Orbs Looks For New DeFi Opportunities With Fantom Network Expansion
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The DeFi ecosystem is getting a big boost with the news that Orbs has expanded its multi-chain virtual blockchain infrastructure into Fantom, one of the most popular networks for decentralized finance.
Orbs announced the move in a blog post earlier today, saying Fantom is the seventh Layer-1 blockchain it supports, in addition to Ethereum, Solana, Binance Smart Chain, Avalanche, Harmony and Polygon. It’s hoped that the expansion will generate further growth for Orbs’ protocol, coming just weeks ahead of the planned launch of Orbs PoS V3, a major upgrade that will enable Ethereum and Polygon dApps to provide multi-chain staking.
Orbs is a Layer-3 virtual chain infrastructure for dApps that provides high security, low transactions at fast speeds and multi-chain interoperability. It serves as an alternative to building on congested blockchains such as Ethereum, where transactions can have high costs and take time to process.
Fantom is home to one of the fastest-growing ecosystems in the DeFi space. It’s a Layer-1 blockchain that’s designed especially for DeFi apps, with advantages including low costs, high speeds and strong security enabled by its unique Lachesis consensus protocol. It also offers EVM compatibility, meaning Ethereum-based and other EVM-native DeFi apps are supported on its network. Not surprisingly, Fantom has rapidly emerged as one of the most popular blockchains for DeFi.
Just take a look at some of these stats: Fantom boasts more than $12 billion in total value locked, ranking fourth behind only Ethereum, Terra and BSC. It’s home to a number of native DeFi apps too, including Scream, Geist Finance and SpookySwap, which all have more than $1 billion in TVL. As for FTM, the native token of Fantom, it ranks among the top 40 cryptocurrencies on Coinmarketcap.
That explains why even non-Fantom DeFi apps such as Curve, SushiSwap and Yearn Finance have all integrated with Fantom, as it provides dozens of collaboration possibilities for those protocols.
Orbs said in a blog post its expansion into Fantom’s ecosystem will provide it with its own opportunities to explore collaboration with a host of Fantom DeFi apps, including, perhaps, Andre Cronje’s highly anticipated Solidly project, which recently went live.