Fantom Becomes Third-Largest DeFi Protocol by Value Locked

The value locked on DeFi-centric projects built on Fantom surged 52% in the past week.

AccessTimeIconJan 24, 2022 at 9:41 a.m. UTC
Updated May 11, 2023 at 4:46 p.m. UTC

Fantom overtook Binance Smart Chain (BSC) over the weekend to become the third-largest decentralized finance (DeFi) ecosystem by total value locked, data from analytics tool DeFiLlama showed.

DeFi broadly refers to smart contract-based financial services such as trading, lending and borrowing offered by blockchain projects to users.

As of Monday morning in Europe, more than $12.2 billion worth of Fantom’s FTM and other tokens were locked on 129 protocols geared toward Fantom users. That's just over $94 million locked per project on average, and it's 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.

Multichain is the biggest project on Fantom by value locked. (DeFiLlama)
Multichain is the biggest project on Fantom by value locked. (DeFiLlama)

BSC slipped to the fourth-largest DeFi ecosystem with $11.96 billion in locked value over 294 projects. Terra, which displaced BSC in December to become the second-largest DeFi ecosystem, retains second place with $16.54 billion in locked value. Ethereum retains the DeFi crown with over $116 billion in locked value over 415 projects, more than any other blockchain.

Ethereum remains the top DeFi protocol by value locked. (DeFiLlama)
Ethereum remains the top DeFi protocol by value locked. (DeFiLlama)

Tokens of Fantom have emerged as the top performers in recent months as investors bet on the tokens of layer 1 projects – protocols with their native blockchains, such as Fantom or Solana – as an alternate to Ethereum.

FTM prices rose from $1.30 in mid-December to approach all-time highs of $3.46 earlier this month, before tumbling with the broader market in the past week.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.