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Tron surpasses $6 billion in TVL, closing in on second-ranked Binance Smart Chain

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  • The Tron network aims to optimise performance despite being rated higher than dominant Ethereum and Bitcoin in terms of transaction processing speed
  • The recent massive growth of the TRX token has been attributed launch of their algorithmic stablecoin USSD, which has seen great adoption levels

Tron, the blockchain outfit associated with Justin Sun, has proven to be a worthy investment based on recent market performance. It has not only survived the turbulence that digital assets have been going through but also thrived amidst the prevailing bearish sentiments.

In the last two weeks, the total value locked on the Tron blockchain has grown from $4.19 billion (May 17) to an impressive $6.06 billion at the time of writing. This swell, coming against the general market weather, has seen the chain race past Avalanche and Solana, whose total value locked has shrunk during this period.

Presently, only two chains have a higher Total Value Locked (TVL) than Tron – BNB Chain and Ethereum. The two, at the time of writing, had $8.87 billion and $71.46 billion locked in, respectively, the latter accounting for a massive 64.27% of the total market share.

Tron leads the monthly gains chart among the top 10 blockchains

Defi Llama data shows that Tron has recorded a 51% growth in TVL over the past month, with 7-day gains standing at 15%. In contrast, other blockchain enterprises in the top 10 have experienced more than 25% net negative gain in the last 30 days.

The gainer platform also boasts the crown of being the only one to enjoy growth across all its major networks. The platform’s leading four protocols JustLend, JustStables, SunSwap, and Sun.io have all posted impressive growth in TVL in the past month. SUN.io leads with 172%, followed by the dominant JustLend protocol with 66.72%.

Tron’s impressive growth attributed to stablecoin USSD

Barely a month since its inception, the USSD stablecoin has exhibited stability and double-digit returns compared to UST. Unlike other stablecoins backed by the United States Dollar, USSD isn’t backed by assets but is primarily driven by smart contracts algorithms.

The dollar peg ecosystem is achieved by trading the stablecoin USSD with the mother token TRX. Investors can swap a unit of the stablecoin for a single unit of the TRX token worth $1. Should the coin fall below the dollar peg, owners can buy the USSD for a low price and swap with the token, making a profit in the process from the sale in the open market.

Over the weekend, the stablecoin project shared an update that USSD total supply had surpassed 601 million tokens with an equivalent market cap of $601 million. This translates to an increase of approximately 567% from the launch date when the market cap stood at $90 million.

The post Tron surpasses $6 billion in TVL, closing in on second-ranked Binance Smart Chain appeared first on The Home of Altcoins: All About Crypto, Bitcoin & Altcoins | Cointext.com.

Tron surpasses $6 billion in TVL, closing in on second-ranked Binance Smart Chain

 

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