Stablecoin complete worth locked (TVL) on the Tron blockchain skilled a slight decline within the early a part of the second half of 2023 however in the end surged to achieve report highs of roughly $48 billion.
That is in keeping with a current report by Reflexivity, which revealed that round 94% of this complete worth belonged to USDT.
Tron Emerges as High Selection for USDT
Reflexivity Analysis stated that Tron has maintained its place because the main blockchain for USDT, surpassing the Ethereum mainnet by roughly 8% when it comes to TVL.
Tether, among the many earliest fiat-backed stablecoins within the crypto market, initially launched on Bitcoin’s Omni chain, later expanded to Ethereum, and is at present predominantly current on Tron and Ethereum.
A noteworthy distinction lies within the composition of stablecoins on Ethereum, which displays a extra balanced mixture of USDT and USDC on-chain, whereas the previous overwhelmingly dominates the Tron ecosystem.
This dominance is additional evident in Tron contracts, the place the USDT Token contract consumes the vast majority of on-chain “vitality,” accounting for roughly 95.6% of all contracts. This means that Tron is primarily utilized for USDT transactions with restricted diversification.
Regardless of a reasonable enhance in USDT quantity all through 2023, a very intriguing pattern is the 130% progress within the variety of USDT holders over the identical interval, in keeping with information compiled by TronScan.
Tron’s DeFi Renaissance
The Tron ecosystem witnessed back-to-back exploits. Justin Solar-acquired crypto change Poloniex was hacked in November final 12 months. Attackers reportedly stole practically $125 million after breaching the recent wallets.
Weeks later, crypto change HTX and blockchain protocol Heco Chain have been compromised for a cumulative $97 million in numerous digital property.
Regardless of this, Tron’s decentralized finance facet of issues remained steady.
Citing information from DeFiLlama, Reflexivity noticed that the TVL in DeFi on the Tron blockchain witnessed a progress of roughly 43% all through the second half of 2023, reaching a complete of round $8.1 billion.
This enhance solidified Tron’s place because the second-highest protocol when it comes to TVL, trailing behind Ethereum with roughly $29 billion and surpassing Binance Sensible Chain (BSC) with $3.1 billion. The ascent was primarily led by the main DeFi protocol, JustLend, which contributes to roughly 80% of the full TVL on the Tron community.