Best Defi Ecosystems: BSC, Avalanche followed by Phantom

Phantom

The boys rank only behind the Terra and Ethereum ecosystems in total value, locked in the latest DeFi market data

Binance Smart Chain, Solana and Avalanche withdrew from Phantom when the blockchain rose to third place in total locked value (TVL). Phantom’s DeFi ecosystem surpassed the Binance Smart Chain (BSC) with $ 12.4 billion in TVL ($ 500 million more than the BSC) with more than 60 percent gain in 48 hours today.

The growth of the network was driven by activity in its 129 protocols, with dApps such as Matrixswap and Chainstack making strong use of the chain in their expansion efforts. It’s press time TVL the Phantom blockchain chain stands at $ 11.97 billion, up 49.5% over the past seven days.

Data from DefiLlame indicates that Fantom controls 6.25% of TVL in DeFi compared to 6.07% of BSC. The second-ranked Terra (8.57%) lags behind the Ethereum ecosystem, which has 58.75% control over DeFi activity.

Newer chains over older ones

The Phantom is one of the new pieces of evidence for cartridge blocks trying to fix Ethereum’s permeability, scalability and cost issues. The chain operates with a single confirmation per transaction, as opposed to twelve Ethereum confirmations and six Bitcoin confirmations.

Blockchains, which have successfully upset older chains, have offered users better gas prices to avoid costly charges in these other chains, such as Ethereum. However, data show that BSC has much lower gas prices on average 6,543 Gwei compared to Phantom, with average gas charges to achieve716.82 Gwei.

So why is Phantom better than BSC in DeFi business?

Lower transaction fees and impact of Multichain and 0xDAO

While users in the Fantom chain receive significantly higher gas charges, its lower transaction fees could be a stimulus for TVL network growth. Sunday BSC transactions charged an average of $ 0.3231 compared to Phantom’s $ 0.2.

The rise of the Phantom chain could also be specifically attributed to two projects in the ecosystem; Multichain and oxDAO. At the time of writing, TVL had $ 9.28 billion, Multi-chain recorded 73% growth in the last week. In addition, 0xDAO, the newly introduced protocol, is the second-ranked protocol in TVL z $ 3.94 billion.

Phantom’s home token FTM was also in line with the growth we saw in the chain this month, but fell along with the market during the weekend’s market crash. Provides data CoinMarketCap shows sunk January 22 at $ 1.81. At the time of printing, the token was trading at $ 2.04, down 34.6% in the last seven days.

 

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