Journalist
Posted:
- Tron’s market share was 10.21%, while the blockchain held its second place below Ethereum.
- Justin Sun’s transfers to lending platform JustLend were cited as the main factor behind the increase.
Layer 1 blockchain-Tron [TRX] has made giant strides in the crypto space in 2023, and the network has added another feather in its cap.
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Tron is increasing DeFi market share
According to popular on-chain sleuth Patrick Scott, Tron’s pie of total value locked (TVL) across all blockchains went into double digits for the first time in history. At the time of writing, Tron’s market share was 10.21%.
In fact, if liquid staking were abolished, Tron would account for more than 16% of the TVL.
Yesterday, Tron’s stake in DeFi TVL exceeded 10% (including liquid staking) for the first time.
Excluding liquid strike, @trondao now accounts for more than 16% of DeFi TVL.
Tron’s recent growth is due to deposits in stUSDT, an RWA protocol. pic.twitter.com/9d9T5sRYcH
—Patrick Scott | Dynamo DeFi (@Dynamo_Patrick) September 16, 2023
Tracking Tron’s trajectory since early 2023 revealed some intriguing findings. In January, Tron’s share stood at just over 7%, with BNB Chain in second place with a 10% market share.
However, faced with regulatory challenges and security concerns, BNB Chain lost credibility in the following months. Consequently, Tron rose to the second spot after capturing a significant portion of BNB Chain’s share.
Was this the main reason?
Patrick Scott said the recent spike in Tron’s TVL was driven by lending platform JustLend. Data from DeFiLlama indicated a 22% increase in the USD value of assets deposited on the platform on September 16.
Source: DeFiLlama
A separate post from popular journalist Colin Wu pointed out that Tron founder Justin Sun’s transfers included $815 million worth of stablecoin TrueUSD. [TUSD] led to the spike in JustLend’s TVL.
Justin Sun's related address minted 815 million TUSD today, which was eventually replaced by WSTUSDT and deposited into JustLend. JustLend TVL is up 21.5% in the past 24 hours. Sun claimed that the transactions were his personal funds and had nothing to do with HTX’s business.…
— Wu Blockchain (@WuBlockchain) September 16, 2023
How much are 1,10,100 TRXs worth today?
TRX is riding the bulls
At the time of writing, the native token TRX was valued at $0.083, representing a weekly growth rate of 6.5% per year. CoinMarketCap. Compared to the past month, the coin is up 11.8%.
Meanwhile, TRX coins continued to leave circulation to exert deflationary pressure. About 11.93 million TRX tokens were withdrawn from circulation on September 10. Adjusted against newly minted tokens, there was a net decrease in TRX’s circulating supply of 6.86 million.
