As a seasoned crypto investor who’s been through the 2017 bull run and the subsequent bear market, I must admit, the recent surge of Tron (TRX) has caught my attention. The network’s TVL hitting an all-time high of $36.2 billion and the token reaching a seven-year record of $0.44 is nothing short of impressive.
Even within a wider market revival, the Tron blockchain has shown remarkable robustness. Interestingly, the total value locked (TVL) on this blockchain reached an impressive $36.2 billion on December 4.
This graph signifies an unprecedented peak in the network’s history, showcasing a rising interest from users within the Decentralized Finance (DeFi) sector. This milestone underscores the expanding adoption of Tron’s platform for DeFi projects, stablecoin exchanges, and smart contract utilization.
New Peak For TRX
This week, Tron’s TRX token hit an all-time high of $0.44, ending a seven-year price slump and reaching a significant achievement for the network. While it has since dipped to $0.33, the token still posted impressive weekly gains of 66%, regaining the 10th position by market capitalization.
The current surge is being influenced by several elements, one of which is anticipation surrounding the possibility of TRX being added to Grayscale’s collection of investment options. Grayscale has previously mentioned TRX as one of 35 tokens under consideration, with regular updates scheduled every quarter, creating excitement among investors about potential institutional backing.
Additionally, it’s worth noting that Justin Sun, the creator of Tron, has significantly contributed to generating enthusiasm in various projects. Most recently, he invested $30 million on WLFI tokens linked to Donald Trump’s endeavor called ‘World Liberty Financial’. Furthermore, his appointment as an advisor is another testament to his involvement. Moreover, his collaboration on the conceptual art piece “Comedian” has sparked increased community participation, creating a ripple effect that has heightened activity for related tokens such as BAN.
Stablecoin Ecosystem on Tron Network
In the last year, Messari’s latest findings show a steady rise in the market capitalization of stablecoins on the Tron network. Notably, this trend continued throughout Q3, with a 3% increase in market cap from one quarter to the next. This growth took the market cap from approximately $58 billion to almost $60 billion, as reported by DeFiLlama. Currently, it stands slightly over $60 billion.
On the Tron platform, USDT maintained its strong grip over the stablecoin sector, accounting for approximately 98% of the market. Meanwhile, other stablecoins demonstrated growth during Q3. The second-largest stablecoin on Tron, USDD, experienced a slight increase of 0.11% from $729.9 million to $730.6 million in quarterly value.
Significantly, TUSD showed the highest percentage increase, jumping by 87% from one quarter to the next, going from $89.1 million to $166.6 million. USDJ also saw an uptick, growing by 4%, ending Q3 with a total of $70.7 million.
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2024-12-06 01:42