According to DeFiLlama, the Fantom blockchain has taken the third spot in DeFi as measured by total value locked (TVL), besting Binance Smart Chain (BSC).
Fantom (FTM) is now the third biggest in DeFi TVL
Over the previous week, Fantom’s TVL rose more than 60% to US$12.2 billion, bucking the global crypto market downturn.
Fantom is a free and open-source smart contract blockchain covering over 6% of the global DeFi market.
BSC has experienced a fluctuating trend in the last year. Last May, it controlled more than 19% of TVL behind the rise of decentralized exchange (DEX) PancakeSwap, but it is now at 6.05%.
The native utility and governance token of Fantom, FTM, mirrored somewhat of this growth throughout the last month, but it has also dropped by 39% as a result of the current market-wide selloff, trading at $1.96 on CoinMarketCap as I write this.
Over the past week, all other major blockchains, including Ethereum and Terra, have experienced double-digit declines. The price of Ethereum’s TVL has fallen 19% in this period, to a four-month low of $116.5 billion.
