Tron’s DeFi Ecosystem Sees 2,557% Surge in Q3; JustSwap Steals the Show

Tron has managed to embrace the DeFi craze in a relatively short span of time with a series of flashy announcements and new products. In the third quarter, the transaction volume on Tron’s DeFi ecosystem reported an astounding increase of 2,577%. A significant share of 41% of the total volume was held by Tron’s DEX category.

This was revealed by the latest DappRadar’s 2020 Q3 Dapp Industry Report which further revealed that the number of DeFi ecosystem DApps saw a meteoric rise in the Q3 of this year. There were three DeFi DApps available on the Tron network in the previous quarter. But by the end of Q3, the total number of DApps submitted to DappRadar surged to 27.

Increase in the Number of Active Users

Besides, the DeFi ecosystem witnessed its highest ever daily wallet activity – 42,009 in September, meaning an increase of 1,896% in the Q3 when compared to the previous one.

The report further stated,

“The major contributor to this increase in daily activity is from three recently released dapps. Sun and JUST in the DeFi category and JustSwap in the Decentralized Exchange category.  From the DeFi category, Sun and JUST are the most recent releases. Showing on average more than 4,000 daily active wallets. Contributing almost 50% and 25% respectively to the total activity.”

In addition, it’s worth mentioning that JustSwap was the only DAap sustaining high wallet activity in the third quarter by surpassing over 11,000. Based on Tron for automated liquidity provision, JustSwap happens to be an open financial market accessible to all. It also happens to be the first-ever exchange protocol on Tron for exchanges between TRC20 tokens.

Just a few days after it was launched, JustSwap managed to garner significant popularity.and noted several milestones shortly thereafter. TWJ had previously reported Tron joining forces with Huobi with DeFi Mining which allowed staking Huobi Token [HT] mining.

Many investors were drawn to the lucrative DeFi market through the great benefit prospects of various ventures and Tron, with its low transaction fee, has managed to significantly bolster its network operations in just a few months.

Reena Shaw: Reena Shaw is a TWJ full-time writer on crypto-currency. A Journalism graduate, her research focuses on legislation and policy-making in the cryptocurrency market.