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.

Jan 24, 2022 at 9:41 a.m. UTC
Updated Jan 24, 2022 at 3:49 p.m. UTC

Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

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.

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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.

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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.

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Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

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Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

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