Fantom Surpasses Binance Smart Chain as the Third-Largest Defi Blockchain

The total value locked (TVL) in decentralized finance (defi) protocols has lost ​​6.8% during the last 24 hours as crypto markets have experienced more losses. However, the Fantom blockchain has seen a TVL increase, jumping 46.62% over the last week. Fantom has managed to knock Binance Smart Chain (BSC) down a notch, as it now holds the third-largest share in the world of defi.

Fantom’s Total Value Locked in Decentralized Finance Jumps 46% in 7 Days

The defi and smart chain blockchain project Fantom has officially surpassed BSC in terms of TVL in defi protocols this week. On January 24, 2022, Fantom currently holds $11.73 billion, increasing by 46.62% in seven days.

While year-to-date, Fantom’s native token fantom (FTM) is up 4,671.7% against the U.S. dollar, over the last two weeks, FTM has lost 18.6%. Today, there’s $1.6 billion in FTM trade volume and the project has a market valuation of around $4.9 billion.

Out of the $1.6 trillion crypto economy, the defi token fantom’s (FTM) overall valuation represents 0.31% of the aggregate. In terms of the $510 billion smart contract platforms, Fantom is the 13th largest blockchain, below Tron and above Stellar.

Tether (USDT) captures 84.26% of today’s FTM trades, followed by BUSD with 5.8% of FTM pairs. The U.S. dollar commands 5.15% of FTM swaps while bitcoin (BTC) has around 3.25% of the FTM share. The Turkish lira (TRY) has around 0.74% of all the fantom (FTM) swaps today.

While fantom (FTM) is widely traded on decentralized exchange (dex) applications, the top centralized exchange offering FTM is Binance’s 48.96% share followed by Okex with 20.81%. Okex is followed by Digifinex, Kucoin, and Hitbtc in terms of the most active fantom (FTM) centralized exchanges.

Fantom’s $11.73 billion TVL in defi is just above BSC’s $11.36 billion TVL. Above Fantom is Terra’s TVL in defi today with $15.75 billion, but Terra’s TVL has slid by 17.51% this week. BSC lost 19.73% during the last week and has seen around 4.36% in TVL leave in the last 24 hours.

The largest defi protocol on Fantom is Multichain with a dominance of 59.79% of Fantom’s $11.73 billion. Multichain’s $7.02 billion TVL is followed by 0xDAO ($3.94B), and Spookyswap ($957.16M). These three protocols command the lion’s share of Fantom’s total value locked in defi.

Fantom currently has the largest TVL in cross-chain bridges today as well, with $5.2 billion locked. In the last seven days, cross-chain bridge TVL on Fantom has increased 149%.

What do you think about the Fantom blockchain’s recent defi action this past week? Let us know what you think about this subject in the comments section below.