While the crypto market is collapsing, there is also good news from Phantom.
Most recently, the network has rivaled the position of Binance Smart Chain (BSC), becoming the third largest blockchain in the decentralized financial sector (DeFi) based on its total locked value (TVL) record.
TVL refers to a measure to identify the resilience of the DeFi market or more simply - represents the sum of all assets included in the DeFi protocol.
Based on records since last week, TVL Fantom has grown over 60% to a value level of $ 12.2 billion and the network has handled as much as $ 200 billion (6.15%) of DeFi activity.
Meanwhile, BSC saw TVL over 20% in May 2020, positioned after the decentralized exchange (DEX), PancakeSwap.
However, TVL in this network has declined to 6.05%.
Undoubtedly, Phantom is a network that has recorded remarkable growth. But, due to the losing market since the weekend, the FTM price is no exception to receive its impact.
FTM was down nearly 40%, before rebounding nearly 17%, trading at $ 2.07 at the time of writing the article.
The main blockchain - Ethereum which has the highest TVL, followed by Terra in second place also faced a double -digit decline.
Ethereum for example, TVL’s record fell nearly 20% over the same period to a four -month low, $ 116.5 billion.
