In November of last year, the global cryptocurrency market was valued at $3 trillion; now, it is valued at $1.2 trillion. Cryptocurrency prices have traded in red for a long time, with most digital currencies losing double digits for a prolonged time.
TRON is one of the few cryptocurrencies that did well despite the current market turmoil. During the month of May, TRON achieved many significant milestones in a few weeks. On May 5, TRON-based stablecoin USDD was launched and made its way into CoinMarketCap’s top 100 within 16 days. The addition of USDD stablecoin is considered a primary driver for TRON’s recent developments by industry experts. With over $667 million in circulating supply and over 8 billion TRX burned as of Wednesday, June 1, USDD has hit a new milestone.
According to statistics supplied by DefiLlama, one of the leading TVL aggregators for DeFi, TRON currently ranks third among all public chains by TVL at $6.17 billion. According to CMC, TRX has surpassed AVAX to become the 13th-largest crypto by market cap on Thursday, May 26.
As of Sunday, May 29, TRON has the most active addresses than BTC, ETH, XRP, Link, XLM and BNB. This is in addition to the fact that TRON placed #1 in the number of active addresses compared to BNB, BTC, ETH and many more.
One of the world’s largest and most popular digital asset and crypto infrastructure platforms, Fireblocks, recently announced its support for TRX and all TRC-20 tokens of the TRON blockchain. Crypto Finance, a Deutsche Börse company, now supports TRX storage, custody, and trading, which means TRX may be accessed throughout the whole Deutsche Börse network.
To date, the TRON DAO Reserve has onboarded several prominent blockchain institutions such as Alameda Research, Amber Group, Poloniex, Ankr, Mirana, Multichain, FalconX, and most recently, TPS Capital as members and whitelisted institutions to issue USDD, with more names to be released in the coming weeks.
A broad range of digital asset solutions for institutional investors, funds, protocols and crypto-native enterprises is provided by TPS Capital, the official OTC desk for Three Arrows Capital. With 24/7 service, they build new and long-standing partnerships. OTC liquidity provision, market making, lending, and borrowing across numerous asset classes are their primary focuses.
The USDD is trading on well-known lending platforms and decentralized and centralized exchanges, including JustLend, SunSwap, PancakeSwap, Ellipsis, Poloniex, Curve, etc., KuCoin and KyberSwap. Bybit, one of the fastest-growing cryptocurrency exchanges with more than 6 million registered users, launched USDD on Thursday, May 26, at 10 a.m. UTC. Bybit has announced a two-part launch event featuring a $400,000 USDD prize pool as part of the launch.
In order to adequately reward DeFi users and build TRON’s DeFi ecosystem, designated mining platforms like SUN.io presently provide over 30% promotional return on USDD. TRON has supported over 122 million USDD in liquidity pools as of May 25, marking a major milestone for the organization.
H.E. Justin Sun, Founder of TRON, said:
“TRON’s meteoric rise to the world’s top three public chains by TVL can be attributed to its sustained efforts to foster growth across the entire ecosystem. USDD has reached 667 million in circulation, Season 2 of the TRON Grand Hackathon 2022 is underway with prominent partners and judges from across the industry, and there is explosive growth across the entire ecosystem. Ever since becoming a DAO, the TRON community has kept on BUIDLing!”
A long-standing part of the DeFi industry, stablecoins have been a significant focus of TRON’s efforts for some years. TRON has established a robust stablecoin fleet that comprises USDT, USDJ, TUSD, USDC, and USDD, thanks to partnerships with issuance platforms like Tether and Circle and the TRON DAO Reserve. On Huobi Global, one may now trade USDD quotation pairs with zero trading fee. TRX/USDD, BTT/USDD, NFT/USDD, JST/USDD, SUN/USDD, WIN/USDD, USDD/USDT, and USDD/USDC are all included.
The second season of the TRON Grand Hackathon 2022 kicked off on Monday, May 16, with a flurry of applications. A $10 million incentive fund for Terra developers moving to the TRON ecosystem was announced by the TRON DAO this week, considering recent developments. DMM Bitcoin, Japan’s second-largest cryptocurrency exchange, has announced that TRX will be added to its platform in the near future.
For TRON and the DeFi business, BitTorrent Chain’s cross-chain solution promises to boost USDD into the next evolution phase, as BitTorrent Chain pledged.
In the last several years, the TRON network has grown tremendously. Since April 2021, TRON’s USDT stablecoin supply has overtaken Ethereum’s USDT supply, making it the world’s most popular stablecoin. In December 2021, the TRON network achieved complete decentralization and became a community-controlled DAO. TRON’s formal foray into decentralized stablecoins was marked by the announcement of the over-collateralized stablecoin USDD, backed by the blockchain industry’s first crypto reserve, TRON DAO Reserve.
At $54.4 billion in on-chain assets, TRON is currently one of the most active settlement layers, with 95 million on-chain users and over 3.2 billion transactions performed on its network. This makes TRON one of the most active settlement layers in the world. At times of uncertainty about the industry’s rebound, TRON was the lone bright spot in an otherwise dark landscape; for the week ending May 9, TRON outperformed all of its peers. Investors and traders are desperately waiting for the crypto market to revive especially after the crash of the Terra ecosystem’s downfall after effects.