USDD, Tron’s algorithmic stablecoin, is rapidly gaining traction, with a market worth of more than $600 million. This has also contributed to the increasing value of DeFi protocols on the network.
Despite what happened to Terra’s UST algorithmic stablecoin, a new alternative that surfaced in May is gaining traction.
Tron’s USDD is gaining traction, despite the fact that it is still a long way from UST’s former market valuation.
According to CoinGecko, USDD has a market valuation of over $600 million and is constantly growing since its inception in early May.
This has also boosted Tron’s whole DeFi ecosystem, with the network’s total value locked in various protocols approaching $6 billion.
Tron’s TVL has already eclipsed the likes of Avalanche, Solana, and Polygon, and is now the third-largest chain after Ethereum and BNB, as shown in the above image (based on that metric).
JustLend (JST) is the protocol with the greatest value locked in it, and it’s also worth noting that there are nine protocols on the network that dominate in terms of TVL.
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