Fantom DeFi Is Primed To Overtake This Big Name Competitor

Fantom DeFi keeps growing and growing.

Covered:

  • Network Growth
  • Fantom DeFi Set To Pass This Protocol

Fantom Network Growth

Fantom, despite some FUD, has managed to stay alive during a rough March for Crypto. Overall, the DAG-based smart contract protocol is down 30% the last 30 days, but up 7% in the last 7. It’s currently trading in the $1.27 USD range.

That may not sound that impressive, but it doesn’t paint the entire picture of just how much the Fantom network is growing.

As the chart shows, despite an overall slow month for the Fantom token, unique addresses are growing at a rapid pace. As Brazen.eth points out, “Data from $FTM Scan shows that 364,874 unique addresses joined the network last month. The figure represents an impressive 77.69% growth compared to last year. #FTM #Fantom.”

The growth of unique addresses points to new users finding their way into Fantom. One of the telltale signs of a bear trend is a lack of unique addresses.

Fantom DeFi Set To Pass This Protocol

Considering the intense network growth, it’s no surprise that Fantom DeFi is growing along with the network addresses. According to Defi Llama, currently, the upstart protocol is sixth among all protocols with a TVL of 6.6 billion. Just ahead of Fantom in 5th is Solana with 7 billion in TVL.

Solana overtaking Cardano was a big story back in the fall of 2021 signaling that Solana might become the true competitor to Ethereum. Though Fantom is still far off market cap-wise, it appears to be growing so fast address-wise that it could overtake Solana TVL.

Fantom DeFi Growth

According to Solscan, daily new token accounts on Solana appear to be declining significantly of late. With only 400 million separating the smart contract protocols, it might be only a matter of time before Fantom finds itself in the top 5 in TVL.

Recommended: How To Get On Fantom DeFi

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