Rapid TVL growth on Fantom DeFi

Rapid TVL growth on Fantom DeFi

As of July 2021, the Total Value Locked (TVL) on Fantom is $306m, an increase of over 800% in the past 3 months.

This rapid growth confirms the quality of developers and projects that Fantom is attracting to the network. Equally important, it indicates increased awareness among DeFi users about how easy, inexpensive and fast Fantom is.

Even with high network activity, transactions on Fantom cost less than $0.01 and finalize in just under 1 second.

As reported by DefiLllama, the top ten DeFi projects by TVL represent the diversity of the ecosystem. It includes both native Fantom projects and protocols that have ported from Ethereum to Fantom. An additional $77m is locked in Fantom native DeFi tokens, sFTM, wFTM and fUSD.

Curve [TVL: $134.57M]

Curve is an automated market maker focusing primarily on stablecoins, offering extremely low slippage compared to other AMM DEXs.

On Fantom, fast order execution and near-zero fees bring the user experience to a different level. Users can swap, compound, withdraw rewards, and change pools without worrying about time and costs.

On Fantom, Curve currently offers DAI, fUSDT,  USDC, renBTC, and wBTC pools.

Recently, Curve governance voted to incentivize pools on Fantom. The renBTC pool rewards its participants with a 13% APY, and the fUSDT pool with a whopping 18%.

Curve’s TVL represents one third of the Total Value Locked on Fantom. Curve is a battle-tested protocol on Ethereum, favored by both long-time and new DeFi users.

SpookySwap [TVL: $40.37M]

SpookySwap is the first native DEX on Fantom and offers the lowest swap fee on Fantom.

The exchange is community-driven and features a wide range of FTM farms that enable users to earn the platform token BOO token for supplying liquidity.

Recently SpookySwap added two valuable features:

  • Limit orders on token swaps, which bridges the gap between AMM and traditional order book exchanges.
  • An easy-to-use cross-chain bridge at https://spookyswap.finance/bridge. Swap assets between Fantom, Ethereum, and Binance Smart Chain with a well designed, Fantom-centric interface.

The BOO token serves as the governance token and can be staked on the platform to generate additional rewards such as xBOO, which earns interest as a portion of the 0.2% swap fee.

SpiritSwap [TVL: $20.25M]

SpiritSwap is a popular DEX on Fantom, with a roadmap aimed at becoming the most capital efficient DEX on Fantom. Its current design is similar to the model of Uniswap’s constant-product automated market maker (AMM).

SpiritSwap offers a fast and easy to use platform with features like: yield farming/staking, token swaps, limit orders, Zapping, and the much anticipated inSPIRIT.

Recently, the SpiritSwap team implemented a “Zap” function, which is the first of its kind on Fantom. Zap lets users instantly swap SPIRIT, FTM and USDC directly into LPs, without needing to swap for the necessary tokens to create the pair.

Along with “Zap”, the Spirit team has built out a “Migrate” feature that allows LPers to transfer liquidity from other DEX LPs to SpiritSwap LPs in a single click.

Further plans for new releases include inSPIRIT, which allows users to lock their SPIRIT tokens to earn swap fees, boost farms, and partake in governance.

Lastly, some undisclosed capital efficiency features will free up liquidity provided by LPers to allow users' funds to go further when utilizing SpiritSwap’s features.

HyperJump [TVL: $8.7M]

HyperJump is a complete token ecosystem built around NFTs and gaming, encapsulating the key elements of an AMM, Farm, and Vault all in one convenient location. Fantom users who participate in the array of liquidity pools that HyperJump offers are rewarded with their farming token Hyper Orillium (ORI).

Purchased or farmed ORI can be used to create MECHS, a specialized token that can be staked in pools to earn various reward tokens.

HyperJump also offers their own Yield Aggregating Vaults (Star Vaults) for users to automatically compound LPs, increasing earnings over time without manual input from the user.

These earning opportunities are supplemented on the site with games and challenges that offer users additional entertaining options to earn tokens.

HyperJump is constantly upgrading their dapps and will release v2 in the near future which promises massive changes and new features to their whole ecosystem.

Beefy [TVL: $8.47M]

Beefy is a decentralized, multi-chain yield optimizer platform that allows its users to earn compound interest on their crypto holdings.

Beefy offers Fantom users an ever-growing number of “vaults,” into which one can stake either:

  • Popular liquidity pool tokens available on other DeFi protocols supporting Fantom
  • Popular single tokens including the platform tokens for many of the DeFi protocols listed on this page

Beefy optimizes earnings for users by auto-compounding and implementing smart-contract based investment strategies. Tokens may be unstaked from vaults at any time.

Users on Beefy can also choose to purchase the platform coin BIFI on exchanges. BIFI tokens are "dividend-eligible" revenue shares in Beefy Finance; holders of this limited supply token can earn a share of Beefy Finance profits and vote on important platform decisions.

Tomb Finance [TVL: $6.8M]

Tomb.finance is the first ecosystem on Fantom running around an algorithmic token pegged to FTM instead of a stable coin.

Tomb Finance uses an algorithm which issues more coins when the price increases, and buys them off the market when the price falls.

This gives traders the advantage of reaping returns from several different revenue streams, including high APRs with minimal impermanent loss on a pegged token pair (FTM-TOMB). Algorithmic stable coins are a true and fair representation of decentralization as the code is dynamically taking care of the supply and demand of the stable coin of the protocol.

Tomb is a multi-token protocol that consists of the following tokens: Tomb (TOMB), Tomb Shares (TSHARE), and Tomb Bonds (TBOND).

The protocol works around the main token TOMB, which gives holders the DeFi functionality of a stable coin (enhanced options for providing liquidity, yield farming, etc) without missing out on the opportunities available in a volatile market; as the price of FTM increases, TOMB's value rises to match.

TSHARE is used as a way to measure the value of the protocol. Furthermore, holders are rewarded with voting rights (governance) and can be used for staking as well.

TBOND helps incentivize changes in TOMB’s supply. When TOMB falls below peg, TBONDS are issued which can be bought with TOMB. Exchanging TOMB for TBOND burns TOMB, taking TOMB out of circulation which in turn helps to regain peg. TBOND’s can be redeemed back for TOMB plus a reward once TOMB is back to peg. To assist the TBOND system, Tomb.finance has designed the “Gatekeeper” system, which burns TOMB when approaching peg, making it harder to go under.

Furthermore, Tomb.finance has just launched their FTMPad, a launchpad/incubator that includes another mechanism to burn TOMB.

Tomb Finance has grown quickly since its launch and promises to add more innovative use cases to its ecosystem.

Reaper Farm [TVL: $6.6M]

Reaper increases yield by compounding your interest-bearing assets as often as possible, performing over 50 transactions per hour for each token they support and covering all gas/transaction fees. This allows users to enjoy the maximum benefit of defi without micro-managing their positions, and Reaper’s focus on safety means you can trust every project supported on their site has been thoroughly vetted.

Maintained by 4 Kernel0x security fellows, Reaper’s mission is to build groundbreaking applications on the FTM blockchain that wouldn’t be possible on other networks. Engineers are always available in their Discord to guide you through your DeFi journey, and they pride themselves on providing an excellent user experience through stellar customer service, industry-leading analytics, and a fresh user interface.

SushiSwap [TVL: $6.2M]

SushiSwap is a popular and reputable DEX and AMM that is being increasingly used by Fantom users, who can add liquidity and trade any ERC20 token supported on the Fantom mainnet.

Best of all, on Fantom, SushiSwap is incredibly fast and cheap!

C.R.E.A.M [TVL: $5.5M]

Part of the Yearn financial ecosystem, C.R.E.A.M. is a decentralized money market, allowing users to lend and borrow assets that are supported on Fantom. Users who passively hold tokens/coins like wFTM, DAI, ETH, or BTC can deposit their assets on C.R.E.A.M. to earn yields as in a  traditional savings account.

A unique feature of the platform is that funds supplied for lending can be used simultaneously as collateral, allowing users to borrow cryptocurrency assets.

Waka Finance [TVL: $5.4M]

Waka is a Fantom native DeFi Hub with WakaSwap as the first product release. After the release of more AMM features, the Waka platform will expand to include: liquid staking derivatives, lending & borrowing, an IFO launchpad, yield generation, leverage products, NFTs, and more.

The WakaSwap router will charge a 0.3% transaction fee on every trade, of which 0.2% is given to LP providers, and 0.1% is given to stakers of the governance token WAKA, also known as xWAKA.

WakaSwap has an upcoming v2 swap launch to include Limit Orders and a redesigned swap user experience.

After this release, the next planned products on Waka Finance are:

  • An IFO platform which has two projects committed to launch that will require FTM and WAKA to participate
  • Lending and Borrowing for collateralized tokens on the Fantom Ecosystem