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

News Feed - 2022-01-25 12:01:55

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. Fantom’s Total Value Locked in Decentralized Finance Jumps 46% in 7 Days


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. The total value locked across all the decentralized finance blockchains on January 24, 2022, at 9:50 a.m. (EST).


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. FTM/USD on January 24, 2022, at 9:50 a.m. (EST).


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. The total value locked in Fantom (FTM) on January 24, 2022, at 9:50 a.m. (EST).


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. Top 12 Fantom (FTM) defi protocols in terms of TVL on January 24, 2022, at 9:50 a.m. (EST).


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%. Tags in this story 0xDAO, Avalanche, Binance Smart Chain, Bridges, BSC, Cross-chain, decentralized finance, DeFi, Defi Apps, Defi Platforms, Defi protocols, defillama.com, ETH, ETH Defi, Ethereum, Ethereum defi, Fantom, FTM, FTM defi, multichain, Smart Contract Platforms, Spookyswap, Terra


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. Jamie Redman


Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Value Locked in Defi Slides 21% in 2 Weeks, $200B TVL Still 10x Larger Than This Time Last Year DEFI | 1 day ago Most Defi Hacks in 2021 Had to Do With Centralization Issues, According to Certik DEFI | Jan 17, 2022


Image Credits: Shutterstock, Pixabay, Wiki Commons, defillama.com, Previous articleBinance Becomes the Blockchain and Cryptocurrency Industry’s First to Join the National Cyber-Forensics and Training Alliance (NCFTA) Next articleSEC Has Taken 97 Crypto Enforcement Actions So Far — Crypto a Top Priority for Chairman Gensler Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItJoe Biden Claims Inflationary Pressure "Rests With the Federal Reserve," Praises the Fed"s "Extraordinary Support" 


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