Tron becomes single largest chain for USDT settlement with Total Value Locked of $6.65 billion

Tron, built atop a decentralized operating system, is the latest blockchain sensation as it pushes toward developing a free global digital content entertainment system. It is a hub for approximately 1,400 Dapps, all streaming over the TRON network, and on october 16 it registered an all-time-high of $6.648 billion in Total Value Locked, easily beating most of its major competitors..   

Also Read: TRON Price Prediction: Can TRX trigger 30% breakout rally after multiple rejections?

Tron tops list of blockchains for USDT settlement

Tron, which is highly regarded for the high-throughput, scalability and reliability of its solutions, has become the largest blockchain for the settlement of USDT, a US Dollar-pegged stablecoin used to facilitate payments in the cryptoverse, recording an all-time high of $6.648 billion in terms of total value locked (TVL), data from DeFiLlama shows.

DefiLlama also indicates that the Tron blockchain recorded up to 1.44 million daily active users over the past 24 hours. The high number of users means Tron chain has outperformed its peers, including Binance Smart Chain, Ethereum, MATIC, Arbitrum, and Solana, which recorded 1.01M, 336K, 309K, 101K, and 75K respectively.

Tron TVL

The TVL metric is crucial in determining or measuring interest in a particular sector of the cryptocurrency industry. It points to the overall value of crypto assets that have been deposited in a decentralized finance (DeFi) protocol. Investors can also look to the TVL when evaluating whether the native token of a DeFi project is valued appropriately.

Despite these numbers, Ethereum remains the largest network by DeFi TVL, accounting for almost half of the total volume worldwide at $20.067 billion.

Tron developments providing hindwings for popularity in USDT settlement

Among the drivers for Tron’s success includes its dominance in stablecoins, approaching 40%, representing a 22% growth. Meanwhile, Ethereum’s stablecoin dominance slumped around 30% to the current 52%, data from Toke Terminal shows.

ETH Token Terminal

The change has positioned Tron as the go-to platform for the stablecoin market, with the potential to achieve broader adoption in the crypto scene. The surge could draw in users, developers and projects that are on the lookout for reliable and efficient platforms for stablecoin operations.

The revival of stablecoins on the Tron network also resulted in increased network activity, with the daily transaction volume also surging. Moreover, the network also recorded a 15% increase in revenue generation, reiterating the growing interest and usage of the Tron platform.

Tron token terminal

The performance of the Tron network’s powering token, TRX, also adds to the bullishness, with the altcoin recording higher highs and higher lows, which identify it as being in the midst of a concerted uptrend.

TRX/USDT 1-day chart