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Yearn Finance Goes Multichain With Fantom Blockchain Integration


cryptodaily.co.uk 15 October 2021 08:50, UTC
Reading time: ~3 m

Fantom’s integration with Yearn Finance will help define a multi-chain future for blockchain-based financial services, with the DeFi space also seeing significant growth.

Defillama.com, the blockchain statistics aggregator, has reported that the total locked value (TVL) in crypto-based financial services is around $210 billion, a 1000% growth since 1st January when the total locked value was around $21 million.

Yearn Finance Goes Multichain

With the growth of the DeFi space and the spurt of new announcements, Yearn Finance’s tweet announcing its integration with Fantom offers a hint of what we could expect in the near future. Yearn Finance took to Twitter to share details about its partnership with Fantom, tweeting,

“Today, we go multi-chain with the launch of Iron Bank Fantom and the first Fantom vaults.”

Moving Beyond Ethereum

Until today, Yearn’s services were limited to the Ethereum blockchain only, but Fantom’s addition hints at a shift towards next-generation blockchain protocols and backs Fantom as a leader in the DeFi space. Andre Cronje, who is the founder of Yearn, is also a part of the core team at Fantom.

Cronje is a well-known name in the DeFi space and has played a significant role in growing Fantom and bringing it to where it stands today. With a total locked value of $5.31 billion, Yearn Finance is the second major DeFi platform to integrate with Fantom. CURVE, with a total locked value of $15.96 billion, was the first and biggest platform.

The Preferred Blockchain For DeFi Protocols

Currently, Fantom is the fastest blockchain available in the industry, with transactions being processed in a second. Combine this with significantly and consistently lower transaction fees and Fantom’s EVM compatibility, and we can understand why developers are being drawn to the blockchain.

Fantom has also registered significant growth, with over 861,489 unique wallet addresses as of 8th October, compared to 113,326 at the start of June. The network has also seen an average of 1.10 million transactions since 1st September, even processing more transactions than Ethereum on some days. Fantom had also shown consistent network performance, even during days when there was considerably higher traffic on the network.

Growing Projects And Increased Activity

The Fantom Foundation launched Artion, a commission-free NFT platform that has garnered significant attention from buyers and artists, thanks to its low transaction costs and minting fees. Fantom also saw the launch of Geist on 5th October and registered a total locked value of over $11 billion in just three days.

Fantom’s flurry of activity has also attracted significant interest. Fireblocks, a leader in providing institutional crypto custody services, announced that it had integrated Fantom, making FTM available to its customers, including major hedge funds, banks, lending desks, and other financial institutions. Data-Analytics provider Nansen also announced the integration of Fantom to their platform, allowing investors and crypto analysts to view money flows across Fantom.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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