Despite USDD algorithmic stablecoin’s market cap exceeding $600 million, Tron’s total value locked (TVL) reaches $6B.
- Tron’s algorithmic stablecoin – USDD – is gaining steam as its market cap exceeds $600 million. This has also been a major factor in the increasing value of DeFi protocols on the network.
- It appears that another alternative to Terra’s algorithmic stablecoin is also catching on, despite Terra’s UST algorithmic stablecoin’s failure.
- Tron’s USDD is also gaining traction, despite being very far from UST’s former market cap.
- According to CoinGecko, USDD has achieved a market capitalization of over $600 million since its launch at the beginning of May.
- Additionally, this has helped boost Tron’s DeFi ecosystem, as the total value of the various protocols lying within the network approaches $6 billion.
- In the image above, you can see how Tron’s TVL has surpassed Avalanche, Solana, and Polygon and is now the third-largest chain behind Ethereum and Bitcoin (based on that measurement).
- As a result, JustLend (JST) is the protocol that has the most value locked up in it. Additionally, there are nine protocols dominating in terms of TVL.