The total value locked (TVL) in decentralized finance (defi) protocols has lost 6.8% in the past 24 hours as the crypto market suffered more losses. However, the TVL of the Fantom blockchain has seen an increase, increasing by 46.62% last week. Fantom has managed to bring Binance Smart Chain (BSC) down a notch as it now has the third largest share in the Defi world.
Fantom’s Total Value Locked in Decentralized Finance Jumps 46% in 7 Days
Defi and Smart Chain Blockchain Project phantom This week officially surpassed BSC in terms of TVL for Defi protocols. On January 24, 2022, Fantom currently holds $11.73 billion, an increase of 46.62% in 7 days.
While Fantom’s native token, fantom (FTM), is up 4,671.7% against the U.S. dollar year-to-date, FTM is down 18.6% over the past two weeks. Today, FTM transactions are worth $1.6 billion, and the project has a market valuation of about $4.9 billion.
In the $1.6 trillion crypto economy, the overall valuation of the defi token fantom (FTM) accounts for 0.31% of the total valuation. Fantom is the 13th largest blockchain in terms of $510 billion worth of smart contract platforms, below Tron and above Stellar.
Tether (USDT) accounts for 84.26% of FTM trades today, followed by BUSD with 5.8% of FTM pairs. USD accounts for 5.15% of FTM swaps, while Bitcoin (bitcoin) has an FTM share of about 3.25%. The Turkish Lira (TRY) currently accounts for approximately 0.74% of all fantom (FTM) swaps.
While fantom (FTM) is widely traded on decentralized exchange (dex) applications, the top centralized exchange offering FTM is Binance with 48.96% share, followed by Okex with 20.81%. In terms of the most active Fantom (FTM) centralized exchanges, Okex is followed by Digifinex, Kucoin and Hitbtc.
Fantom’s $11.73 billion TVL in defi is slightly higher than BSC’s $11.36 billion TVL. Above Fantom is Terra’s TVL in defi today at $15.75 billion, but Terra’s TVL slipped 17.51% this week. BSC is down 19.73% last week and TVL is off about 4.36% in the past 24 hours.
The largest defi protocol on Fantom is Multichain, which dominates 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 account for the largest share of Fantom’s total value locked in defi.
Fantom also currently has the largest TVL of any cross-chain bridge today, with $5.2 billion locked up. In the past 7 days, the cross-chain bridge TVL on Fantom has increased by 149%.
What do you think of the recent Defi action on the Fantom blockchain over the past week? Let us know what you think about this topic in the comments section below.
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