Despite the recent market crash, the TRON chain and its native token TRX moved against the tide and surpassed other major cryptocurrencies.
The success of TRON’s stablecoin USDD has had a significant impact on the increase in Tron’s total value locked (TVL).
TRX has increased by roughly 30% in the last 30 days, much surpassing the widespread decline in the crypto market. It has a market capitalization of more than $7.67 billion.
TRX receives major boost from USDD
USDD has crossed a critical milestone in its attempt to fill the void left by TerraUSD’s collapse. Within the first month of its launch, the stablecoin’s total supply has managed to surpass 601 million. The TRON chain has undoubtedly benefited from a surge in its market capitalization, making it the greatest gainer. TRON’s TVL has increased by more than 13% in the last 7 days. Meanwhile, the USDD’s 24-hour trading volume has increased by 37% to stand at over $85 million.
Over the last month, TRON’s TVL has climbed by a whopping 45%. It presently has a locked value of $5.94 billion. On the other hand, big players like Ethereum (ETH) and BSC (BNB) have seen their prices plummet. At the same time, ETH’s TVL dropped by more than 37% to $70.2 billion.
TRON’s TVL could overtake BSC chain
While the TVL of the second-largest chain, BNB, fell by roughly 28% to stand at $8.8 billion. Going at the same rate TRON can surpass the BSC chain in terms of locked value in the coming time.
Tron’s USDD was released just a few days before the infamous TerraUSD crash. Since then, stablecoin has stepped in to fill the void. However, the token uses the same algorithms as Terra. The TRON DAO Reserve stated that a basic risk-free interest rate of 30% per year would be set at the time of its launch. This guarantee was even compared to Terra’s Anchor Protocol, which offers a 19.5% APY on UST.