It is good to see the crypto markets go through a small revival of sorts. That also bodes well for decentralized finance, as the DeFi TVL rankings could use fresh liquidity. Tron seems poised to overtake BNB Chain in Total Value Locked if this growth curve continues.
Tron TVL Continues To Soar
It has been an interesting week for all crypto markets, although optimism remains hard to come by. There is still more work to do to recover all of the lost value across different currencies and networks. Moreover, the decentralized finance industry has yet to see any upward momentum that lasts longer than a day or two.
Despite the cautious approach, there is a minor reason for excitement. Tron notes substantial TVL growth once again, bringing its total to over $5.78 billion. That number may seem low, but it puts the network well ahead of Avalanche and Solana. Moreover, it makes Tron more than capable of overtaking BNB Chain for Total Value Locked if this trend continues.
Moreover, Tron is the only chain in the top 10 to note any solid growth. Its TVL went up by 21.06% this week, which is fairly spectacular. The second-largest growth in the top 10 rankings is Solana’s +6.98%. Not a bad result either, but there is a steep difference between these networks. In addition, Solana is home to 72 different protocols, whereas Tron has just nine.
One can argue Tron’s potential is somewhat limited by those nine protocols. However, they note solid growth, with JustLend increasing its weekly TVL by over 38% and JustCryptos adding over 67%. Unfortunately, it seems UniFi is falling off the cliff – following a near 100% loss – and OneSwap struggles for growth. As such, there are only seven protocols to consider, which is a bit low.
Can Tron Surpass BNB Chain?
The big question is whether Tron can sustain this growth. If so, it should overtake BNB Chain in TVL before the end of July 2022. However, BNB Chain also notes a 4.6% gain this week, confirming the network remains of interest to decentralized finance enthusiasts. However, with over 400 active protocols, one would expect more spectacular growth.
What is rather intriguing for BNB Chain is how there is still only one protocol with over $1 billion in Total Value Locked. PancakeSwap is the only protocol sustaining that level, with Venus in second place, surpassing $632 million. Moreover, there are eight protocols with over $100 million in TVL, which seems rather low. These rankings will prove interesting to keep an eye on over the coming weeks.
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