Fantom briefly overtook Binance Smart Chain in TVL in DeFi | Top DeFi

Fantom briefly overtook Binance Smart Chain in TVL in DeFi

According to DeFiLlama, Fantom overtook Binance Smart Chain (BSC) yesterday to become the third largest blockchain in decentralized finance (DeFi) in terms of total blocked value (TVL). But BSC quickly regained the third position.

Yesterday, TVL in DeFi applications on Fantom bucked the downtrend of the global cryptocurrency market, showing an increase of more than 60% to $12.2 billion in the last week. However, today, despite bitcoin and the crypto market rising 10%, DeFi applications on Fantom showed a 10% decline in TVL.

Fantom (FTM) is an open-source smart contract blockchain that now accounts for 6.15% of DeFi's roughly $200 billion turnover.

BSC controlled more than 20% of TVL last May because of the rise of DEX PancakeSwap (CAKE), but it has now dropped to 6.05%.