TRON dApps and DeFi growth contribute to TRX price surge

TRON remains one of the most well-known blockchain-based platforms on the market. TRON, founded by Justin Sun in 2017, has swiftly become a household name.

However, the platform also suffered during the long crypto slugfest. Now, the DeFi growth and dApps on TRON are contributing to TRX’s price surge. The native currency of TRON has gained around 84% value in the past year alone.

TRX is currently trading at 0.1226 dollars, with 0.76% growth in the past 24 hours. According to experts’ TRON forecast, the crypto will end the year between 0.092 and 0.172 dollars.

Experts have confirmed that the growth of TRON’s DeFi ecosystem has played a massive part in this growth. During the past several months, TRON has onboarded several DeFi protocols.

Some of them are:

  • JustLend: The lending platform launched in May 2023 and now boasts 6 billion dollars in TVL.
  • The platform launched in April 2023, offering quick lending and borrowing services with margin trading.
  • Djed: The algorithmic stablecoin pegged to the dollar was launched in October 2023 and is backed by TRX reserves.
  • Tribe: Previously known as DAppRadar Finance, the protocol launched in September 2023 with liquidity provisioning and yield farming capabilities.
  • SolarDlare Finance: The protocol was launched in October 2023, with staking and farming options for different TRON assets.

Thanks to the protocols’ success, the total value locked (TVL) in TRON DeFi has crossed the 7-billion dollar mark. The increase in usage of DeFi protocols on TRON has spread a wave of confidence among users.

As the network continues to attract more protocols, its TVL and market status are expected to grow gradually.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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