Fantom is a highly scalable blockchain platform for DeFi, crypto dApps, and enterprise applications

Fantom Daily expressed: “Let’s see how FantomFDN becomes the largest DeFi Protocol by TVL. About $12.2 billion worth of Fantom’s FTM and other tokens were locked on 129 protocols. FTM prices rose from $1.30 in mid-Dec to approach all-time highs of $3.46 earlier this month.”

The efficiency of all the operations in the network are sustained by the aBFT (Asynchronous Byzantine Fault Tolerant) PoS (Proof of Stake) Consensus Mechanism. Thus, contributing to network security and improved speed. With a total value of over $ 12.2 billion locked up across its ecosystem (TVL), Fantom has overtaken Binance Smart Chain (BSC) to become the third largest crypto currency in decentralized finance (DeFi).

Fantom has a new generation of resource blockchains, which are focused on competing with Ethereum in resolving scaling issues like cost, performance, and improved transactions.

Fantom is unique in that a transaction requires only a single confirmation. 

Thus, once a block gets written on the chain, it is final and it is not changeable any further.

Whereas, Bitcoin requires six validations and Ethereum needs 12.  

Fantom Network controls more than 6.19% of the total $194 billion in DeFi, compared to 6.04% of BSC. This is not far off from the second-ranked Terra, which covers 8.40% DeFi space.

Ethereum, undeniably is the industry’s largest smart contract platform.  It continues to dominate the market share.  It accounts for nearly 60% of all DeFi operations.

Amid an overall market slump where the price of bitcoin is tanking, Fantom’s native token FTM has dropped 15% recently.  One cannot deny the growing functionality in the network.

The network’s TVL has risen 53% in the last seven days, Thus, making Fantom the only major network to emit positive numbers.  On the last day, Fantom’s TVL increased 16%, performing better than Ethereum, up 13% over the same period.

What’s behind Fantom’s rise? 

At the moment there is an exciting activity going on in the Fantom network, with many programs using its blockchain based on TVL.  These include the newly introduced 0xDAO, a decentralized transfer (DEX) protocol developed by Phantom Builders, which already boasts more than $ 4 billion on TVL, and is a cross-chain system that allows users to exchange tokens between different blockchains using a bridge.

With about $ 9.5 billion in TVL, Multichain is currently the largest DeFi project in the Fantom blockchain. Solid Swap is the recently announced automated market maker (AMM) built on the Fantom network, laying a fantastic foundation for future developments.  Built by Andre Cronje and Daniele Sestagalli, Solid Swap is expected to implement a new Tokenomics model called ve (3.3), which will open up new possibilities for the wider DeFi space. FTM a token to watch.