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