$ 428M ETH locked in DeFi, can TRX catch up?

Decentralized finance Defi has been hailed as the best way to manage ‘money’ from traditional banks and DAOs (Decentralized Autonomous Organizations). Therefore, the ETH platform is the preferred platform for many DeFi projects due to its popularity and smart contract capabilities.

2.7 million ETH locked in the DeFi platform

As a result of using the Ethereum network, ETH becomes an automatic choice when users place collateral on these DeFi platforms. The team at DeFi Pulse has tracked the assets being used on DeFi. At the time of writing this 2.7 million ETH is currently being used on these platforms with Maker DAO transactions and activities accounting for 49.24% of this amount. With ETH currently trading at $ 158.6, the total locked-in USD value in all DeFi applications is $ 428.2 million.


Source: DeFiPulse

Further analysis could see that the value of ETH locked in DeFi platforms plummeted to 1 million ETH on April 6 before accelerating again, which was detected by user ‘ungrubles’. At the time of this writing, a reasonable explanation may be a reporting error. This was highlighted by user ‘Viktor Bunin 'in the tweet below.

It should be noted that the first tweet of ‘ungrubles’ featuring Justin Sun was photoshop into the chart. This can be considered a joke or an omen when the Tron blockchain ventures into DeFi with its very own Just platform. The second project was initiated by the Tron Foundation and will also be the first Token Sale on the new Poloniex LaunchBase community fundraising platform. The token sale will take place on May 5 with TRX being the only acceptable asset. TRX will also be the only property to be used as collateral on Just.

Can TRX do better?

About $ 424M ETH is locked in DeFi-based Ethereum platforms. However, the Tron blockchain is about to release the first DeFi platform called Just. The Tron Blockchain has been running perfectly since its Mainnet was launched over 2 years ago. The platform also has very low transaction costs when compared to platforms on the Ethereum blockchain. Additionally, Tron can process 748 transactions per second, faster than Ethereum's maximum of 25 tps.

Only by blockchain performance, Tron can challenge Ethereum as the DeFi blockchain of choice for many projects in the space. As a result, and over time, the value of TRX is locked in DeFi applications on the Tron Blockchain, which can be equal to or exceed ETH.

Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.


According to EWN

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