Tron’s algorithmic stablecoin – USDD – is catching some serious speed as its market cap expands to more than $600 million. This has also played a big part in the growing value locked in DeFi protocols on the network.
- Despite what happened to Terra’s UST algorithmic stablecoin, another alternative that emerged earlier in May is also starting to catch fire.
- Even though it’s still very far away from UST’s former market cap, Tron’s USDD is also getting serious traction.
- Data from CoinGecko shows that since it launched at the beginning of May, USDD currently sits on a market capitalization of over $600 million and is in a state of constant expansion.
- This has also brought the entire DeFi ecosystem of Tron up, as the total value locked in various protocols in the network approaches $6 billion.
- As seen in the above image, Tron’s TVL already surpassed the likes of Avalanche, Solana, and Polygon and is currently the third-largest chain after Ethereum and BNB (based on that metric).
- That said, the protocol that has the most value locked in it is JustLend (JST), and it’s also notable that there are nine protocols on the network that are dominating in terms of TVL.