Total Value Locked On Fantom Surged 52% In The Past Week

The total value locked on Fantom surged 52% in the past week and it even managed to overtake Binance smart Chain and become the thrid biggest decentralized finance ecosystem by tVL so let’s read more in today’s latest cryptocurrency news.

DeFi broadly refers to smart contract based financial services like lending, borrowing, trading that is offered by blockchain projects to users. In Europe, more than $12.2 billion worth of Fantom FTM and other tokens are locked on the 129 protocols that are geared towards Fantom users. This is just over $94 million locked per project ona verage which marks a 52% increase in the past week and a 170% increase in the past month in the total value locked on Fantom.

Cross-chain swap Multichain is the biggest protocol by value locked on Fantom with more than $6.97 billion worth of assets in the smart contracts. In second place comes 0xDAO which locks over $3.91 billion with SpookySwap taking third place with over $1 billion in locked value. BSC slipped to the fourth biggest DEFI ecosystem with $11.96 billion in value locked in more than 294 projects and Terra displaced BSC in december last year to become the second biggest DEFI ecosystem that remained on the second place with $16.54 billion in locked value.

Ethereum retains the DEFI leader role with over $116 billion in locked value in 415 projects more than other blockchin projects. The token of Fantom emerged as the top performers recently as investors bet on the tokens of the layer 1 proejcts with their native blockhains like Solana as an alternate to Ethereum. The FTM prices increased from $1.30 in mid-December to approach the ATH of $3.46 in earlier this month before crashing when the market drowned in red the past week.

Speaking of Solana, While the crypto market was bleeding dramatically last week, Solana experienced another network hiccup that caused panic among traders and other DEFI users across the crypto community. Solana’s network suffered multiple issues in the past few months and this current incident happened twice in January. But unlike other occasions, the latest outage lasted 48 hours. The issue was resolved after the release of the adoption of V1.8.14 which was designed to mitigate the effects of the issue.