Fantom (FTM) ranks fourth among the largest blockchains in decentralised finance (DeFi) by total value locked.

Charles Edwards, founder of

Capriole, says Fantom remains hugely undervalued and holds great potential. The analyst noted this even as Fantom (FTM) slipped 13% in the past 24 hours in terms of the total value locked (TVL).

“Fantom has had an incredible run lately, but it’s still the cheapest multi-billion-dollar L1 but a huge margin,” the analyst tweeted on Wednesday.

Fantom is fourth in decentralised finance (DeFi), protocol value. It trails top dogs Terra (LUNA), Ethereum (ETH) and Binance Smart Chains (BSC).

Fantom in DeFi

Looking at the DeFi ecosystem TVL leaderboard, Ethereum holds forte as the largest with over $118.6 billion locked across 415 protocols. Terra (LUNA) has over $12.3 billion across 17 protocols, while BSC is third with over $12.3 billion locked in more than 290 protocols.

According to data from DeFi tracking platform DeFiLlama, the blockchain network has a total of $11. 01 billion in TVL, spread across 131 protocols that include MultiChain (MULTI), SpookySwap (BOO), Yearn Finance (YFI), and Curve (CRV).

The value locked in the project has grown 39% this past week.

In fact, the Fantom protocol, a layer 1, boasts of high scalability, cheap transactions and briefly overtook BSC last week before a drawdown by TVL brought it back to fourth.

FTM prices

Fantom tokens continue attracting more investors who are looking for higher yields, faster transactions, and keeping the layer 1 blockchain ahead rivals like Avalanche(AVAX), Solana(SOL), and Polygon [MATIC].

The TVL on the Fantom exceeded $11billion, a record high, surpassing Avalanche and Solana. There are many protocols competing for the upcoming Ve(3, 3) NFT, which was selected by Andre Cronje. This attracts users to lock assets with higher APR. pic.twitter.com/AcfLBY4AoG

— Wu Blockchain (@WuBlockchain) January 23, 2022

In the market, FTM price has jumped 2% in the past 24 hours as bulls seek to bounce higher following a broader sell-off in the crypto market. FTM/USD is currently trading at $2. 36, about 20% down over the past week and nearly 33% off its all-time high of $3. 46 reached in October last year.

Earlier this month, crypto analysts Michael van de Poppe highlighted Fantom among tokens likely to outperform in 2022.