HomeMARKET NEWSFantom Displaces BSC To Become Third-Largest DeFi Protocol by Value Locked

Fantom Displaces BSC To Become Third-Largest DeFi Protocol by Value Locked


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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.

Multichain is the biggest project on Fantom by value locked. (DeFiLlama)

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.

Ethereum remains the top DeFi protocol by value locked. (DeFiLlama)

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.

mayowa adebajo
mayowa adebajo
Mayowa Adebajo is a fintech enthusiast with a decade long experience writing news stories and creating content generally. When he's not writing, he's either talking politics or discussing sports.

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