Fantom is only ranked behind the Terra and Ethereum ecosystems in closed aggregates, according to the latest DeFi market data.
Binance Smart Chain, Solana, and Avalanche gave way to Fantom as the blockchain rose to third place in Total Lock (TVL). Fantom’s DeFi ecosystem gained more than 60% in 48 hours, leaping above Binance Smart Chain (BSC) earlier today, with $12.4 billion worth of TVL ($500 million more than BSC).
The network’s growth is being driven by the activity of its 129 protocols, and dApps such as Matrixswap and Chainstack are making extensive use of chains in their scaling work. At press time, Fantom blockchain TVL is worth $11.97 billion, up 49.5% over the past seven days.
DefiLlama data shows that Fantom controls 6.25% of DeFi TVL compared to 6.07% of BSC. Terra comes second (8.57%) behind the Ethereum ecosystem, which controls DeFi activity with 58.75%.
A newer series than the old series
Fantom is one of the new Proof of Stake blockchains that seeks to improve Ethereum’s throughput, scalability, and cost concerns. The chain works with one confirmation per transaction, unlike 12 confirmations for Ethereum and 6 confirmations for Bitcoin.
The blockchain, which successfully confused the old chain, offers users better gas rates to avoid the exorbitant rates of other chains like Ethereum. However, according to the data, the average gas charge of the BSC is 6.543 Gwei, which is much cheaper than that of the Fantom, and the average gas charge of the Gwei has reached 716.82.
So why does Fantom outperform BSC in the DeFi business?
Lower transaction fees and effects on multiple threads and 0xDAO
Fantom series users incur significantly higher gas fees, which could be a factor driving TVL’s growth in the network. Sunday’s BSC transaction cost an average of $0.3231 compared to Fantom’s $0.2 transaction.
The emergence of the Fantom series can also be specifically attributed to two projects within the ecosystem. Multi-chain and oxDAO. With a TVL of $9.28 billion at the time of writing, Multichain has grown by 73% over the past week. In addition, the newly launched protocol, 0xDAO, is the TVL protocol that ranks second with $3.94 billion.
Fantom’s original FTM tokens are also in line with the notable growth in the one-month chain, but fell with the market during the weekend market crash. CoinMarketCap It appears to have dropped to $1.81 on January 22nd. At press time, the token was trading at $2.04, down 34.6% in the past seven days.