Total value locked (TVL) in Tron soars nearly to $6B as the market cap of the USDD algorithmic stablecoin expands above $600 million within the first month of its launch.

https://twitter.com/usddio/status/1530397031789133827

According to data from <a href="https://defillama.com/chains" target="_blank" rel="noopener">DefiLlama</a>, Tron currently ranks as the third largest blockchain in terms of total value locked, trailing only behind Ethereum and the Binance Smart Chain (BNB) and already surpassing the likes of Avalanche, Solana, and Polygon. Tron currently outperforms prominent Layer 1 networks like Avalanche and Solana at its current TVL.

TRON remains the only blockchain among the top 20 recording gains, with a monthly gain of 41.33%. It has also gained in the last seven days, rising 33.23%. In comparison, the DeFi sector as a whole has lost about $90 billion in liquidity since last month, with the most prominent blockchains' total value locked down by 30 to 70% as a result of Terra's fallout.

TRON's TVL has risen in value partly as a result of its new algorithmic stablecoin, USDD. The official USDD Twitter account announced on May 28 that the USDD total supply had reached 600 million in its first month of operation. This has also brought the entire DeFi ecosystem of Tron up, as the total value locked in various protocols in the network approaches $6 billion.

USDD is currently ranked 73rd in terms of market capitalization, according to data from <a href="https://coinmarketcap.com/currencies/usdd/" target="_blank" rel="noopener">CoinMarketCap</a> with a market cap of $602 million.

Tron Currently Ranks as the Third Largest Blockchain in TVL

Total value locked (TVL) in Tron soars nearly to $6B as the market cap of the USDD algorithmic stablecoin expands above $600 million.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Tron Currently Ranks as the Third Largest Blockchain in TVL

Top Picks