Fantom Surpasses Binance Smart Chain as the Third-Largest Defi Blockchain

The total value locked (TVL) in decentralized finance (defi) protocols has lost ​​6.8% during the last 24 hours as crypto markets have experienced more losses. However, the Fantom blockchain has seen a TVL increase, jumping 46.62% over the last week. Fantom has managed to knock Binance Smart Chain (BSC) down a notch, as it now holds the third-largest share in the world of defi.

The defi and smart chain blockchain project Fantom has officially surpassed BSC in terms of TVL in defi protocols this week. On January 24, 2022, Fantom currently holds $11.73 billion, increasing by 46.62% in seven days.

While year-to-date, Fantom’s native token fantom (FTM) is up 4,671.7% against the U.S. dollar, over the last two weeks, FTM has lost 18.6%. Today, there’s $1.6 billion in FTM trade volume and the project has a market valuation of around $4.9 billion.

Out of the $1.6 trillion crypto economy, the defi token fantom’s (FTM) overall valuation represents 0.31% of the aggregate. In terms of the $510 billion smart contract platforms, Fantom is the 13th largest blockchain, below Tron and above Stellar.

Tether (USDT) captures 84.26% of today’s FTM trades, followed by BUSD with 5.8% of FTM pairs. The U.S. dollar commands 5.15% of FTM swaps while bitcoin (BTC) has around 3.25% of the FTM share. The Turkish lira (TRY) has around 0.74% of all the fantom (FTM) swaps today.

While fantom (FTM) is widely traded on decentralized exchange (dex) applications, the top centralized exchange offering FTM is Binance’s 48.96% share followed by Okex with 20.81%. Okex is followed by Digifinex, Kucoin, and Hitbtc in terms of the most active fantom (FTM) centralized exchanges.

Fantom’s $11.73 billion TVL in defi is just above BSC’s $11.36 billion TVL. Above Fantom is Terra’s TVL in defi today with $15.75 billion, but Terra’s TVL has slid by 17.51% this week. BSC lost 19.73% during the last week and has seen around 4.36% in TVL leave in the last 24 hours.

The largest defi protocol on Fantom is Multichain with a dominance of 59.79% of Fantom’s $11.73 billion. Multichain’s $7.02 billion TVL is followed by 0xDAO ($3.94B), and Spookyswap ($957.16M). These three protocols command the lion’s share of Fantom’s total value locked in defi.

Fantom currently has the largest TVL in cross-chain bridges today as well, with $5.2 billion locked. In the last seven days, cross-chain bridge TVL on Fantom has increased 149%.

What do you think about the Fantom blockchain’s recent defi action this past week? Let us know what you think about this subject in the comments section below.