Are DeFi platforms Fantom, Avalanche scoring points over Ethereum

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The world of DeFi ruled by Ethereum is a relatively new space when you look at the crypto space. Ethereum’s blockchain has been host to a multitude of Dapps and NFT platforms which have given it the prime rank.

But with the emergence of multiple L1 and L2 scaling solutions, could some blockchains overthrow Ethereum from its leading position?

Both Fantom and Avalanche recently launched incentive programs for rewarding developers who build on the networks. Ever since, the total value locked (TVL) on both the chains rose significantly.

While at the same time Ethereum’s TVL dropped by almost $30 billion. There is a good chance that Fantom and Avalanche have been pulling in users and liquidity since both the chains are Ethereum Virtual Machine (EVM) compatible.

Since Fantom’s announcement, its TVL has gone from $755 million to $1.34 billion.

Fantom’s TVL has peaked to $1.34 billion | Source: DeFiLlama – AMBCrypto

The network has been growing at a rapid pace and more people were becoming a part of it. Active addresses on Fantom peaked at 3.2k when its average used to be around 200. Additionally, transaction volumes reached $633 million, as daily transactions touched 1.7 million.

Fantom network stats are at their peak as well | Source: Santiment – AMBCrypto

Similarly, Avalanche launched a $180 million incentive program as…

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