TRON [TRX] Overhauled BNB chain to reach top 2 in DeFi TVL

TRON [TRX] overtook BNB to become the second-highest chain globally with $5.82 billion in the latest DeFi TVL ranking. As of July 1, the protocol’s TVL was $3.95 billion, rising to $5.91 billion on the last day of the month, up 49%.

TVL is the most significant DeFi indicator as it shows the popularity of a project with the number of active users. It is a reliable metric to assess the robustness of a project.

The recent resurgence in total locked is attributed to the growth of decentralized applications [dApps] in the ecosystem taking off to new heights.

TRON [TRX] Surpassed the BNB chain to make the top 2 in DeFi TVL 3

The first official TRON-based lending protocol JustLend is up over 19% recently.

A report published on its weekly updates highlighted key data on the network’s performance. The post revealed that there are a total of 4,050 active dApps on TRON.

According to a Tron Scan tweet, these indicators have turned the blockchain into “the second largest public chain by stablecoin market cap and the third largest public chain by TVL.”

The report goes on to say that the JustLend DAO passed the security audit by blockchain security firm CertiK. The DAO even managed to make the top 5 of TVL’s CryptoDiffers Top 15 DeFi projects.

TRON’s first credit protocol is Leading Star

In fact, JustLend DAO trading volume increased three-fold from $1.28 million on July 26 to $3.83 million on July 27. The DAO dominates the TRON DeFi with its high TVL and is followed in a distant second place by the yield farming protocol SUN.io.

Other important contributors are algorithmic stablecoin JustStables [USDJ] which also expanded by over 2% in a similar period. In addition, decentralized exchange [DEXs] SocialSwap and UniFi are up over 6% and 550%, respectively.

Founded by Justin Sun in 2017, TRON initially started out as an ERC20 token on the Ethereum network. Due to adjustment issues coupled with high gas costs, TRON announced in 2018 that it was migrating to an independent peer-to-peer network. The market cap of native token TRX was $6.43 billion at press time.

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