DeFi applications on FantomFDN have added over $1.2 billion since last week. By shauryamalwa
billed as Ethereum alternatives. Ethereum has been criticized for slow transaction times and fees that can reach as high as $100 during busy periods, making it an unusable network for the average, everyday user.
This has led to increased interest in alternatives such as Avalanche and Fantom. That’s spurred gains in the prices of their native tokens and in the amount of value locked on decentralized finance applications. DeFi products rely on smart contracts instead of third parties for offering financial services to users.
DeFi applications on Fantom locked over $5.6 billion as of Wednesday morning, according to data from analytics tool. Nearly $1.2 billion was added since last week. The all-time high of $6.15 billion was hit in November. Cross-chain router Multichain is the lending DeFi application on Fantom, locking up over $2.48 billion in value. Algorithmic stablecoin platform Tomb Finance and decentralized exchange SpookySwap are next on the list with slightly over $1 billion each in locked value.
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