Can Tron Succeed Where Terra Failed? USDD Adoption Grows
The Tron ecosystem is on its way to rising up amid the increased uncertainty in the global cryptocurrency market. Tron’s native token and stablecoin USDD had managed to survive the recent crash. As per the data, USDD has entered the tally of the largest 100 cryptos in just a few weeks of its launch.
USDD 24 hr trading vol surges by 18%
After the fall of Terra’s LUNA and UST, the TRON ecosystem has been on the lookout list of investors. The newly launched stablecoin USDD which runs on a similar algorithm as TerraUSD have now exceeded the total supply of $463 million. Its 24 hour trading volume has surged by over 18% to stand at $159.4 million.
USDD was launched just before the market crash begin to get intense. Given that the token offers a 30% yield, investors have flocked into USDD, and are staking it across multiple DeFi platforms.
In order to maintain the momentum, the Tron has also been burning the TRX tokens steadily. As per the announcement, they have cumulatively sent over 5.8 Billion TRX tokens (approx $450.1 million) to a dead wallet till now. May 22, 2022 saw the burn of over 1.1 Billion tokens. While, around 397 million tokens were burnt on May 21, 2022.
TRON TVL surges by 24% in last 30 days
The TRX token has managed to rise by over 15% in the 30 days whereas Bitcoin is down by 22% in the same time. The Token is trading at an average price of $0.0771, at the press time. Its 24 hour trading volume has surged by 36% to stand at $998 million.
According to DeFi Llama, the TRON blockchain has barged into the tally of the top 3 chains. Its Total Value locked (TVL) has increased by a whopping 19% over the last day. Tron’s TVL stands at $5.2 billion. Meanwhile, its TVL has surged by over 24% in the past 1 month. On the other hand, Ethereum’s (ETH) locked value has come down by 36% in the same time.
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