Over the past several months, the Tron blockchain has emerged as one of the crucial venues for decentralized finance [DeFi] platforms. The network has hosted several prominent projects since its entry into the decentralized realm.
In yet another milestone, its DeFi sector has hit a new record in the form of total value locked [TVL]. According to the project’s founder and CEO Justin Sun’s latest tweet on the same, TVL Tron’s DeFi ecosystem has surged to an astonishing $15.1 billion as of the 17th of April.
It is important to note that DeFi has taken a backseat in terms of social media discourse and FOMO. However, behind the curtains, the space has been quietly flourishing. Tron, for one, has seen a significant uptick in activity related to it.
The latest data revealed that the total value locked in JustLend, which happens to be Tron’s official lending platform, stood at $2.90 billion. On the other hand, its decentralized trading protocol JustSwap amassed $2.27 billion in TVL figures, The deFi system of USDJ stablecoin on Tron which is called JustStable, raked in $2.48 billion.
Meanwhile, the TRC20 Token Backed 1:1 By Bitcoin, Ethereum, and Litecoin – Just BTC/ETH/LTC, scored a combined TVL of $2.41 billion. Also, Total TRX Frozen, with respect to energy as well as bandwidth, has noted a significant increase and was found to be at $5.032 billion.
Tether on Tron Exceeds Ethereum Amidst Stablecoin Rush
In addition to the growing demand in terms of DeFi, the Justin Sun-founded blockchain has observed massive stablecoin demand. So much so that the amount of the world’s largest stablecoin, Tether [USDT] on the Tron blockchain has surpassed that on Ethereum.
On the 14th of April, TRC-20 USDT has reached $24 Billion and this growth was accompanied by high transaction fees on Ethereum that has led investors to look for efficient and cheaper alternatives to lock in gains. Previously, ERC-20 USDT dominated the charts for the major part of 2020. However, the trend changed in the first quarter of 2020.