Smart contract platform Fantom celebrated the start of 2022 by becoming the third largest DeFi protocol after total value locked approached $12 billion.
According to DefiLlama, Fantom protocol has surpassed Binance Smart Chain (BSC) Solana and Avalanche in terms of TVL.
Fantom has grown rapidly over the past year. Value locked (TVL) soared 52% last week, while nearly all DeFi networks experienced significant double-digit drops in TVL.
Against the backdrop of the general decline in the crypto market, Fantom’s TVL decreased slightly, and today amounted to $11.73 billion in 129 projects.
Fantom’s own FTM token has not yet reached its historical maximum. Earlier this month, FTM rose to a record high of $3.46, but has since fallen to $1.94.
Fantom's rapid growth is largely due to a massive incentive program that the Fantom Foundation launched last August. A total of 370 million FTM ($300 million at the time, $765 million at current market rates) were allocated to deploy DeFi projects on a highly scalable layer 1 platform.
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