Fantom (FTM) Surpasses Avalanche and Solana as DeFi TVL Crosses $12 Billion

Bhushan Akolkar
January 24, 2022
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Fantom Price Soars Ahead of Sonic Upgrade; Is $1 the Next Stop?

Fantom (FTM) is the next big daddy in the list of Ethereum-competitors. Recently Fantom has toppled giants like Avalanche and Solana in terms of DeFi total-value-locked (TVL) which has now crossed $12.3 billion as per data from DeFiLlama.

In the last 24 hours, Fantom’s DeFi TVL has shot up by 17% making it the next dominating DeFi network after Etheruem. As popular crypto-journalist Colin Wu writes:

Various protocols compete for the upcoming ve(3, 3) NFT selected by Andre Cronje, attracting users to lock assets through higher APR.

Fantom’s TVL has shot up by a staggering 12x just over the last 4 months. However, one thing to observe is that the cross-chain router protocol Multichain has the maximum dominance at 57% in terms of Fantom DeFi TVL.

Fantom Surpasses Ethereum In Daily Transactions

Another major milestone that Fantom has currently achieved is that it has surpassed Ethereum in terms of daily active transactions. As a result, Fantom is further cementing its position as a premier L1 competitor to Ethereum.

Another thing is that Fantom’s (FTM) accessibility remains a big issue. Popular crypto investor and analyst Miles Deutscher writes:

$FTM accessibility is still a huge issue. Withdraws are often blocked on major exchanges, still no Coinbase, Kraken listings. Can you imagine what the $FTM price would be if it had the same exchange support as other projects? It will come, only a matter of time.

Over the last year, Fantom’s native crypto FTM has registered a strong rally and is one of the top trading digital assets in the market. However, in the recent crypto market rout, the FTM price has corrected more than 30% on the weekly chart.

As of press time, Fantom (FTM) is trading at a price of $2.08 and a market cap of $5.2 billion. This correction could probably be a good time to add FTM to one’s portfolio who believes in Fantom’s future.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.