Fantom (FTM) ranks fourth among the many largest blockchains in decentralised finance (DeFi) by whole worth locked.
Capriole founder Charles Edwards says Fantom remains to be massively undervalued and has enormous potential. The analyst famous this at the same time as Fantom (FTM) slipped 13% prior to now 24 hours when it comes to the overall worth locked (TVL).
“Fantom has had an unbelievable run recently, nevertheless it’s nonetheless the most affordable multi-billion-dollar L1 however an enormous margin,” the analyst tweeted on Wednesday.
Fantom (FTM) is the fourth largest decentralised finance (DeFi) protocol by whole worth locked, behind high canines Ethereum (ETH), Terra (LUNA), and Binance Sensible Chain (BSC).
Fantom (FTM) in DeFi
Wanting on the DeFi ecosystem TVL leaderboard, Ethereum holds forte as the biggest with over $118.6 billion locked throughout 415 protocols. Terra (LUNA) has over $12.3 billion throughout 17 protocols, whereas BSC is third with over $12.3 billion locked in additional than 290 protocols.
In response to data from DeFi monitoring platform DeFiLlama, the blockchain community has a complete of $11.01 billion in TVL, unfold throughout 131 protocols that embody MultiChain (MULTI), SpookySwap (BOO), Yearn Finance (YFI), and Curve (CRV).
The worth locked within the undertaking has grown 39% this previous week.
In reality, the Fantom chain, a layer 1 protocol that boasts of very excessive scalability and low-cost transactions, briefly overtook BSC final weekend earlier than a drawdown in TVL took it again into fourth.
FTM costs
Fantom tokens proceed to draw much more buyers in search of greater yields and pace of transactions, retaining the layer 1 blockchain forward of rivals akin to Avalanche (AVAX), Solana (SOL), and Polygon (MATIC).
The TVL on the Fantom exceeded $11billion, a file excessive, surpassing Avalanche and Solana. Numerous protocols compete for the upcoming ve(3, 3) NFT chosen by Andre Cronje, attracting customers to lock belongings by greater APR. pic.twitter.com/AcfLBY4AoG
— Wu Blockchain (@WuBlockchain) January 23, 2022
Out there, FTM value has jumped 2% prior to now 24 hours as bulls search to bounce greater following a broader sell-off within the crypto market. The FTM/USD pair is buying and selling round $2.36, about 20% down over the previous week and practically 33% off its all-time excessive of $3.46 reached in October final 12 months.
Earlier this month, crypto analysts Michael van de Poppe highlighted Fantom amongst tokens more likely to outperform in 2022.