TRON Could Overtake Binance Chain, In Terms Of Total Value Locked In DeFi

According to DefiLlama data, TRON (USDD) is enjoying development in its DeFi ecosystem and is currently the third largest blockchain in terms of total value locked, after only Ethereum and the BSC (BNB). TRON has a total value locked of $5.8 billion, which is close to the $6.9 billion TVL of the Binance Chain.

With a monthly increase of 41.33 percent, USDD remains the only blockchain among the top 20 to see gains. It has also increased by 33.23 % in the last seven days. The DeFi sector as a whole has lost roughly $90 billion in liquidity since last month, with the overall value of the most famous blockchains locked down by 30 to 70% as a result of Terra’s implosion. At its present TVL, USDD surpasses well-known Layer 1 networks like Avalanche and Solana.

The value of TRON’s TVL has soared as a result of its new algorithmic stablecoin, USDD.

On May 28, the official USD Twitter account reported that the total supply of the USD has hit 600 million in its first month of operation. TRON’s founder, Justin Sun, anticipates major USDD developments in the next week, despite the currency’s recent increase.

Before the Terra crisis, UST’s success prompted new entrants to explore stablecoins on the crypto market. TRON released the USDD stablecoin on May 5 and has since attracted industry attention.

The stablecoin is meant to reward arbitrageurs to keep its price closely pegged to that of the U.S. dollar by trading between TRX, TRON’s token and USDD, sharing similarities with Terra’s UST.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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