It appears that after a great deal of turmoil, the crypto market just might be seeing a revival for now, even if it is a small one. This would certainly be good for decentralized finance (DeFi) as well, as fresh liquidity would do wonders for the Total Value Locked (TVL) in the DeFi space. If this growth curve lasts, then there is a very strong possibility that Tron could end up overtaking BNB in terms of TVL.
Tron’s TVL is rising
The cryptocurrency market has had an interesting week, even though optimism still remains in short supply. Different networks and currencies have lost a lot of value and there is a lot to be recovered. In addition, there has not yet been any lasting upward momentum in the decentralized finance (DeFi) ecosystem.
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But, in the midst of all this caution, there is a small reason for some excitement. There has been a substantial growth seen in the total value locked (TVL) in Tron, which has seen its total exceed $7.8 billion once more. Even though the number seems quite low, it has driven the network ahead of the likes of Solana and Avalanche.
Furthermore, it also means that Tron could actually surpass the TVL of the BNB Chain in terms of TVL, if this trend were to continue. It should also be noted that Tron was the only network in the top 10 list that was able to record any growth. The week saw its TVL rise by 21.06%, which is undoubtedly impressive.
The second largest growth in the list of top 10 networks was recorded by Solana, as it rose by 6.98%. However, there is a big difference between these two networks, as there are nine protocols on Tron, while Solana has 72. Even if the lower number of protocols may limit Tron’s potential, they have managed to record strong growth.
There was a more than 38% increase in the weekly TVL of JustLend, while a 67% rise was seen in JustCrypto.
Can it surpass BNB Chain?
The most important question to ask is whether Tron will be able to sustain its growth or not. If it manages to do so, then it would be able to surpass the TVL of BNB Chain in July. But, it is important to note that there was also a 4.6% rise in the BNB Chain this week, which confirmed that decentralized finance (DeFi) enthusiasts are still invested in the network.
But, the fact that BNB Chain has about 400 protocols means that it should have more robust growth. The most interesting thing to note about it is that there is just one protocol that has a TVL of more than $1 billion, which is PancakeSwap. The second spot belongs to Venus, which has a TVL of $632 million. Plus, there are just eight protocols with a TVL of more than $100 million. Hence, it will be interesting to keep an eye on the rankings in the next few weeks.