2 November 2024
Tron Becomes The Third Largest Blockchain In Terms Of TVL
The Total value locked (TVL) in Tron surged by $6B as the market cap of the USDD algorithmic stablecoin expands above $600 million within the first month of its launch.
As per data from DefiLlama, Tron has become the third-largest Blockchain in terms of total value locked, trailing only behind Ethereum and the Binance Smart Chain (BNB). It has surpassed the popular Blockchains such as Avalanche, Solana, and Polygon. Currently, Tron outperforms prominent Layer 1 networks like Avalanche and Solana at its current TVL.
Tron is only the blockchain among the top 20 recording gains, with a monthly gain of 41.33%.In the past seven days, Tron soared to 33.23%. Since last month, the DeFi sector as a whole has lost about $90 billion in liquidity, with the most prominent blockchains' total value locked down by 30 to 70% as a result of Terra's fallout.
As a result of its new algorithmic stablecoin, USDD, TRON's TVL has risen in value partly. USDD team announced on Twitter that the USDD total supply had reached 600 million in its first month of operation. This has led to the rise of the entire DeFi ecosystem of Tron as the total value locked in various protocols in the network approaches $6 billion.
Currently, USDD is in the 73rd position with a market cap of $602 million.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.
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