Fantom Network Ecosystem to become third-largest DeFi protocol

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As per DeFilLlama, this is the case. Fantom (FTM/USD) now has a TVL of US $12.2 billion, according to DeFiLlama. In a proof-of-stake blockchain, the Fantom network is at the cutting edge of technology.

Fantom and other networks are seeking to outperform Ethereum by addressing a scalability issue that Ethereum has yet to address.

The confirmations are one area where Fantom Network surpasses other networks. For a transaction to be written on the blockchain using Fantom, users just need to make one confirmation. Bitcoin and Ethereum, on the other hand, need 6 and 12 confirmations.

The network now processes 6.19 percent of all decentralized cryptocurrency transactions, exceeding BSC by 0.15 percent. All of this is going place when the market is now in free fall, with FTM, Fantom’s native token, falling 15% in the previous day.

Meanwhile, the network’s TVL has increased by 53% in the last week, making it the only network with a positive performance during this market downturn.

This is due to the success of various initiatives on the network, including oxDAO, Solid Swap, and Multichain. OxDAO now has a TVL of over $4 billion dollars, whereas Multichain is the largest DeFi project on Fantom, with a TVL of US$ 9.5 billion dollars.

Solid Swap is yet another outstanding Fantom project that is having a lot of potentials. On the Fantom network, the project is a recently disclosed market maker automation solution.

This solution’s capabilities open the door to a larger decentralized financial ecosystem.

While other networks struggle while Fantom thrives, the DeFi network gives the market some optimism for favorable results.

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