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TRON is now 2nd largest public chain in terms of stablecoin market cap

02-Aug-2022 By: Shikha Jha
TRON is now 2nd larg

After the cryptocurrency sector recaptured 

$1 trillion market capitalization, most of its projects, including the TRON Protocol (TRX), have seen advancements across the board.

According to sources statistics published on August 1, TRON's total transfer value has just crossed the $5 trillion milestone, adding 105 million new accounts and logging more than 3.6 billion transactions on its blockchain.

On top of that, its total value locked (TVL) has exceeded $11 billion. According to the TRON network explorer, these metrics placed it as the second largest public chain by stablecoin market cap and the third largest public chain by TVL.

Expansion of the TRON ecosystem

One possible explanation for TRON's rise is its recently announced partnership with WeFund, a multichain community crowdfunding incubator for blockchain and real-world initiatives, with the goal of increasing DApp users and providing new use cases for TRON-based payments.

Early in June, sources published a report on TRON's quick development, noting that its TVL in decentralized finance (DeFi) had increased by 47 percent month-over-month (MoM) in May, making it the only blockchain to do so amid the market's gloomy mood in the wake of the failure of the Terraform Labs ecosystem.

By comparison, the TVL of Ethereum (ETH), the largest DeFi network, fell by 35% MoM during the same period. Binance Coin (BNB), Polygon (MATIC), and Solana (SOL) all saw losses ranging from 27% to 38%.

TRX price analysis

At the time of writing, the price of TRON's native cryptocurrency TRX was trading at $0.0692, decreased by 1.25% in the last 24hrs and gained 5.8% in the last seven days.

According to CoinGabbar statistics, TRX's market valuation is now $6.39 billion, ranking it as the 17th-largest cryptocurrency by this metric.

Read also: Cryptocurrency price update: AAVE PRICE PREDICTION: Increases in the bullish trend Over $98.36 average price

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