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.
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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