Fantom (FTM) trails Terra (LUNA) and BSC in DeFi

Fantom (FTM) ranks fourth among the largest blockchains in decentralised finance (DeFi) by total value locked.

Capriole founder Charles Edwards says Fantom is still massively undervalued and has huge potential. The analyst noted this even as Fantom (FTM) slipped 13% in the past 24 hours in terms of the total value locked (TVL).

“Fantom has had an incredible run lately, but it’s still the cheapest multi-billion-dollar L1 but a huge margin,” the analyst tweeted on Wednesday.

Fantom (FTM) is the fourth largest decentralised finance (DeFi) protocol by total value locked, behind top dogs Ethereum (ETH), Terra (LUNA), and Binance Smart Chain (BSC).

Fantom (FTM) in DeFi

Looking at the DeFi ecosystem TVL leaderboard, Ethereum holds forte as the largest with over $118.6 billion locked across 415 protocols. Terra (LUNA) has over $12.3 billion across 17 protocols, while BSC is third with over $12.3 billion locked in more than 290 protocols.

According to data from DeFi tracking platform DeFiLlama, the blockchain network has a total of $11.01 billion in TVL, spread across 131 protocols that include MultiChain (MULTI), SpookySwap (BOO), Yearn Finance (YFI), and Curve (CRV).

The value locked in the project has grown 39% this past week.

In fact, the Fantom chain, a layer 1 protocol that boasts of very high scalability and cheap transactions, briefly overtook BSC last weekend before a drawdown in TVL took it back into fourth. 

FTM prices

Fantom tokens continue to attract even more investors looking for higher yields and speed of transactions, keeping the layer 1 blockchain ahead of rivals such as Avalanche (AVAX), Solana (SOL), and Polygon (MATIC).

The TVL on the Fantom exceeded $11billion, a record high, surpassing Avalanche and Solana. Various protocols compete for the upcoming ve(3, 3) NFT selected by Andre Cronje, attracting users to lock assets through higher APR. pic.twitter.com/AcfLBY4AoG

— Wu Blockchain (@WuBlockchain) January 23, 2022

In the market, FTM price has jumped 2% in the past 24 hours as bulls seek to bounce higher following a broader sell-off in the crypto market. The FTM/USD pair is trading around $2.36, about 20% down over the past week and nearly 33% off its all-time high of $3.46 reached in October last year.

Earlier this month, crypto analysts Michael van de Poppe highlighted Fantom among tokens likely to outperform in 2022.