Fantom Network Ecosystem emerges as the third largest DeFi protocol in crypto

By: Jinia Shawdagor
Jinia Shawdagor
Jinia is a cryptocurrency and blockchain enthusiast based in Sweden. She loves everything positive, travelling, and extracting joy and… read more.
on Jan 24, 2022
  • Per DefiLlama, Fantom is now the third-largest decentralized finance ecosystem.
  • Fantom has a TVL of $12.2 Billion.
  • Multichain is the biggest decentralized finance project on Fantom blockchain.

Binance Smart Chain was leading ahead of Fantom up until this past weekend when Fantom overtook BSC to become the third-largest DeFi ecosystem on a total value locked (TVL) basis.

This is according to DeFilLlama. DeFiLlama reported that at present Fantom (FTM/USD) has a TVL of US $12.2 billion. Fantom network is on the leading edge of technology in a proof-of-stake blockchain.

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Fantom and other networks are attempting to supersede Ethereum by answering a problem that Ethereum is yet to overcome: scalability.

One aspect that Fantom Network outperforms other networks on is that of confirmations. With Fantom, users only need to make 1 confirmation for a transaction to be written on the blockchain. However, Bitcoin and Ethereum need 6 and 12 confirmations respectively.

At present the network handles up to 6.19% of all decentralized transactions in crypto, outperforming BSC by 0.15%. All this whilst the market is currently on a nosedive with FTM, Fantom’s native token taking a 15% hit in the downwards direction over the last day.

At the same time, the network’s TVL is up by 53% over the past 7 days, becoming the only network to show a positive performance during this market slump.

This is all thanks to several projects that performed well on the network such as oxDAO, Solid Swap, and Multichain. At present, OxDAO boasts more than US $4 Billion in TVL, whilst Multichain is the biggest DeFi project on Fantom with a TVL of US$ 9.5 Billion.

Solid Swap is another promising project on the Fantom network that is showing a lot of promise. The project is a newly announced market maker automation solution on the Fantom network.

The possibilities of this solution render possibilities for a bigger decentralized finance ecosystem.

Whilst other networks flounder and Fantom manages to prosper, the DeFi network offers the market some hope in positive performance.

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