Key takeaways:
- TRON is now the third biggest public chain by TVL, closely following Ethereum and BNB Chain
- USDD, a collateralized decentralized stablecoin on TRON, made it to the top 100 barely 16 days after launch
- TRON has onboarded several premier blockchain institutions to mint USDD
- TRON Grand Hackathorn 2022 kicked off last month with several participants
Last month, May 2022, was an amazing month for TRON (TRX). The blockchain network, which is dedicated to accelerating the decentralization of the internet through blockchain technology, reached numerous substantial milestones in a matter of a few weeks.
TRON has had wonderful times in the past, but the last few weeks were nothing short of enthralling. The company launched USDD, a collateralized decentralized stablecoin, on May 5th 2022. 16 days later, the asset made it into the Top 100 list on CoinCodex. As of June 1st 2022, the stablecoin’s circulatory supply was over $667 million, burning more than 8 billion TRX along the way.
Becoming One of the Largest Public Chains
By making its mark on the DeFi space, TRON is climbing the ladder at a remarkable pace. It now ranks third among all public chains in terms of TVL (total value locked), following Ethereum and BNB Chain closely. This is according to data from DeFiLlama, which is one of the biggest TVL aggregators for DeFi.
TRON’s native token, TRX, is also benefitting from the advancements within its ecosystem. According to the latest data on CoinMarketCap, TRX ranks #13 among the biggest cryptocurrencies in the world in terms of market capitalization. It surpassed AVAX on 26th May and with a $7.68 billion market cap, it is way ahead of DAI at the 14th position.
TRON is also doing great in terms of active addresses. In fact, CoinMetrics’ data shows that it is now ranked first in the number of active addresses, beating BTC, ETH, XRP, XLM, BNB, DOGE, MANA, ADA, QNT, LTC, DOT, ZEC, EOS, NEO, 1INCH, AAVE, and QNT among others.
Speaking about recent developments, TRON CEO, H. E. Justin Sun said:
“TRON’s meteoric rise to the World’s top three public chains by TVL can be attributed to its sustained effort to foster growth across the entire ecosystem. USDD has reached 667 million in circulation. Season 2 of the TRON Grand Hackathon 2022 is underway with prominent partners and judges from across the industry, and there is explosive growth across the entire ecosystem. Ever since becoming a DAO, the TRON community has kept BUIDLing!”
Building Important Relationships
Though the TRON team is doing a lot within the ecosystem, some credits must go to its backers. A number of major asset management companies have been backing TRON in recent times. Fireblocks is one of the latest backers. The leading asset and crypto infrastructure platform announced last week that it will support TRX and all other TRC-20 tokens (all built on the TRON blockchain) on its institutional-focused digital asset platform.
Before Fireblock’s announcement, Crypto Finance had announced its support for TRX storage, custody, and trading. Crypto Finance is a subsidiary of Deutsche Börse, and the announcement specifies that TRX will become available on the entire Deutsche Börse network.
Stablecoins Development and Promotion
TRON is also doing so much in terms of stablecoin development. The TRON DAO Reserve is already in partnership with several premier blockchain institutions, including FalconX, Multichain, Alameda Research, Mirana, Amber Group, Ankr, and Poloniex. It recently added TPS Capital to this group of whitelisted institutions to mint USDD. More reliable institutions will be added in the coming weeks.
Obviously, USDD started on a strong foot. It is already trading on several platforms, including decentralized exchanges, centralized exchanges, and lending platforms. Some of the popular platforms that have listed USDD include Uniswap, KuCoin, Huobi Global, Bitget Global, Gate.io, SunSwap, PancakeSwap, KyberSwap, Ellipsis, Poloniex, Curve, and Bibox.
Bybit is another interesting platform that has listed USDD. Considered one of the fastest-growing cryptocurrency exchanges, Bybit listed USDD through a special launch on May 26th 2022. The company announced a two-part event as part of the launch, offering a staggering prize pool of 400,000 USDD.
Sun.io leads a handful of designated mining platforms helping to drive the popularity of USDD. Currently, it is offering as much as 30% promotional yield on USDD. This, of course, is a major incentive for DeFi users. It is also a major boost for TRON’s DeFi ecosystem, which has supported more than 122 million USDD in liquidity pools as of May 25.
Before launching USDD, TRON has devoted significant resources to stablecoins development and promotion. The company understands that stablecoins are important components of the DeFi market. It started by building solid relationships with issuance platforms like Tether and Circle. The next important step was the establishment of the TRON DAO Reserve.
With the launch of USDD on the TRON platform, the company has cemented its place as a stablecoin giant. Its robust stablecoin portfolio now includes USDT, USDC, USDJ, TUSD, and now USDD. DeFi users, traders and investors can now find USDD quote pairs on Huobi Global with zero trading fees. They include TRX/USDD, NFT/USDD, BTT/USDD, USDD/USDC, USDD/USDT, SUN/USDD, JST/USDD, and WIN/USDD.
TRON Grand Hackathon 2022 (Season 2) and More
In addition to the technical works to take TRON to a greater height, the team has been facilitating other fruitful events. The TRON Grand Hackathon 2022 was commemorated on May 16, with many applicants.
In the same period, TRON DAO announced the launch of a $10 million incentive fund program, aimed at supporting Terra developers migrating to the TRON ecosystem. It has also been confirmed that TRX will soon be listed on DMMBitcoin, which is a top crypto exchange in Japan.
Joining the League of Largest Blockchain Ecosystems
TRON transitioned to a DAO (decentralized autonomous organization) in December 2021. Since then, it has rapidly evolved into one of the largest blockchain ecosystems in the world. Its on-chain asset value has reportedly reached $54.4 billion, making it one of the most active settlement layers.
As it stands, TRON boasts an array of digital assets and functions, including DeFi, stablecoins, NFTs, GameFi, and cross-chain connectivity. It is also home to more than 95 million on-chain users. About 3.2 billion transactions have been processed on its network.
In terms of market performance, TRON seems to be in a world of its own. During the latest bearish market conditions, TRON recorded significant growth. It was ‘the only green in a sea of red’ during the week ending May 9.
It is expected that USDD will integrate with numerous other ecosystems in the future. This will most likely propel TRON’s DeFi ecosystem and, in extension, the entire DeFi industry, into an incredible growth stage.
