Tron DeFi Ecosystem Surpasses $21.7 Billion in TVL

The Tron DeFi ecosystem surpasses the $21.7 billion mark led by Just Cryptos and JustLend DAO, but TRX price faces a short-term downtrend.

The Tron decentralized finance ecosystem has reached a major milestone, with its total value locked (TVL) surpassing $21.7 billion and extending the growth spurt. This metric, a common measure in DeFi sectors, indicates the total value of assets deposited in DeFi based on Tron protocols.

At the forefront of Tron’s DeFi landscape is “Just Cryptos,” ranking first with a TVL of $7.1 billion. Next is “JustLend DAO”, a lending and staking platform with a TVL of $6.4 billion. Other notable projects include “TRX Staking Governance” and “JustStable,” each offering distinct features in the DeFi space.

Just Cryptos, JustLend DAO, and TRX Staking Governance have seen positive growth in their TVL over the past 24 hours, indicating active trading and investment activity. Only cryptos, in particular, saw an increase of 2.31%.

Tron Performance in Q1 2024

Elsewhere, according to Messari, Tron demonstrated positive growth across various key metrics in Q1 2024, including market cap, revenue, DeFi TVL, stable market cap, and average daily DEX volume. Notably, Tron’s revenue reached an all-time high of $128.1 million, placing it among the top networks in terms of revenue generation.

The month of March notably marked an important period increase in daily active addresses (DAA) on the Tron network, exceeding 2 million. This is proof of the strength of the network and its popularity among users. Additionally, Tron celebrated a milestone of exceeding 216 million accounts in total.

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TRX Price Performance

On a technical level, the price of Tron (TRX) has seen some fluctuations over the past 24 hours, experiencing a slight decline of -1.22%. However, over the past 7 days, TRX has shown resilience with an increase of 1.32%, outperforming the global cryptocurrency market.

Looking at key technical indicators such as the exponential moving average (EMA) and the MACD indicator reinforces the bearish outlook. The crossing of the MACD line below the signal line, coupled with the price falling below the EMA, suggests a short-term bearish sentiment prevailing in the market.

Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.

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