Total value locked (TVL) in decentralized finance (defi) protocols lost 6.8% in the past 24 hours as crypto markets suffered more losses. However, the Fantom blockchain has seen an increase in TVL, jumping 46.62% over the past week. Fantom managed to knock Binance Smart Chain (BSC) down a notch, as it now holds the third largest share in the challenge world.
Fantom’s Total Value Locked In Decentralized Finance Jumps 46% In 7 Days
Challenge and smart chain blockchain project Fantom officially surpassed BSC in terms of TVL in challenge protocols this week. As of January 24, 2022, Fantom currently holds $11.73 billion, growing 46.62% in seven days.
While year-to-date, Fantom’s native token fantom (FTM) is up 4,671.7% against the US dollar, in the past two weeks FTM has lost 18.6%. Today, FTM trading volume stands at $1.6 billion and the project has a market valuation of approximately $4.9 billion.
Out of the $1.6 trillion crypto economy, the overall valuation of the ghost defi token (FTM) is 0.31% of the aggregate. In terms of $510 billion smart contract platforms, Fantom is the 13th largest blockchain, below Tron and above Stellar.
Tether (USDT) captures 84.26% of FTM trades today, followed by BUSD with 5.8% of FTM pairs. The US dollar commands 5.15% of the FTM swaps while bitcoin (BTC) holds around 3.25% of the FTM share. The Turkish lira (TRY) today accounts for around 0.74% of all ghost swaps (FTM).
While fantom (FTM) is widely traded on decentralized exchange (dex) apps, the main FTM centralized exchange offering is Binance’s 48.96% share, followed by Okex with 20.81%. Okex is followed by Digifinex, Kucoin and Hitbtc in terms of the most active centralized ghost exchanges (FTM).
Fantom’s $11.73 billion TVL in challenge is just above BSC’s $11.36 billion TVL. Above Fantom is Terra’s TVL challenged today with $15.75 billion, but Terra’s TVL has slipped 17.51% this week. BSC has lost 19.73% over the past week and has seen around 4.36% TVL leave over the past 24 hours.
The biggest challenge protocol on Fantom is Multichain with a 59.79% dominance of Fantom’s $11.73 billion. Multichain’s $7.02 billion TVL is followed by 0xDAO ($3.94 billion) and Spookyswap ($957.16 million). These three protocols command the lion’s share of Fantom’s total value locked in challenge.
Fantom also currently has the largest TVL in cross-channel bridges, with $5.2 billion locked up. Over the past seven days, the TVL deck on Fantom has grown by 149%.
What do you think of the recent Fantom blockchain challenge action last week? Let us know what you think about this topic in the comments section below.
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