According to DeFiLlama, Fantom has overtaken Binance Smart Chain (BSC) to become the third-largest blockchain in decentralized finance (DeFi) as per the total value locked (TVL).
Key developments
- Fantom’s TVL has risen by more than 60 percent to USD 12.2 billion in the past week countering the downtrend in the global crypto market.
- Fantom is an open source smart contract blockchain that currently hosts 6.15 percent of its USD 200 billion DeFi activity.
- Last year, Binance Smart Chain (BSC) controlled more than 20 percent of TVL in the month of May, following the rise of distributed exchange (DEX) Pancake Swap which has now dropped to 6.05 percent.
- According to CoinMarketCap data, Fantom’s native utility and governance token FTM reflected much of last month’s growth, but succumbed to recent market-wide sales, down to 40 percent over the weekend and traded at USD 1.80.
- All other major blockchains, including TVL leader Ethereum and number two Terra, have also seen double-digit declines over the past week.
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