Fantom Surpasses Binance Smart Chain (BSC) to Become a Top 3 DeFi Chain

The Fantom blockchain has continued its meteoric rise to the top of DeFi action, rising more than 60% to $12.2 billion in TVL over the last 7 days as of this writing.

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The Fantom blockchain has continued its meteoric rise to the top of DeFi action, rising more than 60% to $12.2 billion in TVL over the last 7 days as of this writing.

According to DeFiLlama, this performance has sent it above Binance Smart Chain (BSC) toppling it as the third-largest blockchain in decentralized finance (DeFi).

Fantom has emerged as a speedier and cheaper alternative to Ethereum and other layer 1 blockchains – which it attributes to its Lachesis consensus mechanism.

Fantom tackles the problem of maintaining decenralization at scale, which has eluded the premier blockchains. As activity expands on chains like Ethereum and Bitcoin, they are forced to make trade-offs that compromise either decenralization or scalability.

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SEE ALSO: Ethereum Dominates DeFi TVL and Curve Becomes Leading Protocol as 2021 Comes to a Close
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However, for Fantom, the Lachesis consensus mechanism allows digital assets to operate at unprecedented speed and delivers dramatic improvements over the current systems.

For example, a transaction on Fantom requires just a single confirmation, meaning that as soon as a block is written to the chain, it is final and irreversible. Bitcoin needs six confirmations and Ethereum 12.

Fantom’s token (FTM) was selling at about $0.026 in January 2021. By November 2021 it had climbed to $3.16.

Currently, FTM price stands at m $2.07. The open-source smart contract blockchain hosts 6.15% of the approximately $200 billion in DeFi activity.

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RECOMMENDED READING: EXPLAINER GUIDE: Yield Farming, The Rocket Fuel of DeFi

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