According to data from analytics tool DeFiLlama, the last weekend saw Fantom flipping Binance Smart Chain (BSC) to become the third-largest decentralized finance (DeFi) ecosystem in terms of total value locked (TVL).
TVL For Fantom Surges 52% Within A Week
As at Monday morning, Fantom boasts of over $12.2 billion worth of its native FTM and other tokens, locked across about 129 protocols. On the average, this amounts to around $94 million locked per each project. The data also shows a whopping 52% and more than 170% increases within the last week and last month respectively.
For now, the biggest protocol in terms of value locked on Fantom is cross-chain swap Multichain, having more than $6.87 billion worth of assets in its smart contracts. Relatively new 0xDAO comes in second spot with over $3.91 billion. While DEX SpookySwap is third with a little above $1 billion in locked value.
![](https://cdn.binbits.com/wp-content/uploads/2022/01/24181724/IEZLMJU2KNGU5LF72XKHL6TCHI-1024x479.png)
Ethereum Still King
Fantom placing third in the ranking simply means that BSC has now slipped to the fourth-largest DeFi ecosystem. Meanwhile, Terra retains its second spot on the log with $16.54 billion in locked value. Recall that Terra first displaced BSC from second spot in December 2021 to become the second-largest DeFi ecosystem.
As expected, the untouchable Ethereum retains the DeFi crown by a long margin with over $116 billion in locked value. And according to DeFiLlama, the block chain holds over 415 projects. That’s more than can be found on any other blockchain.
![](https://cdn.binbits.com/wp-content/uploads/2022/01/24181923/I7ART66Y25HZ5GLYXQUHAJQHRU-1024x465.png)
Quite recently, tokens of Fantom have been performing greatly due to investors betting on the tokens of layer 1 projects like Solana and Fantom as an alternate to Ethereum.
Meanwhile, earlier this month, FTM prices rose to an all-time high of $3.46 from its mid-December price of $1.30, before tumbling alongside the general crypto market in the past week.