Ethereum Rival Fantom (FTM) Overtakes Solana (SOL) and Avalanche (AVAX) To Become Fourth-Largest Blockchain by Total Value Locked

Ethereum challenger Fantom (FTM) is setting new fundamental records amid the sustained price decline across the crypto markets.

New data from DeFi Llama, an analytics platform focused on decentralized finance (DeFi) and non-fungible tokens (NFTs), shows that Fantom printed a new all-time high in terms of total value locked (TVL).

Fantom is a highly scalable blockchain platform for DeFi, decentralized applications (DApps) and enterprise applications. According to DeFi Llama, Fantom hit a record high in TVL at $10.51 billion, a staggering ascent of over 362,300% from its TVL of $2.90 million in April 2021.

The TVL of a blockchain or DeFi protocol represents the total capital held within its smart contracts. TVL is calculated by multiplying the amount of collateral locked into the network by the current value of the assets.

With a new all-time high in TVL, Fantom has managed to overtake fellow Ethereum competitors Avalanche (AVAX) and Solana (SOL) to become the fourth-largest blockchain in total value locked.

DeFi Llama shows that Binance Smart Chain is currently third on the list with $11.74 in total value locked. Terra (LUNA) comes in at number two with $16.12 billion in total value locked. Ethereum (ETH) itself remains the top blockchain with $116.23 billion in TVL.

The rise in Fantom’s total value locked comes as the top 1,000 non-exchange Ethereum whales accumulate FTM. Whale-monitoring platform WhaleStats shows that Fantom is one of the top altcoins that have been bought the most by deep-pocketed investors in the last 24 hours with an average purchase amount of $1,620 worth of FTM tokens.

The whale-surveilling website also shows that Ethereum whales collectively hold more than $124.64 million worth of FTM coins.

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Featured Image: Shutterstock/Pavel Chagochkin/Vladimir Sazonov