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TRON TVL surged in July due to renewed investor interest in decentralized finance (DeFi).
TRON has been among the most revered decentralized finance smart contracts in the last couple of years. According to Be[In]Crypto research, blockchain surged 49% in TVL in July. On July 1, TVL was $3.95 billion and jumped to $5.91 billion on the last day of the month.
New to TRON?
Founded in 2017 by Justin Sun, TRON bills itself as an ambitious project that has high performance, scalability and availability. It is a protocol dedicated to creating the infrastructure for a truly decentralized Internet.
Initially, TRON was housed in its own ecosystem Ethereum as an ERC20 token. Due to scalability issues associated with the old Ethereum network combined with high gas fees, TRON announced in 2018 that it was moving to an independent peer-to-peer network.
What contributed to the rise in TVL?
TRON TVL surged in July as decentralized applications (dApps) in its ecosystem soared to new highs.
Decentralized lending platform JustLend (which has the most TVLs on TRON) is up more than 19% in the last month. Algorithmic stablecoin JustStables (USDJ) rose more than 2% over the same period. Decentralized exchanges (DEX) SocialSwap and UniFi are up more than 6% and 550% respectively.
The latest metric saw TRON move into third place behind Binance Smart Chain (BSC) and Ethereum. With that said, the chain has more TVL than Avalanche, Solana and Polygon.
TRX price reaction
TRX opened on July 1st, trading at $0.06479, reached a monthly high of $0.07166, tested a monthly low of $0.06256, and closed the month at $0.06894. Overall, this represents a 6% increase between TRX’s opening and closing price in July.
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