Fantom Network’s Ecosystem Becomes Crypto’s Third Biggest

Fantom Network’s ecosystem becomes crypto’s third-biggest and flipped Binance Smart Chain to reach this level in terms of total value locked so let’s read further in our latest cryptocurrency news.

With over $12.2 billion total value locked in its ecosystem, Fantom Network’s ecosystem overtook the Binance Smart Chain to become the third biggest protocol in DEFI according to the data from DeFiLlama. Fantom belongs to the new generation of proof of Stake blockchains that are looking to compete with Ethereum by solving scalability problems like the costs of the transaction, time to finality, and throughput.

For example, Fantom’s key feature is that a transaction needs a single confirmation which means as soon as a block is written in the chain, it is irreversible. Bitcoin needs six confirmations while Ethereum needs 12. Of the total $194 billion in all of DEFI, Fantom controls over 6.19% compared to the BSC’s 6.04% and it is also not too far behind TErra which covers 8.40% of the DEFI space. Ethereum as the leading smart contract platform continues to dominate market share but makes up 605 of all DEFI activity. Amid the overall market slump that saw the price of BTC drop below $35,000, Fantom’s native token FTX is down 15% over the past day and about 37% in the past week. Still, no one can deny that the network has a growing activity.

The network’s TVL is up 53% over the past week making Fantom the only distinguished major network to post this kind of number over the span. Over the last day, Fantom’s TVL increased by 16% and outperformed Ethereum which is up 13% over the same time frame. There’s a flurry of activity happening ont the network right now with several projects utilizing a blockchain that post gains in terms of TVL. These include the newly launched 0xDAO a decentralized exchange protocol created by Fantom builders that are boasting over $4 billion in TVL and Multichain a cross-chain router that allows users to swap the tokens between different blockchains by using a bridge.

With $9.5 billion in TVL, Multichain is now the biggest DEFI project on the Fantom blockchain and laid up a foundation for future advancements but there’s also Solid Swap which also annoucned an automated market maker that is built on the Fantom network. Built by Andre Cronje and Daniele Sestagalli, Solid Swap will implement a novel tokenomics model dubbed ve3.3 and will open up new opportunities for the defi space.