Altcoin
TRON displaces Binance Chain in monumental metric, will TRX rally?
- 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.
After experiencing a 19% drop in TVL within a month, BSC has been overtaken by Tron as the second largest blockchain in terms of TVL pic.twitter.com/C3mUV7hVL7
— DefiLlama.com (@DefiLlama) January 3, 2023
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%.
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.
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.
⚡️#BUSD on @trondao just hit $100 million in total value
This is a major milestone for #stablecoins and a testament to the strength of the #Tron protocol. pic.twitter.com/DUqGN8dxfx
— Satoshi Club (@esatoshiclub) January 2, 2023
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.
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.
