Fantom's liquidity has grown by 141,3% so far this month, making it the third-largest DeFi ecosystem in the crypto industry today.
Fantom's DeFi platform, a blockchain focused on smart contracts DAG-based blockchain has gained massive popularity over the past month, surpassing Binance Smart Chain (BSC) as the third largest ecosystem DeFi largest and most important in the industry.
Fantom has a TVL or Total Locked Value of 11.900 million, at the time of this writing; a figure that gives it third place in DeFi compared to the 11.500 billion dollars that are deposited within the decentralized ecosystem of the BSC. According to data from the DeFi monitoring platform Llama, Fantom dominates 6,2% of the total value deposited within the decentralized finance ecosystem.
Source: DeFi Llama
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What is Fantom?
Fantom is a new decentralized blockchain platform for smart contracts based on DAG (Directed Acyclic Graph), designed to solve the scalability problems of existing public blockchains, such as Bitcoin y EthereumIt is an open-source blockchain that offers a high degree of performance and scalability to support the high demand for digital assets and decentralized finance.
Ethereum Compatible
Its consensus is based on the aBFT protocol and the “Lachesis” algorithm, designed to easily connect to applications written in any programming language. This allows applications developed in Fantom to be compatible with other development tools, such as Ethereum Virtual Machine (EVM) o Cosmos SDKFantom smart contracts are written in the programming language Solidity, so they can be implemented both on this blockchain and on Ethereum.
smart cities
Fantom has the ability to process up to 300.000 transactions per second, so its high level of scalability and large storage capacity can make it a fundamental basis for the construction and management of smart cities.
Thanks to the attributes of its consensus protocol, Fantom is also a highly energy-efficient network. Therefore, as a decentralized ecosystem, this blockchain has grown significantly thanks to all these features, which have driven the entry of thousands of new investors into its digital ecosystem. Fantom allows for virtually instant transactions, as they only require a confirmation from the network to be irreversible. In addition, thanks to the scalability it offers, these transactions only cost a fraction of a cent.
Speed, security and scalability
DApp developers are also being attracted by the advantages that Fantom offers for building applications and protocols, being a fully Ethereum-compatible chain, integrating oracle protocols with chainlink y Band protocol and implementing the subgraphs of The Graph to ensure fast, secure and highly scalable applications.
At the end of August, Fantom implemented a new incentive program for DeFi developers, to distribute 370 million FTM tokens among those developing new projects in order to increase the liquidity of its decentralized financial ecosystem.
129 protocols available on the chain
Currently, the Fantom blockchain has a total of 129 decentralized applications and protocols developed and deployed within its ecosystem. These include Multichain, Yearn Finance, Curve Finance, RenVM, SushiSwap, ShibaSwap, and more.
Source: DeFi Llama
Although BSC has more than twice as many decentralized protocols as Fantom, the blockchain's liquidity has been declining since last May, when it exceeded $31.000 billion.
Within the Fantom ecosystem, Multichain is the most dominant protocol, with over $7.000 billion in TVL and 56% dominance over this ecosystem. It is followed by the native protocols 0xDAO, with over $4.000 billion in liquidity, and SpookySwap, which is worth over $1.000 billion at the time of writing.
Fantom (FTM) Growth
On the other hand, although FTM, Fantom's native cryptocurrency, has followed the current crypto market decline, in the last 12 months it has appreciated by more than 5.400%. At the time of this writing, FTM is trading at around $2,16, showing a 12% growth in its value in the last hour.
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