Fantom has overtaken Binance Smart Chain (BSC) to become the third-largest blockchain in decentralized finance (DeFi) as measured by total value locked (TVL), according to DeFiLlama.
- Fantom’s TVL bucked the global crypto market downtrend and increased more than 60% to US$12.2 billion over the past week, as of publishing time.
- Fantom is an open-source smart contract blockchain that now hosts 6.15% of about US$200 billion of DeFi activities.
- BSC controlled more than 20% of TVL last May behind the rise of decentralized exchange (DEX) PancakeSwap, but has now dropped to 6.05%.
- Fantom’s native utility and governance token FTM had mirrored much of this growth over the past month but has also succumbed to the recent market-wide sell-off, losing 40% over the weekend to trade at US$1.80 at press time, according to CoinMarketCap data.
- All other major blockchains, including TVL leader Ethereum and number two Terra, saw double-digit falls over the past week.
- Ethereum’s TVL fell almost 20% over the same period to a four-month low of US$116.5 billion, dropping to a record low dominance at 58%, down from 94% last January.