Over $12.2 billion worth of FantomFDN’s FTM and other tokens are locked on 129 protocols, making it the third-largest DeFi protocol by market cap. By shauryamalwa
Fantom overtook Binance Smart Chain over the weekend to become the third-largest decentralized finance ecosystem by total value locked, data from analytics toolDeFi broadly refers to smart contract-based financial services such as trading, lending and borrowing offered by blockchain projects to users.locked on 129 protocols
geared towards Fantom users. That's just over $94 million locked per project on average. This is a 52% increase in the past week, and a greater-than 170% increase over the past month, the data showed. Cross-chain swap Multichain is the biggest protocol by value locked on Fantom, with over $6.97 billion worth of assets in its smart contracts. In second place is the relatively new 0xDAO, which locks over $3.91 billion, while decentralized exchange SpookySwap takes third place with just over $1 billion in locked value.BSC slipped to the fourth-largest DeFi ecosystem with $11.96 billion in locked value over 294 projects.
FTM prices rose from $1.30 in mid-December to approach all-time highs of $3.46 in earlier this month, before tumbling with the broader market in the past week.The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a
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