TRON [TRX] Surpassed BNB Chain To Reach Top 2 In DeFi TVL

TRON [TRX] overtook BNB to become the second highest chain worldwide at $5.82 billion in the latest DeFi TVL rankings. On July 1, the protocol’s TVL was $3.95 billion and rose to $5.91 billion on the last day of the month, an increase of 49%.

TVL is the most significant DeFi indicator as it denotes the popularity of a project with the number of active users. It is a reliable metric to evaluate the robustness of a project.

The latest resurgence in total value locked is attributed to the growth of decentralized applications [dApps] in the ecosystem which is taking off to new highs.

The first official TRON-powered lending protocol JustLend surged by over 19% in recent times. 

In a report published on its weekly updates highlighted crucial data from the network’s performance. The post revealed that there are a total of 4,050 active dApps on TRON.

According to a tweet from Tron Scan, these indicators have transformed the blockchain into ‘the second largest public chain by stablecoin market cap and third largest public chain by TVL.’

The report further stated that the JustLend DAO passed the security audit by blockchain security firm CertiK. The DAO has even managed to reach the top five on CryptoDiffers’s Top 15 DeFi projects by TVL.

TRON’s First lending Protocol Is Leading Star

As a matter of fact, trading volume on JustLend DAO jumped by 3x times $1.28 million on 26 July to $3.83 million on 27 July. The DAO is dominating the TRON DeFi with its high TVL and is followed by yield farming protocol SUN.io at a distant second place.

Other important contributors are Algorithmic stablecoin JustStables [USDJ] which also expanded by over 2% within a similar period. In addition to that, Decentralized exchange [DEXs] SocialSwap and UniFi were up by over 6% and 550% respectively.

Established in 2017 by Justin Sun, TRON initially began as an ERC20 token on the Ethereum network. Due to adaptability issues combined with high gas expenses, TRON reported in 2018 that it is migrating to an independent peer-to-peer network. Its native token TRX’s market cap stood at $6.43 billion, at press time.