Tron Becomes Third-Largest DeFi TVL Blockchain Amid Booming Interest for USDD
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This rally in adoption also played a significant role in the surging value locked in DeFi protocols on the network.
Despite the unfortunate situation that plagued Terra’s UST algorithmic Stablecoin, USDD—another algorithmic Stablecoin—has garnered significant interest and investments in May. Though it remains nothing close to the market value UST controlled at its peak, USDD is on a solid course to make a mark.
For context, USDD launched in May and currently has a valuation of $602 million, occupying the number 78 spot in the top crypto rankings, or 0.05% of the total market valuation.
As mentioned earlier, the growth recorded in USDD has extended to the entire Tron ecosystem, as the total value locked (TVL) on various DeFi protocols on the network surged towards $6 billion.
Notably, Tron’s TVL has surpassed other dominant blockchain ecosystems like Avalanche, Solana, and Polygon. Currently, Tron’s DeFi TVL ranks third in the industry, behind Ethereum and Binance Smart Chain.
Eight protocols account for the massive DeFi TVL on Tron at press time. They include JustLend, JustStables, SUNSwap, SUN.io, SocialSwap, UniFi, and OneSwap, in that order.
Key Tron Levels to Watch — May 30
TRX remains unrelenting in its bid to sustain a bullish trend despite the broader bearish bias. The cryptocurrency currently coasts around the $0.0830 top after an overnight surge from $0.0780 to $0.0840. This rebound comes after TRX touched the unbroken May trendline amid declining trading volume.
That said, the broader market has posted a goodish bounce on Monday, with Bitcoin tapping the $30,875 top. TRX has yet to react to this sentiment switch and could post an even higher rally in the coming hours. Over the week, we could see a return to the $0.0900 peak and higher in subsequent weeks.
Meanwhile, my resistance levels are $0.0830, $0.0850, and $0.0880, and my support levels are $0.0800, $0.0780, and $0.0760.
Total Market Capitalization: $1.27 trillion
Tron Market Capitalization: $7.69 billion
Tron Dominance: 0.6%
Market Rank: #13
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