Tron Emerging As A Strong DeFi Platform, As It Recently Stood Behind Binance Smart Chain (BSC)

By May 22, 2022DeFi
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  • Tron ecosystem’s Total Value Locked (TVL), was slightly higher than $4.3 Billion.
  • On weekend, it stood at the third position in the DeFi space but now has slipped to the fourth position.
  • Ethereum stands at the first position with a current Total Value Locked(TVL) to be $71.28 Billion.

Tron became the third-largest blockchain for decentralized finance (DeFi) protocols with respect to the total value locked (TVL) on Saturday.

It was just behind Binance Chain (BSC) and rose to flip other projects such as Avalanche, Solana, and Polygon, which ranked fourth, fifth and sixth, respectively.

According to data by DeFi Llama. Eight projects locked more than $4.29 billion in value on Tron. And with the indulgence of staked governance assets, the total value locked in the TRON ecosystem is a bit higher at $4.3 billion.

JustLend (JST) had a dominance of 42.06% with $1.81 billion in total value locked. Whereas, SUNSwap and accounted for $979.8 million and $246.97 million of the total value locked.

But despite these, Ethereum still remains the one with the top position in the DeFi space with $71.28 billion, then comes BSC (BNB), which presently has $9 billion in total value locked.

Although Terra, which earlier held second place in terms of TVL, had fallen to as far as 29th place after its ecosystem collapse. Billions of dollars were moved out of the Terra ecosystem in the last two weeks since TerraUSD (UST) lost its peg, resulting in considerable investor losses.

Rather than relying on intermediaries, DeFi projects rely on smart contracts for financial services like trading, lending, and borrowing. And Total value locked (TVL) is basically the overall value of crypto assets deposited into a decentralized finance (DeFi) protocol.

These are certain measures that are utilized to measure the overall health of the DeFi and yielding market.

Although now Tron has slipped to the fourth position as Avalanche flipped it which now stands at third position.

Source: Defillama

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