Tron [TRX] It hit $5.82 billion in the latest DeFi TVL rankings, surpassing BNB to become the second highest-grossing chain in the world. On July 1, his TVL on Protocol was at his $3.95 billion, and at the end of the month he rose to $5.91 billion, an increase of 49%.
TVL is the most important DeFi indicator as it shows the popularity of the project in terms of number of active users. A reliable metric for evaluating the robustness of a project.
The recent resurgence of total locked value is due to the growth of decentralized applications [dApps] With an ecosystem taking off for new highs.
JustLend, the first official lending protocol powered by TRON, recently surged by over 19%.
Reports published in weekly updates highlight key data from network performance. The post revealed that TRON has a total of 4,050 active dApps.
according to Tweet According to Tron Scan, these metrics have turned blockchain into “the second largest public chain by market cap of stablecoins and the third largest public chain by TVL.”
The report further states that JustLend DAO passed a security audit by blockchain security firm CertiK. DAO even managed to reach Top 5 of CryptoDiffers Top 15 DeFi Projects by TVL.
TRON’s first lending protocol is the protagonist
As a matter of fact, JustLend DAO trading volume tripled to $1.28 million on July 26th to $3.83 million on July 27th. DAO dominates TRON DeFi with its high TVL, with yield farming protocol SUN.io a distant second.
Another important contributor is algorithmic stablecoin JustStables. [USDJ] It also increased by more than 2% over a similar period.In addition to that, a decentralized exchange [DEXs] SocialSwap and UniFi climbed over 6% and 550% respectively.
Founded by Justin Sun in 2017, TRON initially started as an ERC20 token on the Ethereum network. Adaptability issues combined with high gas costs, TRON reported that he was moving to an independent peer-to-peer network in 2018. Its native token TRX has a market cap of $6.43 billion at the time of writing.