TRX Blockchain Leads the Ranking of the Largest Decentralized Finance Platform and Rivals Binance
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Answer TRX Blockchain Leads the Ranking of the Largest Decentralized Finance Platform and Rivals Binance
Blockchain Tron is now the third largest decentralized finance (DeFi) protocol blockchain by Total Locked Value (TVL).
Tron, now behind the Binance Blockchain (BSC), has climbed above other projects such as Avalanche, Solana and Polygon, which are ranked fourth, fifth and sixth, respectively.
On Blockchain Tron, eight projects have been valued at over $4.29 billion, according to data from the data collection and analytics platform Davy Lama.
With the inclusion of discreet governance assets, the total value locked into the Tron ecosystem is just above $4.3 billion.
The JustLend Project (JST) represents 42.06% dominance with $1.81 billion of total closed value.Read:Bitcoin Restores $19K Level, Altcoins Bounce Again…How Far Can It Go Up?
SUNSwap and SUN.io currently have a net worth of $979.8 million and $246.97 million of the total closed value.
Ethereum holds the DeFi crown at $50.05 billion, followed by Binance, which currently stands at $7.19 billion in total locked value.
Terra, which was previously second in terms of total closed value (TVL), slipped to number 33 after its ecosystem collapsed.
Billions of dollars have been moved from the Terra ecosystem in the past two weeks since TerraUSD (UST) lost its currency peg, causing huge losses to investors.
Funds in decentralized finance (DeFi) applications built on Terra have fallen to $122 million in total closed value, down from more than $29 billion at the start of the month.
It is worth noting that DeFi projects rely on smart contracts rather than intermediaries for financial services such as lending, trading and borrowing.
Total Locked Value (TVL) refers to the total value of crypto assets deposited in the Decentralized Finance (DeFi) protocol.
It also indicates the current value of the cryptocurrencies stacked in the project’s liquidity pool.
This metric is used to measure the overall health and return of the DeFi market.Read:A British Bank Bans Cryptocurrency Deposits And Explains Why!
The Tron Foundation, which was founded by entrepreneur Justin Sun in 2017 to compete with Ethereum, released an algorithmically stable currency, called the decentralized USDD, in early May.
Stable coins are algorithmically pegged to the dollar through a pre-programmed or algorithmically triggered mechanism.
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