Decentralized finance (DeFi) is currently one of the most fast-growing aspects of the entire blockchain and cryptocurrency space. Interestingly, since its inception, renowned public blockchain Ethereum (ETH) has been at the center of its activities.
However, this narrative seems to be changing, thanks to the fast-rising DeFi platform Fantom (FTM). Fantom, in recent times, has been raking up support in the blockchain and crypto space. The DeFi platform, built as an alternative to Ethereum, has grown steadily and has also been dubbed as an “Ethereum killer.”
Interestingly on January 25, Fantom’s daily transaction volume surpassed that of Ethereum. Fantom is also currently the third top DeFi protocol following only after Terra (LUNA) and Ethereum (ETH).
1.4 million daily transactions on $FTM. That’s 300k more than $ETH. 👀
Enough said. pic.twitter.com/bc8pEjTQVE
— Miles Deutscher (@milesdeutscher) February 25, 2022
According to DeFi Llama, Fantom currently boasts of a Total Value Locked (TVL) of $10.73 billion. Despite the fast-growing ecosystem of Fantom Network, Ethereum currently still dominates the DeFi ecosystem. The ETH chain has an estimated $114 billion DeFi TVL and a DeFi to ETH ratio of 35.1%. The fact that ETH is still at the forefront of DeFi activities begs the question of “Is Fantom (FTM) undervalued?” Why are investors still working with the ETH chain despite its high gas fees and obvious scalability issues? Are investors aware of the Fantom ecosystem with its low gas fees and fast transactions?
This article will help to inform investors about the exciting benefits embedded in the Fantom ecosystem. Why they should be more interested in Fantom and what the future holds for investors on the Fantom network.
Top Projects on Fantom
Fantom (FTM) currently houses several interesting decentralized finance (DeFi) projects. These projects enjoy the security, scalability, and fast transaction time the DeFi platform offers.
At the time of writing, Multichain (formerly AnySwap) is the number one project on Fantom. It has a TVL of $6.1 billion and a seven-day TVL increase of 29.41%. Projects like Solidly and Solidex recently recorded an amazing price rally. Both projects have a TVL of $1.67 billion and $1.63 billion and a seven-day TVL increase of 128% and 330%, respectively. Solidly and Solidex also currently hold the second and third spots on Fantom.
Introducing Solidex, a protocol built on top of Solidhttps://t.co/lLV3rS40d7
— Solidex (@SolidexFantom) January 20, 2022
Other important DeFi projects on Fantom include Geist Finance, SpookySwap, Yearn Finance, Curve, SpiritSwap, etc.
Important Facts About Fantom (FTM)
Fantom (FTM) is currently one of the top DeFi platforms available today. Furthermore, the platform has grown remarkably over the last couple of months. Strategically surpassing Ethereum in daily total value locked (TVL) in January 2022. Fantom’s $FTM tokens currently serve as the native token for the platform. Helping to power the entire FTM ecosystem.
Since its launch in 2018, Fantom has risen steadily and currently competes with top chains like Solana, Cardano, and Ethereum. The network makes use of the Directed Acyclic Graph (DAG) and a unique proof-of-stake (PoS) mechanism known as Lachesis. Fantom’s DAG is designed to improve low throughput and reduce the high costs facing popular chains like Ethereum. DAGs are naturally scalable as they are able to manage large numbers of transactions (hundreds of thousands) in just one second. Also with zero security risks. This is quite impressive when compared to transaction times on Ethereum.
FTM Price
At the time of writing, FTM was trading at $1.80, with a market cap of $4,567,062,256 and a 24-hour trading volume of $1,219,875,779. The token price is also down by 5.8% in the last 24 hours.
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