USDT Dominance on Tron
A significant portion, around 94%, of the $48 billion TVL belonged to USDT on the Tron blockchain, affirming Tron's emergence as the primary choice for USDT transactions, surpassing Ethereum by 8% in TVL.
USDT Composition on Tron
Tron's stablecoin composition, unlike Ethereum's diversified USDT and USDC mix, predominantly comprises USDT, particularly noticeable in Tron contracts, where the USDT Token contract consumes about 95.6% of on-chain activity, indicating limited diversification in Tron's ecosystem.
USDT Trends and Tron's DeFi Growth
Despite a moderate rise in USDT volume, Tron experienced a remarkable 130% surge in USDT holders, as per TronScan data for 2023.
Interestingly, while Tron faced security breaches in exchanges like Poloniex and HTX, its decentralized finance sector remained resilient, witnessing a 43% growth in TVL, reaching approximately $8.1 billion.
Tron's DeFi Positioning
This growth solidified Tron's position as the second-highest protocol in TVL, trailing Ethereum's $29 billion but surpassing Binance Smart Chain's $3.1 billion. The rise was propelled notably by JustLend, contributing roughly 80% to the total TVL on Tron.
The Reflexivity report underscores Tron's dominance in USDT transactions and its robust DeFi resurgence amidst challenges, positioning it as a noteworthy contender in the blockchain landscape.
Sanya
