-chain swap Multichain is the largest protocol by means of fee locked on Fantom, with over $6.97 billion well worth of belongings in its clever contracts. In 2d place is the incredibly new 0xDAO, which locks over $3.91 billion, whilst decentralized trade SpookySwap takes 1/3 vicinity with just over $1 billion in locked value.

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BSC slipped to the fourth-largest DeFi ecosystem with $11.96 billion in locked cost over 294 projects. Terra, which displaced BSC in December 2021 to emerge as the second-largest DeFi ecosystem, retains its 2nd vicinity with $16.54 billion in locked value. Ethereum retains the DeFi crown with over $116 billion in locked fee over 415 projects, greater than any different blockchain.

image 2022 01 24T12 14 20 479Z


Tokens of Fantom have emerged as the pinnacle performers in recent months as traders guess on the tokens of layer 1 tasks – protocols with their native blockchains, such as Fantom or Solana – as an alternate to Ethereum.

FTM expenses rose from $1.30 in mid-December to method all-time highs of $3.46 in earlier this month, earlier than tumbling with the broader market in the previous week.


Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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