Connect with us

Altcoin

TRON displaces Binance Chain in monumental metric, will TRX rally?

Published

on

Tron news
Source: Unsplash


  • The TRON blockchain surpassed the Binance Smart Chain with respect to TVL valuation
  • TRX showed improved market strength while whales resisted using the TRON network

According to DeFi Llama, the TRON [TRX] blockchain ranked above the Binance Smart Chain [BSC] in terms of Total Value Locked. This came after the latter lost 19% worth of its TVL as of 3 January. 


Rea TRON’s [TRX] Price Prediction 2023-2024


Just before the landmark, TRON hit third place on 2 January, proving its importance to the DeFi ecosystem. At press time, it was only behind Ethereum [ETH], which was in the first place.

Who helped TRON up the ladder?

At press time, TRON’s TVL was worth $4.15 billion. Withal, the rise above BSC would have been impossible with the contributions of its sub-chains. Data from the DeFi Llama showed that protocols including JustStables, UnFi, and STRX Finance made notable inputs to achieve the milestone. 

The multi-chain TVL aggregator also identified lending protocol JustLend as the one which had the highest dominance at 62.78%.

Tron Total Value Locked

Source: DeFi Llama

The landmark has, however, not been able to mean much for TRX. At the time of writing, the price remained at $0.056 — a region it traded around in the last 24 hours.  

Moreover, there has been minimal change in its volume. This was because Santiment’s data showed a 12.09% increase to $151.79 million within the matching period. The increase signified a healthy network for TRON and subsequently, improved market strength.

Tron price and volume

Source: Santiment


How many TRXs can you get for $1?


Apart from the TVL milestone, TRON has also contributed immensely to stablecoin usage. Interestingly, the landmark hit in that regard was not limited to Tether [USDT], but Binance USD [BUSD]. As of 2 January, BUSD used via the TRON network reached $100 million. 

Whales have this to say

While an impressive amount of liquidity flowed into TRON, whales opted out of adding to the stack. On-chain data from Santiment revealed at the time of writing, the stablecoin percentage supply held by sharks had reduced to 42.498.

This indicated that the supply of stablecoin owned by addresses with $5 million and more were held via other networks, not TRON.

On the NFT front, it has not been a great start to 2023. This was made public by Santiment, which displayed a drop in total trades volume to $330,000. A simplification of this implied dwindled interest in buying or selling NFTs linked to the TRON blockchain.

Tron whale data and NFT trades volume

Source: Santiment

Despite the decline, a couple of buyers still bought NFT worth more than $100,000. Nevertheless, TRON’s market cap remained below Solana [SOL] despite the latter’s challenges.

Read the best crypto stories of the day in less than 5 minutes

Subscribe to get it daily in your inbox.


Please select your Email Preferences.

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

Click to comment

Leave a Reply

Your email address will not be published.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.