AnySwap and Aave Fork Geist Finance Send Fantom TVL Past $9 Billion, FTM Makes a New ATH

The total value locked (TVL) in the decentralized finance (DeFi) sector continues to hit a new all-time high, the latest being $209.8 billion, according to DeFi Llama. This growth reflects the growing world of multi-chains.

While Ethereum remains the king, accounting for about 68% of this TVL with $142.58 billion coming from the second-largest network, other chains like BSC ($$17.4 bln), Terra ($8.85 bln), Avalanche ($4.93 bln), and Polygon ($4.56 bln) are also growing.

Solana is currently the most popular one with a $10.6 bln TVL. While Fantom comes in third place with $9 billion in TVL, it had seen explosive growth in the past 24 hours when its TVL was at just $3.25 bln.

This growth is also reflected in FTM price, up 85% in less than two days to make a new all-time high at $2.43 on Friday. As of writing, FTM is trading at $2.34.

The majority of Fantom’s growth comes from AnySwap, a trustless MPC protocol to cross-chain any assets and data between chains. With 43.6% dominance in the Fantom ecosystem, AnySwap is responsible for almost $4 billion of Fantom’s TVL.

Decentralized non-custodial liquidity market protocol Geist Finance is another significant contributor with $3.19 billion of TVL. Geist Finance, a fork of popular lending protocol AaveAave, has been “giving LPs ridiculous incentives.”

Together, AnySwap and Geist Finance account for almost 78% of Fantom’s total TVL.

Flows from Ethereum to FantomFDN have also been averaging $10-25 million per day over September. But it was over the last two days that it “increased by an unprecedented amount on the back of a new yield farm,” noted Delphi Digital.

Some notable mentions include SpookySwap, SpiritSwap, Beefy Finance, Curve, Scream, Tarot, Abracadabra, and Yearn Finance.

Abracadabra Money has launched a new stablecoin, Magic Internet Money, or MIM, which taps into yield tokens allowing people to borrow stables against them.

“Yearn alone has over $5B in TVL, meaning there were a lot of idle tokens to loan against,” said Delphi Digital.

On Thursday, Yearn Finance finally launched on Fantom as well, tweeting,

“Today, we go multichain with the launch of Iron Bank Fantom and the first Fantom vaults on http://beta.yearn.finance.”

The first vaults on Fantom include yvWFTM, yvUSDC, yvDAI, and yvMIM.

Yearn decided to go multichain because they need specific infrastructure to function safely and efficiently, both externally and internally.

“Our v2 vault codebase has hardened over the past few months, and the new beta website is a vast improvement, allowing us to switch chains relatively easily, something we simply could not have done in the past.”

$1bn 24h volume https://t.co/abDMCScONu pic.twitter.com/x6GCxAQ39S

— Andre Cronje (@AndreCronjeTech) October 7, 2021

As for choosing Fantom, it is fast and simple to use, not to mention easy to bridge thanks to Anyswap Network. “It doesn’t hurt that @AndreCronjeTech is a big fan,” it added.

Fantom, however, is just the beginning for Yearn as they plan to add support for other chains as well.

“The Realm expands, and we go with it. We want to meet people where they are, including new users and users with smaller deposits. Multichain expansion is a natural way to do this.”

The post AnySwap and Aave Fork Geist Finance Send Fantom TVL Past Billion, FTM Makes a New ATH first appeared on BitcoinExchangeGuide.