Tron is now the second-largest blockchain by TVL

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Blockchain
Tron is now the second-largest blockchain by TVL

Tron is currently the second largest blockchain in terms of total value locked, behind only ethereum, according to DefiLlama data, and is thriving in its DeFi ecosystem.

TRON TVL exceeds BSC

Tron now has more TVL than BSC, Polygon, Solana, and Avalanche TRON recently incorporated BUSD, Binance’s stablecoin into its network. 

Tron now has a TVL of $4.15 billion (10.7%) slightly ahead of BNB’s $4.08 billion (10.52%). Although negligible, the margin is noticeable. Tron has kept its TVL level while BNB Chain’s slight decline has helped it advance. For virtually all of 2022, BNB Chain remained stable behind ethereum

Ethereum is still the largest blockchain by TVL, at $23.07B or 59.53% of the entire market. In fourth place, is Arbitrum at $1.02 B (2.64%) followed by Polygon network at about $995M (2.57%).

Stronger demand for the network may have led to Tron’s higher TVL ranking. Additionally, it might result in a long-term increase in TRX demand and a favourable attitude towards the network.

DeFi TVL has been decreasing

The total value locked (TVL) in decentralized finance (DeFi) protocols has decreased along with the harsh crypto winter, according to data supplied by DeFi Llama. Since December 2021, the total DeFi TVL has decreased by 78.1%, from an all-time high (ATH) of $181.2 billion to about $39.4 billion at the time of writing.

Reflectively, Binance Smart Chain’s (BSC) TVL has sharply declined and hit 19-month lows.

According to the tracker’s data, BSC’s total market value has decreased by 0.15% over the previous 24 hours and 19% in a month as of the time of writing. PancakeSwap is the major shareholder in BSC’s TVL with ownership of almost 53% of shares and a value of $2.16 billion, down 14.3% in the last 30 days.

What’s TVL?

Today, like in 2022 the total value locked (TVL) of the DeFi sector is still dominated by Tron, BSC, and ethereum. The TVL of a protocol helps us comprehend the value of each DeFi protocol. The DeFi industry’s TVL statistic comes the closest to the total market size. The transaction volume of NFT for different segments reflects the erratic character of advances in this nascent market.

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Julius Mutunkei

Julius is a blockchain reporter skilled at synthesizing all crypto-related information to make articulate texts easy for anyone to grasp. With a beginner's level certificate in Financial Analysis, Julius can read, interpret and report crypto findings to help investors exercise the best judgment in their decision-making process. When he is not caught up in the crypto frenzy, Julius likes playing a game of FIFA with his online buddies.