Tron’s TVL Surges To $6 billion with the market cap of the USDD stablecoin expanding above $600 million as we can see more today in our latest Tron news.
Tron’s TVL surges and its algorithmic stablecoin USDD is gaining speed as the marekt cap expands to more than $600 million which played a key role in the growing value locked in DEFI protocols on the network. Despite what happened to the UST stablecoin, another alternative that emerged is gaining traction now. Even though it is far away from the UST former market cap, Tron’s USDD is getting serious traction and the data from CoinGEcko shows that since it launched at the start of May, USDD sits on a market cap of over $600 million and is in a state of constant expansion.
This brought the entire DeFi ecosystem of Tron up and the total value locked in various protocols as the network approaches $6 billion. As it can be seen from the images, Tron’s TVL surpassed Avalanche, Polygon, and Solana and is now the third biggest chain after Ethereum and BNB. With that said, the protocol that has the most value locked in it is JustLend and there are nine other protocols that are dominating in terms of TVL.
As recently reported, When the price of BTC dropped from $40,000 to $30,000 in a week, every other coin entered the bloodbath as well. However, one coin was defying the odds and it was Tron. Of all of the cryptos in the top 50 in the marekt cap, it was only Tron whose price was up for both the past day and the past week. It registered a 3.6% and 11.5% increase during the timeframes. To be sure, TRX as the native coin of the smart contract blockchain Tron had a fallout with the rest of the market on Monday and vacillated from a high of $0.09 to a low of $0.08.
Tron’s price remained buoyant for a few reasons like announcing the plans in April for a new algorithmic stablecoin and reserves similar to the Terra network however, given the collapse of Terra’s UST peg, the news hasn’t aged well. Tron’s use of the Tether stable coin was a good play so there’s more USDT on Tron than there is on Ethereum as per the data on CoinMetrics. This only adds utility to the network’s decentralized applications which are betting heavily on gambling apps, asset swaps, and derivatives trading. Tron is now the 17th biggest crypto asset with a market cap of $8 billion.
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