Tron, the popular blockchain project founded by Justin Sun has made waves in the decentralized finance [DeFi] space shortly after its foray. In the latest development, its Defi realm has hit a new milestone in the form of total value locked [TVL].
According to the project’s founder and CEO’s tweet on the same, TVL in its DeFi ecosystem has climbed all the way to $8.5 Billion.
Tron’s Burgeoning DeFi Ecosystem
Riding on the unstoppable hype of Defi applications, the blockchain platform made its first foray into the industry with a host of products with ‘JUST’ as the prefix. Following are the Tron-based Defi products that contributed to the $8,5 billion TVL in such a short span of time:
JustStable, which happens to be the decentralized finance [DeFI] system of USDJ stablecoin, has amassed $968.9 million
- The total value locked in Tron’s official lending platform JustLend was found to be $2.14 billion
- The decentralized trading protocol JustSwap racked up $1.21 billion in TVL figures.
- In addition, the TRC20 Token Backed 1:1 By Bitcoin, Ethereum, and Litecoin – Just BTC/ETH/LTC, was found to have a combined TVL of $2.16
- Total TRX Frozen both in terms of energy and bandwidth stood at $2.102 billion.
The Sun-founded ecosystem has managed to add more than $1 billion in terms of TVL in just a period of 2 days. This can be evidenced by the Tron Foundation’s announcement which stated that the total value locked was found to be at $7.3 billion on the 18th of March.
The foundation has been increasing investment into further developing the DeFi realm and hence, the TVL figures on the network have risen substantially since the beginning of the year. But the latest numbers saw an increase of $3.5 billion which stands for a 70% increase since the roll-out of the blockchain Tron’s Century Mining which was launched by the blockchain foundation along with other platforms such as BitTorrent, JUST Foundation, SUN Foundation, and WINk.