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

By Bhushan Akolkar
January 24, 2022 Updated January 24, 2022
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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.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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