Despite the current market crisis, the TRON chain and its native coin TRX have outperformed the main cryptocurrencies. TRON’s stablecoin USDD success is majorly based on Tron’s total value locked (TVL).
TRX has increased by roughly 30% in the last 30 days, much surpassing the general decrease in the crypto market. It has a market capitalization of more than $7.67 billion.
USDD Total Supply Spike 601 Million
In order to fill the gap caused by TerraUSD’s crash, USDD has crossed a critical milestone. Within a month of its debut, the stablecoin’s total supply surpassed 601 million.
The TRON chain has undoubtedly benefited from a rise in its market value, making it the greatest gainer. TRON’s TVL has increased by over 13% in the last seven days. Meanwhile, the USDD’s 24-hour trading volume has increased by 37% to nearly $85 million.
Over the last month, TRON’s TVL has climbed by a stunning 45%. It presently has a locked value of $5.94 billion. Big players like Ethereum (ETH) and BSC (BNB), on the other hand, have seen their prices plummet. At the same time, ETH’s TVL dropped by more than 37% to $70.2 billion.
While the TVL of the second-largest chain, BNB, fell by roughly 28% to $8.8 billion. Going TRON can exceed the BSC chain in terms of locked value in the near future if it continues to grow at the current rate.
TRON TVL Hit 6 Billion
The USDD for Tron was released just days before the catastrophic TerraUSD crash. Since then, stablecoin has stepped in to fill the void. The token, however, 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 contrasted to the Terra’s Anchor Protocol, which offers a 19.5% APY on UST.