If you can vividly remember the crash of the Terra (LUNA) ecosystem, you may also remember that there were tokens and networks that relatively held up well. Tron (TRX) is such a network. According to on-chain data, the network has even grown rapidly.
Tron grew fast
This is evident from on-chain data from DeFi Calls. An important on-chain measure is called Total Value Locked (TVL). This measures how much value is pinned on the network in smart contracts and is thus an important measure of activity and trust in the network. Tron’s TVL jumped from $3.9 billion in a few days to $5.87 billion in just a few days — a 50% increase.
De TVL has risen by protocols that live on the Tron network. JustLend (JST) has the highest volume. In addition, the TVL of this protocol has more than doubled to more than USD 3 billion in just one week. The algorithmic stablecoin JustStables (USDJ) has gone from $950 million to $1.2 billion. The market value of strike protocol UniFi has even flipped over 13 times.
Ook with the market value of Tron yourself it sucks at the moment. All TRX tokens have a value of 6.5 billion. The market value of many cryptocurrencies has fallen sharply in recent months, but that of TRX has remained relatively stable.
Controversy surrounding Tron and USDD
Tron has been in the news a lot lately. Tron brought the algorithmic stablecoins USDD out, but this one looked suspiciously like UST. When TerraUSD (UST) became unstable, USDD also erased its peg with the dollar not to keep for a while.
Tron founder Justin Sun is considered by some analysts suspected of fraud. In fact, he would use USDD as a way to get rid of his TRX tokens without the price crashing. Tron and USDD could thus trigger a second Terra-like crash. How big the impact of such a crash would be is of course debatable. Tron currently has a market value of $6.5 billionand the total value of USDD is now $745 million.
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