Tron (TRX) Continues to Immerse itself into Defi, Denting Ethereum’s Dominance
According to DappRadar, Tron’s transaction volumes reached their highest point in Q3 of this year. The impressive increment of Tron’s transaction volume has also put a dent on Ethereum’s dominance as explained below.
TRON showed barely any activity in the DeFi category back in 2019 but has started to make a dent in Ethereum’s dominance with new offers in Q3 2020.
The number of DeFi ecosystem dapps exploded during Q3 2020. There were three DeFi dapps available on TRON back in Q2 2002. By the end of Q3, the total number of dapps submitted to DappRadar increased to 27.
During September 2020, the DeFi ecosystem experienced its highest ever daily wallet activity – 42,009. An increase of 1,896% in Q3 2020 when compared to Q2 2020.
Tron’s transaction Volume Increased by 2,577% in Q3, 2020
Furthermore, the three Tron platforms of Sun, Just and JustSwap, experience the bulk of daily TRX active wallets. Both Sun and Just experienced an average of 4,000 daily active wallets in Q3. The decentralized exchange of JustSwap had a high daily wallet activity of more than 11,000.
All three platforms contributed to Tron’s transaction volume increasing by 2,577% in Q3, 2020.
The major contributor to this increase in daily activity is from three recently released dapps. Sun and JUST in the DeFi category and JustSwap in the Decentralized Exchange category…
Transaction volume increased by 2,577% in Q3 2020 when compared to Q2 2020. The volume grew from $14 million to $384 million in Q3 2020.
Below is a tweet by DappRadar highlighting this impressive growth at Tron.
The team at DappRadar also pointed out that the value of Tron (TRX) has grown a remarkable 64% in the third quarter of 2020. The key to Tron’s impressive run in the crypto markets has been due to its evolution and popularity in the DeFi industry.
A quick glance at the TRX/USDT chart reveals that Tron opened Q3 at a value of approximately $0.0164. Tron (TRX) would go on to set a two-year peak value at $0.05 on September 3rd. The growth of TRX from the beginning of Q3 to the $0.05 peak signifies a 204% increment in value.
Tron (TRX) would go on to close Q3 at $0.0264 which is a 61% increment and close to DappRadar’s 64%.