The cryptocurrency market is having a hard time due to the downtrend of the leading Bitcoin. Aside from the double-digit losses, all the support points have been crossed and things are getting shaky. However, there is an altcoin that stands out in this period.
FTM Outperforms BSC and AVAX
Phantom (FTM) bounced 25% after seeing local bottoms in the current downtrend. The DeFi protocol surpassed Avalanche and Binance Smart Chain in the TVL ranking to take the third place after Ethereum and Terra. In daily values, Fantorm’s TVL increase appears to be over 53%. This improvement in the protocol has contributed significantly to the price of the local asset FTM.
TVL is the total amount of funds locked in a DeFi protocol. You can think of TVL as all liquidity from the liquidity pools of a particular currency platform. TVL can be useful data to give you an idea of the total interest in the DeFi sector. At the same time, this indicator will be effective for comparing the market share of different DeFi protocols.
Phantom Performance
Such a rise of the smart contract-focused project has led to positive results for the platform’s native cryptocurrency, Fantom (FTM). FTM price rallied from the $1.89 high to above $2.30. The increase in TVL rate was the strongest factor in the ascension narrative. The rise of FTM in the market, which is still far from the direction decision, drew attention to this coin.
It caused Ethereum to lose its market share in the DeFi sector to other projects, starting from the ecosystem troubles. Many Ethereum killers continue to work at full speed to get their share in the market. Solana’s network congestion problems, on the other hand, caused major wounds in TVL ranking, SOL price, ecosystem mechanism.
