Fantom DeFi ecosystem becomes third-largest by TVL

The Fantom smart-contract platform surpassed Binance Smart Chain (BSC) in total value locked (TVL) and rose to third place in the ranking, with a TVL of around $12 billion, according to DeFiLlama.

Second place is Terra, which ousted BSC in December 2021 and continues to hold the position. Ethereum leads by a wide margin.

As of writing, Fantom has assets locked in 129 protocols supporting the network. Over the last seven days, TVL on the blockchain rose by more than 48%, and over the past month the growth reached 162%.

Dominant in the ecosystem is the cross-chain protocol Multichain with a TVL of $7.03 billion, operating on 13 other blockchains.

Following the leader are the projects 0xDAO and SpookySwap with TVLs of $3.94 billion and about $976 million, respectively. These DeFi protocols support only Fantom.

On January 17, 2021, the native token Fantom (FTM) rose to around $3.38, approaching the October peak of $3.46 (CoinGecko). Over the last week the asset corrected along with the market and trades around $1.92.

The token’s market capitalization is about $4.85 billion. In the overall cryptocurrency ranking by FTM, it sits at 28th place. The main trading volume is on Binance and OKX (formerly OKEx).

Earlier in January, a vulnerability was found in the Multichain protocol that attackers managed to exploit. According to PeckShield, the damage amounted to no less than 450 ETH.

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