- DeFi Llama announced it now tracks Anyswap on Ethereum, Binance Smart Chain, and others.
- DeFi is enabling a change in the crypto world.
The growth of the alternative finance ecosystem built on blockchain is helping to power the crypto market boom. DeFi Llama — a data firm that tracks Decentralized Finance (DeFi) information on multiple blockchains has revealed that it is now tracking Anyswap Network on Ethereum and Binance Smart Chain, OKEx Chain, and Fantom.
Additionally, xDai Chain, Harmony Protocol, HECO Chain, KCC, Moonriver Network, Arbitrum, and Ox Polygon will also be tracked by the leading protocol.
Confirming the news DeFi Llama tweets:
Fantom TVL is now more accurate at nearly $2b with the addition of @AnyswapNetwork!
Anyswap is the leading protocol on Fantom by TVL, with $650m.
— Fantom Foundation (@FantomFDN) September 26, 2021
Further, just an hour after the announcement, Fantom Foundation (FTM) tweeted that Fantom is now more accurate at nearly $2 billion with the addition of Anyswap Network. This is a big win for the platform as Anyswap becomes its leading protocol.
Overall, the Total Value Lock of DeFi Llama at the time of writing exceeds $170 billion, depicting a rise since it hit a $195 billion all-time high on Sept. 6, 2021.
Meanwhile, Anyswap Network is an automated pricing and liquidity system. It allows swaps between coins on any blockchain which uses ECDSA or EdDSA as the algorithm.
Specifically, Anyswap can be fused into any wallet once the API is provided. Anyswap has recorded more than 500 token bridges between the major L1 and L2 EVM’s.
DeFi Is Progressive
DeFi volumes are on the rise. What’s more, DeFi is quite a new marvel that transforms financial products into transparent protocols. It is inventive in the sense that ordinary people can access the same mechanism available to bankers, but, on the blockchain.
Furthermore, according to DeFi Llama, the Total Value Locked of the exchanges accumulated a total of $1.33 billion. Some of the TVL of the exchanges are listed below that sum up to the aforementioned:
- Ethereum – $148.42 m
- Binance: $242.12M
- Fantom – $661.71m
However, Ethereum has immensely benefited from being the pioneer of DeFi. But, cheaper-to-user platforms such as Binance Smart Chain are taking over, With new DeFi platforms springing up, the competition may even be higher than it is now.
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