Tron’s TVL rises, taking third place behind Ethereum and BNB Chain

Tron network was “out of the spotlight” after other Ethereum competitors such as Polkadot, Solana, and Cardano attracted market attention. Now, the network seems to have “resurfaced” and has come to occupy the third position in total value locked (TVL).

Since its founding, the tron has already been the target of numerous criticisms, problems and controversies. Many of them were linked to its founder Justin Sun, a controversial figure in the crypto market and often accused of being a scammer.

Thus, all this history had left Tron in a kind of “reserve bench” in the game of cryptocurrencies in which the holders were ETH, BNB, ADA, SOL and even Terra (LUNA).

However, the project is returning to the center of market attention. After all, its TVL is up 45% over the past 30 days as the crypto market faced its worst month of the year.

According to data from the DeFi Llama portal, the amount of funds blocked on Tron has increased by 44.74% last month and 13.36% last week.

Tron’s TVL rises up 45%

As a result, Tron ranked third just after ETH and BNB Chain. Meanwhile, the total amount of funds blocked on other blockchains has dropped by around 70%.

According to analysts, the reason behind Tron’s TVL surge was the recent launch of its algorithmic stablecoin USDD.

The stablecoin launch was announced on May 11 and the USDD was released on Multichain DEX as well as several other decentralized exchanges like PancakeSwap, Uniswap, Ellipsis and SunSwap.

Tron’s TVL growth was so impressive that it was close to surpassing that of BNB Chain, as the data shows $5.77 billion (Tron) versus $6.94 billion (BNB Chain).

However, now the gap has widened in favor of blockchain from Binance. Its TVL now totals $8.78 billion, while Tron’s is at $5.92 billion.