Fantom (FTM) outperforms Binance Smart Chain (BSC) for total value locked in DeFi

Fantom is now just behind Ethereum and Terra as far as Total Value Locked is concerned, and has 129 protocols using it.The Fantom network now has $ 11.73 billion in total value locked. Fantom is a blockchain proof-of-stake network that aims to solve scalability problems such as transaction cost, transaction throughput (tps) and time to finalization. On Fantom, each decentralized application runs on an independent blockchain.

All blockchains have used Lachesis, and all blockchains can talk to each other. Ethereum can be thought of as a decentralized computer. On the contrary, Fantom can be thought of as a decentralized computer network. Fantom uses a high-speed consensus mechanism called Lachesis, which allows digital assets to trade faster than Bitcoin and Ethereum. Once a block is written into the chain, it is final and irreversible.

Only Terra and Ethereum are found above Fantom with $ 15.8B and $ 111.6B. Binance Smart Chain’s TVL is $ 11.36B. DeFi’s TVL is $ 188.7B. Blocked tokens include those of 129 protocols. TVL is up 46.6% over the past seven days, making it the only network in the top 5 protocols to record gains. Ethereum’s TVL rose 8.58% in the previous 24 hours, 2.5% lower than Fantom.

The recent market crash, which saw over a trillion, wiped out the total cryptocurrency market cap. FTM, Fantom’s active token, has dropped by 15% in the last 24 hours and by 40% in the last week.

Multichain and 0xDAO on Fantom

Multichain is a cross-chain router protocol that connects two chains to allow the exchange of tokens between them, reduces fees and makes it easier to move between chains. Multichain is the most significant DeFi application on Fantom, with a TVL of $ 7.02B. The second largest DeFi application is 0xDA0, with over $ 4B in TVL.

DeFi is booming

There is an automatic market maker built on Fantom recently, by Andre Cronje and Daniele Sestagalli, called SolidSwap. SolidSwap will apply a tokenomics model called ve (3.3). Its native token will be called ROCK. SolidSwap is an exchange for protocols rather than individuals. An automated market maker is used in a decentralized exchange like Uniswap, instead of an order-book system, like Coinbase. The AMM receives liquidity when people contribute tokens in a pool and rewards them with the fees it charges.