Fantom is now only behind Ethereum and Terra with respect to Total Value Locked, and has 129 protocols using it.
The Fantom Network now has $11.73 billion in total value locked. Fantom is a proof-of-stake blockchain network that aims to solve scalability issues such as transaction cost, transaction throughput (tps), and time to complete. On Fantom, each decentralized application runs on an independent blockchain.
All the blockchains used Lachesis, and all blockchains can talk to each other. Ethereum can be thought of as a decentralized computer. In contrast, Fantom can be thought of as a network of decentralized computers.
Fantom uses a high-speed consensus mechanism called Lachesis, which allows digital assets to operate at a faster speed than Bitcoin and Ethereum. Once a block is written to the chain, it is final and irreversible.
Only Terra and Ethereum lie above Fantom with $15.8B and $111.6B. The TVL of Binance Smart Chain is $11.36B. The TVL in DeFi is $188.7B. The tokens locked include those from 129 protocols.
TVL is up 46.6% over the past seven days, making it the only network in the top 5 protocols to post gains. Ethereum’s TVL has increased by 8.58% in the last 24 hours, which is 2.5% less than Fantom.
The recent market slump, which saw over one trillion, wiped off the total cryptocurrency market cap. FTM, Fantom’s active token, dipped 15% in the last 24 hours and 40% in the last week.
Multichannel and 0xDAO on Fantom
Multichain is a cross-chain router protocol that connects two chains to allow token exchanges between them, reduces overhead, and makes it easier to move between chains. Multichain is the largest DeFi application on Fantom, with a TVL of $7.02 billion. The second largest DeFi app is 0xDA0, with over $4 billion in TVL.
DeFi booming
There is an automated market maker built on Fantom recently, by Andre Cronje and Daniele Sestagalli, called SolidSwap. SolidSwap will enforce a tokenomics model called ve(3.3). Its native token will be called ROCK. SolidSwap is an exchange for protocols rather than for individuals.
An automated market maker is used on a decentralized exchange like Uniswap, instead of an order book system, like Coinbase. AMM receives liquidity when people contribute tokens to a pool and rewards them with a fee it charges.
