Fantom Surpasses Binance Smart Chain in Total Value Locked in defi protocols
The Fantom blockchain has surpassed Binance Smart Chain to become the third-largest DeFi blockchain with a TVL increase jumping 46.62% over the last week.
This week, Fantom, a DeFi and smart chain blockchain project, officially exceeded BSC in terms of TVL in defi protocols. Fantom presently possesses $11.73 billion on January 24, 2022, up 46.62 percent in seven days.
While Fantom's native token fantom (FTM) has gained 4,671.7 percent versus the US dollar year to date, it has lost 18.6% in the last two weeks. FTM transaction volume is currently $1.6 billion, and the project has a market capitalization of $4.9 billion.
The total market capitalization of the defi token fantom (FTM) is 0.31 percent of the $1.6 trillion crypto ecosystem. Fantom is the 13th largest blockchain, behind Tron and above Stellar, among the $510 billion smart contract platforms.
Tether (USDT) accounts for 84.26 percent of today's FTM trades, while BUSD accounts for 5.8 percent. The US dollar accounts for 5.15 percent of FTM swaps, while bitcoin (BTC) accounts for roughly 3.25 percent. The Turkish lira (TRY) currently accounts for 0.74 percent of all fantom (FTM) swaps.
While fantom (FTM) is extensively traded on decentralized exchange (dex) platforms, Binance holds the largest share of FTM with 48.96 percent, followed by Okex with 20.81 percent. In terms of the most active fantom (FTM) centralized exchanges, Okex is followed by Digifinex, Kucoin, and Hitbtc.
In terms of defi, Fantom's $11.73 billion TVL is barely ahead of BSC's $11.36 billion TVL. With $15.75 billion in defi today, Terra's TVL is ahead of Fantom, although Terra's TVL is down 17.51 percent this week. BSC has lost 19.73 percent in the last week, and TVL has down 4.36 percent in the last 24 hours.
Multichain is the most dominant defi protocol on Fantom, with 59.79 percent of the $11.73 billion market cap. Multichain has a TVL of $7.02 billion, followed by 0xDAO ($3.94 billion) and Spookyswap ($957.16 million). These three protocols control the vast majority of Fantom's total defi value.
Fantom also boasts the largest TVL in cross-chain bridges today, with $5.2 billion in the bank. On Fantom, cross-chain bridge TVL has climbed by 149 percent in the last seven days.
