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Crypto's Third-Largest DeFi chain Fantom Network's DeFi Ecosystem

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Indrani bose Follow

INDIA

Jan, 31 2022

Jan, 31 2022

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As per available data from DeFi tracking platform DeFiLlama, Fantom’s TVL has the third-largest crypto protocol in decentralized finance (DeFi). In spite the crypto market was bearish over the weekend, Fantom's TVL currently showed a $12 billion mark total value locked (TVL) across its ecosystem.

A total of $11.01 billion in TVL is spread across 131 protocols, including MultiChain (MULTI), SpookySwap (BOO), Yearn Finance (YFI), and Curve (CRV).

The popularity of Fantom shows the growing desire of the crypto community to move away from Ethereum. Fantom is a proof-of-stake blockchain that aims to compete with Ethereum by solving scalability problems such as transaction costs, throughput, and timeliness.

Before a transaction is written into a block of the new blockchain, it only needs one confirmation. Once a block is added to a chain, it is irreversible.

Fantom Network controls over 6.19% of the total $194 billion across all DeFi, and BSC's 6.04%. Terra accounts for 8.40% of the DeFi market. The DeFi ecosystem TVL leaderboard indicates Ethereum is the largest with over $118.6 billion locked across 415 protocols. Terra (LUNA) has over $12.3 billion across 17 protocols, whilst BSC has over $12.3 billion locked in over 290 protocols. Ethereum needs 12 confirmations, while Bitcoin needs six.

Binance Smart Chain accounted for over 20% of DeFi's TVL as of last year due to PancakeSwap, a decentralized exchange (DEX) built on it. Due to other DeFi-enabled networks such as Solana, Terra, Avalanche, etc., that dominance has now fallen to about 6.05%.

The reason why Fantom is rising:

According to the report, developers are encouraged to build on FTM's network through incentives. Furthermore, Fantom developers are eligible to receive a reward for reaching TVL targets for their protocols. Moreover, it has an active ecosystem of over 100 projects, including Curve Finance, SushiSwap, and other projects like CREAM Finance, Beefy Finance, and Abracadabra demonstrating diversity and extensiveness nature it is.


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Indrani bose

CBW - External Analyst

INDIA

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