August 8, 2022

TRON TVL rose in July due to investor interest in decentralized finance (DeFi).

TRON has been among the most favored decentralized finance smart contracts in the past two years. according to[In]Crypto Research, Blockchain Increased 49% in TVL in July. On July 1, TVL was valued at $3.95 billion and rose to $5.91 billion on the last day of the month.

Source: TRON TVL chart by DeFiLlama

New to TRON?

Founded in 2017 by Justin Sun, TRON positions itself as an ambitious venture with high productivity, scalability, and availability. It is a protocol dedicated to building the infrastructure of a truly decentralized Internet.

Initially, TRON was placed in the ecosystem of Ethereum as ERC20 token. Due to scalability issues associated with the legacy Ethereum network along with rising gas fees, TRON announced in 2018 that it was moving to an independent peer-to-peer network.

What contributed to the sharp rise in TVL?

TRON TVL climbed in July due to decentralized applications (dApps) in its ecosystem that rose to new heights.

Decentralized lending platform JustLend (which has the highest number of TVLs in TRON) is up more than 19% in the last month. JustStables (USDJ) stablecoin algorithm has increased by more than 2% over the same period. Decentralized exchanges (DEXs) SocialSwap and UniFi are up over 6% and 550% respectively.

Source: TRON TVL Ratings by DeFiLlama

The latest metric saw TRON move to third place behind Binance Smart Chain (BSC) and Ethereum. With that said, the series has more TVL than Avalanche, Solana and Polygon.

Source: Blockchains Rankings By TVL by DeFiLlama

TRX price reaction

TRX opened on July 1, with a trading price of $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 the opening and closing price of TRX in July.

Source: TRX/USD chart by TradingView

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