TRON TVL soars to $6 billion as USDD Algorithimc Stablecoin captures speed

Tron’s algorithmic stablecoin – USDD – is catching some serious speed as its market cap expands to more than $600 million. This has also contributed to the increase in value in DeFi protocols.

Despite what happened to Terra’s UST algorithmic stablecoin, another alternative that emerged earlier in May is also starting to catch fire.

Even though it’s still very far away from UST’s former market cap, Tron’s USDD is also getting serious traction.

CoinGecko data shows that USDD, which was launched in May, currently has a market capization of more than $600 million and is experiencing constant growth.

This has also boosted the whole DeFi ecosystem of Tron, with the total value in different protocols close to $6 Billion.

As seen in the above image, Tron’s TVL already surpassed the likes of Avalanche, Solana, and Polygon and is currently the third-largest chain after Ethereum and BNB (based on that metric).

That said, the protocol that has the most value locked in it is JustLend (JST), and it’s also notable that there are nine protocols on the network that are dominating in terms of TVL.

Get latest news from African Startup ecosystem

Latest stories

You might also like...