Stablecoin TVL on Tron Blockchain Reaches Record Highs
The total value locked (TVL) of stablecoins on the Tron blockchain experienced a slight decline in the early part of the second half of 2023 but ultimately surged to reach record highs of approximately $48 billion, according to a recent report by Reflexivity. The report revealed that around 94% of this total value belonged to USDT.
Tron Emerges as Top Choice for USDT
Reflexivity Research stated that Tron has maintained its position as the leading blockchain for USDT, surpassing the Ethereum mainnet by approximately 8% in terms of TVL. Tether, one of the earliest fiat-backed stablecoins, initially launched on Bitcoin’s Omni chain and later expanded to Ethereum. However, it is currently predominantly present on Tron and Ethereum. The dominance of USDT on Tron is evident in Tron contracts, where the USDT Token contract consumes the majority of on-chain “energy.”
Tron’s DeFi Renaissance
Despite several hacks and exploits within the Tron ecosystem, its decentralized finance (DeFi) sector remained stable. According to data from DeFiLlama, the TVL in DeFi on the Tron blockchain witnessed a growth of approximately 43% throughout the second half of 2023, reaching a total of around $8.1 billion. This solidified Tron’s position as the second-highest protocol in terms of TVL, trailing behind Ethereum.
Hot Take: Tron Strengthens Position as Leading Blockchain for Stablecoins and DeFi
Tron’s surge in stablecoin TVL and growth in its DeFi sector highlight its growing prominence in the crypto market. With its dominance in hosting USDT transactions and the success of its leading DeFi protocol, Tron has proven to be a top choice for users seeking stability and opportunities within the blockchain ecosystem. Despite challenges such as hacks and exploits, Tron has remained resilient, further cementing its position as a key player in the industry.
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