Smart contracts platform and Ethereum rival Fantom celebrated the start of 2022 by becoming the third-largest DeFi protocol after recording $12 billion in Total Value Locked. The protocol has surpassed the likes of Binance Smart Chain (BSC), Solana, and Avalanche, as per data by DefiLlama.
Fantom has quickly surged over the past year to compete with Ethereum and other layer 1 chains. Its TVL had risen to 52% in the past week, over 170% increase in the past month, and more than 423,000% from its TVL of $2.90 million in April 2021. Fantom’s TVL has since fallen to $11.87 billion as the crypto market suffers one of the largest corrections.
The DeFi protocol is still behind Ethereum’s $112.83 billion and Terra’s $15.93 billion TVL in their smart contracts. Fantom is currently head-to-head with BSC, which has $11.48 billion in TVL at the time of writing.
Meanwhile, Fantom’s native token FTM is yet to reach its All-Time High as the token suffers along with the broader crypto market. FTM rose to a record high of $3.46 earlier this month but has since fallen to $1.94.