Tron Accelerates To 3rd Spot As Biggest Blockchain In Terms Of TVL
Tron takes off by 44% and ranks as the third-largest blockchain based on TVL. Tron, Tronix, or TRX is designed to beat Bitcoin and Ethereum on their tracks with faster, cheaper, and smarter transactions.
Tron doesn’t have a maximum supply, unlike Bitcoin, which means it has eliminated the scarcity element, making it eclipse the “king of crypto.”
Despite its downturn in 2021, many investors have remained bullish on Tron. TRX’s current TVL is now at $5.9 billion, a figure it reached in just a month.
The only two blockchains ahead of Tron are Ethereum and Binance Smart Chain, which currently have a TVL of $93 billion and $10.8 billion, respectively.
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Despite its downturn last year, many investors have remained bullish on Tron. Image credit: The Daily Hodl
Is Tron Like Tether? Not Likely.
Tron is predicted to accelerate in growth this year.. It is, in fact, the only blockchain that has been growing immensely this year. Other blockchains like Polygon, Ethereum, Fantom, Solana, BNB Chain, and Avalanche have shaved off in TVL over the past month.
Tron’s bullish streak is said to be triggered by the recent launch of its algorithmic stablecoin, which promises generous returns. It’s often compared to Tether, but they’re the opposite.
TRX and USDD aren’t pegged to anything, unlike Circle’s USDC and Tether’s USDT, but are instead governed by smart contracts. Investors have the option to swap 1 USDD for $1 of TRX.
If the USDD price dips below the dollar peg, the investors can opt to buy USDD for a lower price and then swap that for TRX, earning from the sale of the TRX tokens.
Like Terra, USDD promises investors can generate at least 20% in profit or more across. Like Terra, USDD also promises investors more than 20% per year in returns across multiple TRX-based initiatives.
TRX total market cap at $7.90 billion on the daily chart | Source: TradingView.com
USDD Market Cap At $602M – From $90M
Investors can boost their revenue by staking their USDD-TRX tokens. JustLend USDD rate is now at 23% as it jumped from a mere $1.79 billion to as much as $2.86 billion in barely a month.
Investors can quickly generate 64% in revenue at SUN, a stablecoin platform. These platforms are now enjoying massive growth activity with the spike in rates.
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Protocols such as SunSwap, JustStables, and Sun.io have seen an upward trend in TVL for the month. TVL for SUNSwap is up by 6.18%, while Sun.io’s and JustStables’ TVL have increased by 140% and 15%, respectively.
While UST by Terra is larger, USDD has grown remarkably in market capitalization over a short period. USDD now has a market cap of $602 million and roughly 601 million tokens in total supply. The current figure shows how it has grown immensely from $90 million on its launch on May 5, 2022.
Featured image from Zipmex, chart from TradingView.com