This Crypto Just Surpassed Binance in Total Value Locked But Still Crashed Today

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What happened

Sometimes, no matter what sort of good news gets put out there, market headwinds are simply too strong to buoy any token. This has certainly been the case with today's market-driven crypto crash. Popular decentralized finance (DeFi) network Fantom (CRYPTO: FTM) has seen strong catalysts form but has succumbed to the will of the market, dropping more than 11% at its low earlier this morning.

However, since then, investors have seen fit to rally the FTM token into the green, with Fantom actually rising 0.5% over the past 24 hours as of 1:30 p.m. ET.

Reports put out earlier this morning highlighted the fact that Fantom recently surpassed the Binance Smart Chain in terms of total value locked (TVL) over the weekend. This move propelled Fantom's network into the third spot in the ranking of TVL among DeFi platforms, a big accomplishment.

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So what

Market sentiment in the crypto sector is extremely bearish right now. Investors appear to be anticipating very weak capital flows into this high-risk sector, choosing to rotate back into more defensive sectors to wait out the rate-hiking schedule set to begin in March.

However, Fantom's rebound today suggests there are still token pickers looking for value amid the sell-off. This weekend's news that Fantom surpassed the Binance Smart Chain in terms of TVL is no small feat. Reportedly, Fantom's TVL soared more than 50% over the course of a week, propelling this network into third place.

Increased developer interest among DeFi platforms and surging user interest among other layer-1 networks that could compete with Ethereum such as Solana and Fantom have driven more eyeballs to this network, which is currently ranked 26th overall in terms of market capitalization right now.

Now what

Finding unique, niche tokens, such as Fantom, with the ability to fight back against the market-driven headwinds we've seen lately is something many investors and traders are looking to do. Indeed, Fantom's momentum is notable, and this DeFi network's growth is something that's starting to grab the attention of many investors.

Right now, Fantom is a token that's on my watch list. This recent news is something I think is worth monitoring. Should Fantom continue to see TVL increases in the weeks to come, this token could actually have a near-term catalyst that may overcome the market narrative right now. Ultimately, time will tell if this story has a happy ending. But for now, investors seem to have found at least one token they like today.

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Chris MacDonald owns Ethereum and Solana. The Motley Fool owns and recommends Ethereum. The Motley Fool has a disclosure policy .

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