Fantom recorded 1.2 million transactions in the past day, surpassing Ethereum at 1.1 million transactions due to emerging products and high yield rewards.
An increasing developer activity at Fantom has made it to be the third-largest DeFi network in TVL, compared to its 8th position at the beginning of the year.
About 129 DeFi applications on Fantom currently have more than $12.2 billion in their total value locked.
Data reveals that Fantom operated at eight transactions per second on Monday compared to Ethereum’s two transactions per second speed.
Fantom’s transactions are still below an all-time high of 1.8 million in September last year, when FTM hit a high of $3.46.
The total transactions at Fantom since its debut are 170 million, compared to Ethereum’s 1.4 billion transactions.
FTM was up 8% on Tuesday trading at $2.30, but some profit-taking has taken the price down by seven cents.