The Binance Smart Chain (BSC) recently lost its place in rankings based on TVL. This follows the overall losses in the crypto markets over the last 24 hours. During this period, DeFi protocols have lost 6.8% in overall TVL.
In the churn, Fantom has now overtaken BSC based on TVL. Over the last week, Fantom rose 46.62% to reach a TVL of $11.73 billion.
Fantom’s native token FTM also witnessed a rise of 4671.7% versus the US dollar. It has since lost 18.6%. FTM’s market cap currently stands at $4.9 billion, with about $1.6 billion being traded on the network.
FTM now occupies 0.31% of the overall TVL of crypto, which stands at $1.6 trillion. In rankings, FTM occupies 13th place. Tron and Stellar occupy slots above and below FTM.
Tether accounted for 84.26% of trades on FTM, BUSD 5.8%. Of this, the US dollar accounted for 5.15% and BTC 3.25%. In the fray is also the Turkish Lira with 0.74% of FTM swaps.
FTM’s trades on DEX applications have witnessed a surge. Here, Binance occupies the top position with a 48.96% share. The next most active centralized exchange in FTM is Okex, with a 20.81% share. These two are followed by Digifinex, Kucoin, and Hitbtc.
Ranked by TVL, Fantom with $11.73 billion tops BSC, BSC’s TVL stands at $11.36 billion. Today, Terra, with a TVL of $15.75 billion, is above Fantom. However, over the last week, the TVL of Terra fell by 17.51%, BSC fell by 19.73%. As a consequence, BSC’s TVL also lost 4.36% over the day.