New York, NY, Oct. 14, 2021 (GLOBE NEWSWIRE) — While non-fungible tokens (NFTs) have captured significant attention in the cryptocurrency arena, the Decentralized Finance (DeFi) sector is also experiencing remarkable growth. According to data from Defillama.com, a platform that aggregates blockchain statistics, the total value locked (TVL) in crypto-based financial services has surged to $210.5 billion. This figure marks an astonishing increase of nearly 1000% since January 1 of this year, when the TVL was around $21.4 billion. The DeFi landscape is evolving rapidly alongside its growth, showcasing a dynamic and innovative environment.
### Yearn Finance’s Move to Multichain
Amid the flurry of social media updates and announcements, a tweet from Yearn Finance on October 7, 2021, stands out, hinting at future developments. The tweet proclaimed, “Today, we go multichain with the launch of Iron Bank Fantom and the first Fantom vaults.” Previously, Yearn exclusively operated on the Ethereum blockchain, and this expansion to Fantom not only highlights a trend towards adopting next-generation blockchain technologies but also recognizes Fantom’s status as a key player in the DeFi ecosystem. Notably, Andre Cronje, the founder of Yearn, is also part of the core team at Fantom, underscoring his significant influence in advancing both platforms.
### Fantom’s Rapid Growth and Integration
As of the time of writing, Yearn has become the second major DeFi protocol to integrate with Fantom this year, following CURVE, which has the highest TVL at $15.96 billion. The choice of Fantom by DeFi protocols is driven by several compelling factors. Primarily, it is recognized as the fastest blockchain available, with transaction completions occurring in about one second and maintaining low fees. Additionally, Fantom’s compatibility with the Ethereum Virtual Machine (EVM) has attracted a growing number of developers to this expanding blockchain.
Fantom’s progress is evident in its user base, boasting 861,489 unique wallet addresses as of October 8, 2021, a significant increase from 113,326 in early June. The network has also been averaging 1.10 million daily transactions since September 1, occasionally outpacing Ethereum. Even during periods of heightened activity, Fantom has managed to maintain consistent performance without noticeable slowdowns or spikes in gas fees.
### Expanding Ecosystem and Future Potential
In terms of ecosystem development, numerous projects are emerging on the Fantom network. For instance, the Fantom Foundation recently unveiled Artion, a no-commission NFT platform that is quickly attracting artists and buyers eager to benefit from its minimal minting fees and low transaction charges. Furthermore, the DeFi lending platform Geist launched on October 5, generating an impressive $11.5 billion in TVL within just three days.
The growing activity on Fantom has drawn significant interest. In September 2021, Fireblocks, a leading institutional crypto custody provider, integrated Fantom to offer FTM to over 500 of its clients, including banks and hedge funds. More recently, in October, data analytics company Nansen incorporated Fantom into its platform, providing investors and analysts with deep insights into capital flows within the network.
Looking ahead, the Fantom Foundation has hinted at even more developments, including a comprehensive redesign of the Fantom wallet to enhance user experience and a pioneering Ethereum-Fantom NFT bridge. Clearly, Fantom is a project poised for further attention and growth in the coming months.
