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There is some great news coming from the DeFi space. This time it is not Ethereum that is creating news but Tron! Tron continues its dominating run and does everything in the book to challenge Ethereum’s numero uno position. According to DappRadar that just released its Q3 Dapp industry report, it has reported that the Tron ecosystem has grown by multiple folds and has experienced growth thanks to DeFi. Tron’s DeFi transaction volume increased massively by 2577% in Q3. The price of Tron shows no signs of slowing down by increasing 64% in the third quarter of 2020, all due to DeFi. Let’s take a look.
So, while Tron gets deeper into the DeFi mold, is it breaking away Ethereum’s dominance?
According to the DappRadar, the transaction volumes of Tron reached its zenith in Q3 of this year. The increase has been nothing short of impressive but its surging transaction volume has also put a major indentation on Ethereum’s dominance.
Tron back in 2019, was not very active and hardly showed any activity in DeFi but as the Q3 approached, Tron started raking up its act and came up with several new offers to challenge Ethereum’s position. The primary reason for this success is its DeFi ecosystem Dapps which has exploded in the discussed term. In 2002, Tron only had 3 Dapps available but by the end of Q3, the total number of Dapps submitted to DappRadar increased to 27! This year in September, the DeFi ecosystem has seen the highest level of daily wallet activity to 42,009 which is a straight increase of 1,896% in Q3 from the second quarter this year.
Not just this, even the three platforms of Tron – Sun, Just, and JustSwap have experienced an abundance of daily TRX active wallets. Just and Sun experienced an average of 4,000 daily active wallets in Q3. JustSwap also had a substantially high daily wallet activity of more than 11,000 – a trend never experienced before.
“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.”
Source: Twitter
The price growth of Tron’s token TRX also shows no signs of remorse. It has grown by a remarkably good 64% in Q3 2020. Tron’s growth and popularity in the DeFi space is a major reason for this growth. It’s impressive run could be attributed to its aggressive take on DeFi and a hell-bent approach on making it big, competing with Ethereum. A study of the TRX/USDT trend reveals that TRON at the beginning of Q3 opened $.0164 and by September 3’rd it reached a new high of $0.05 translates into 204% growth in value. The closure price of Q3 was $0.0264 which is an increase of 61%.