Stock Groups

Fantom Overtakes Avalanche and Solana, Becomes 4th Biggest DeFi Chain -Breaking

by Mike Robinson

[ad_1]

Fantom takes over Solana & Avalanche. It is now the fourth largest def chain.

Fantom (FTM), a challenger to cryptocurrency, has seen a remarkable rise despite the continued price drop across the markets.

Fantom overtakes and

Fantom’s total value has temporarily surpassed the Avalanche, Solana and Solana DeFi chains. TVL is the sum of all capital within smart contracts in a DeFi protocol or chain.

Fantom is home to 129 protocols. Its TVL currently stands at $13.02Billion, which makes it the fourth most valuable Defi Chain. BSC holds $13.77 Billion in DeFi, while $16.16 Billion is held by BSC. Ethereum leads the DeFi industry with an estimated TVL of $130.1 million.

The TVL at Fantom: Source: Defillama

Fantom’s rise to the top of the DeFi ranking is backed by a 54% rise in the last seven days. The TVL of Fantom has increased 170% in the last month and by more than 1,200% during the preceding four months.

Multichain, a cross-chain swap protocol, is Fantom’s biggest TVL contributor, with over $7.1 billion worth of assets in its smart contracts. 0xDAO is second, with more than $3.99 billion locked. SpookySwap, a decentralized exchange, comes in third with $1.12 trillion in locked value.

Fantom also surpasses Ethereum for active daily transactions. This cements its position as the top-ranked competitor.

Flipside

  • Although Fantom’s TVL has steadily increased, the value of its native token, FTM, has suffered major declines, losing 36% in the last seven days

Fantom’s seven-day price chart (FTM) Tradingview

Why you should care

JPMorgan (NYSE 🙂 says that Fantom and other scalable defi chain would take Ethereum out of the defi market.

EMAIL NEWSLETTER

You can also join the crypto-verse

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

[contact-form-7]
It takes just 1 click to unsubscribe.

Continue reading on DailyCoin

Disclaimer: Fusion MediaWe remind you that this site does not contain accurate or real-time data. CFDs include stocks, indexes and futures. Prices are provided not by the exchanges. Market makers provide them. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media does not accept any liability for trade losses you may incur due to the use of these data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information. This includes data including charts and buy/sell signal signals. You should be aware of the potential risks and financial costs involved in trading the financial market. It is among the most dangerous investment options.

[ad_2]