There’s a lot currently going on in centralized crypto exchanges. These are good moments to check out DeFi options. Fantom is one of the top DeFi networks. It offers all kinds of different apps with their services in this space. This also includes a variety of DEXs.
So, let’s find out more about the top three DeFi protocols in Fantom.
📢 Fantom’s latest governance proposal has passed, bringing gas monetization to successful dApps!
Along with optimizing demand for block space, this implementation rewards quality creators on #Fantom in a sustainable way, using a methodology similar to affiliate incentives.
— Fantom Foundation (@FantomFDN) January 4, 2023
Geist Finance
Geist Finance is a platform that offers lending and borrowing markets. It is only active on the Fantom chain. According to DeFiLlama, it’s the lending protocol with the highest TVL on Fantom. Currently, that TVL stands at $41.59 million. That’s twice as much as the second Fantom lending protocol, Tarot. Geist is a fork from the Aave protocol.
However, in October 2021, Geist had $3.75 billion in TVL. Out of its platform fees, 50% goes to GEIST token holders.
APYs range from 0.92% on wBTC to 6.39% on Curve’s CRV token. On the other hand, staking GEIST gives you a 3.66% APR. If you lock your GEIST, you get a 10.09% APR reward. These are three-month locking periods. However, at the end of the locking period, if you don’t withdraw, you keep receiving this 10.09%.
Geist offers lending and borrowing on nine tokens. For instance:
- Fantom (FTM)
- USDT (fUSDT)
- DAI
- USDC
- Ethereum (ETH)
- Chainlink (LINK)
- Wrapped Bitcoin (wBTC)
- Curve DAO token (CRV)
- MIM
Below is a picture of the UI with Geist markets.
Beefy Finance
Beefy Finance is a multi-chain yield aggregator. Currently, it’s active on no less than 19 chains. According to DeFiLlama, it has a TVL of $36.30 million. To clarify, there’s more TVL on Beefy on only four other chains. So, Fantom is good for Beefy and the other way around. It’s total TVL on all chains is $387 million. This is locked up in 716 vaults.
Beefy offers a variety of investment strategies. It compounds the rewards. For this, it uses various liquidity pools, AMMs, and other yield farming opportunities. A new tool is the Beefy yield module. This is an analytics tool. As a result, it gives a more profound insight in your investments. You can use it in combination with any of your vaults.
On Fantom, it offers various vaults. An example is the Ankr Fantom Liquid Ocean vault. This vault deposits in a Beethoven X farm. So, now it earns the Beethoven X governance token. The platform swaps this to get more LP tokens. It adds this to the vault to earn more. The APY is 26.45% and the vault APR is 23.28%. All the vault users share the transaction costs. To illustrate, the TVL of this vault is $111,000. The picture below shows this vault.
Source: Beefy Fantom vault
Spartacus
Spartacus is the Olympus fork on Fantom. That is a decentralized reserve currency protocol. A reserve currency protocol is something we usually see at a central bank. This reduces exchange rate risk. They typically use this for international transactions. So, in crypto, a reserve currency means that a basket of assets backs the platform’s token. In this case, the SPA token. This way, it has an intrinsic value, of which it can’t fall below.
The basket of tokens includes, for instance, DAI or SPA-DAI LP tokens. The protocol bonds these into the Treasury. So, now you can mint the SPA token, which has an intrinsic value. In other words, this is how a central bank works.
According to DeFiLlama, the protocol has a TVL of $24.39 million. It is also only active on the Fantom chain. Noteworthy is that the Spartacus team is anonymous.
1)⁰ Spartacus!
We are super excited to share you with our thoughts and plans on Spartacadabra 2.0.
— Spartacus (Λ, Λ) (@Spartacus_Fi) August 29, 2022
Conclusion
We looked at the three top protocols on Fantom. This is a popular DeFi chain with a high TVL. Its TVL ranks in eighth position of all chains, according to DeFiLlama charts. In this article, we had a closer look at Geist Finance, Beefy Finance, and Spartacus.
The current price of the FTM token is $0.458466. Its market cap is $1.276 billion. The max and total token supply are 3.175 billion tokens. Out of these, 2.783 billion already circulate.
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