Phantom is now only behind Ethereum and Terra in terms of locked total value, and there are 129 protocols that use it.
Phantom Networks now has $11.73B in total value locked. Phantom is a proof-of-stake network of blockchains set to address the issues of transaction cost, transaction throughput (TPS), and last-minute scalability. On Phantom, each decentralized application runs on an independent blockchain.
All blockchains use Lachesis, and all blockchains can talk to each other. Ethereum can be thought of as a decentralized computer. In contrast, phantoms can be thought of as a network of decentralized computers.
Phantom uses a high-speed consensus mechanism called Lachesis, which allows digital assets to operate at a speed better than Bitcoin and Ethereum. Once a block is written in a chain, it is final and immutable.
Only Terra and Ethereum are above Phantom with $15.8 billion and $111.6 billion. Binance Smart Chain has a TVL of $11.36B. TVL in DeFi is $188.7B. Locked tokens include tokens with 129 protocols.
TVL is up 46.6% over the past seven days, making it the only network in the top 5 protocols to have posted a profit. Ethereum’s TVL is up 8.58% over the past 24 hours, down 2.5% from Phantom.
The recent market collapse, which saw over a trillion, wiped out the total cryptocurrency market cap. FTM, Fantom’s active token, is down 15% in the past 24 hours and 40% in the last week.
Multichain and 0xDAO on Phantom
Multichain is a cross-chain router protocol that allows two chains to swap tokens between them, reducing fees, and making it easier to move between chains. Multichain is the most important DeFi application on Phantom, with a TVL of $7.02 billion. The second largest DeFi application is 0xDA0, with over $4B in TVL.
DeFi is booming
Recently built on the Phantom by Andre Cronje and Daniele Sestagalli there is an automated market maker called SolidSwap. SolidSwap will implement a tokenomics model called V(3.3). Its native token will be called ROCK. SolidSwap is an exchange for protocols rather than individuals.
Instead of an order-book system like Coinbase, an automated market maker is used on a decentralized exchange like Uniswap. AMM gains liquidity when people contribute tokens to the pool and reward them with fees.
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