Can TRON Ever Rival Ethereum And Binance Smart Chain In Dapps And DeFi?

CryptoMode TRON WTRX DeFi JustSwap

Although most cryptocurrency users often ignore the TRON ecosystem, there are some interesting DApps to explore. Similar to Ethereum and BSC, DeFi solutions are gaining momentum on this blockchain. JustSwap remains the undisputed king of the hill across the board, though.

JustSwap Tops The Charts

When Justin Sun announced TRON would get its set of DeFi tools and protocols, many people doubted this approach would ever be successful. Fast forward to today, and TRON’s DeFi ecosystem is more than viable. Several applications and protocols compete for volume, users, and TVL, which is a healthy sign. Rivaling JustSwap will prove challenging, though, as it is the clear market leader today.

As a TRON-based exchange protocol for trading TRC20 tokens, the success of JustSwap is not surprising. It notes a more than decent transaction volume and user base, although the numbers are dropping off slightly. It is often tricky for DeFi protocols to remain relevant over long periods. Only time will tell whether JustSwap can sustain this momentum. A lot will hinge on whether there is a growing interest in TRC-20 tokens. 

Check out our weekly crypto and fintech newsletter here! Follow CryptoMode on Twitter, Youtube and TikTok for news updates!

In second place is JustLend, the first official lending platform for the TRON blockchain. Users can borrow, lend, and deposit assets to earn interest. It has proven to be a successful project, although the amount of transactions and users is declining as well. With $347.77 million in TVL and a volume of $1.65 million, the coming weeks and months will prove crucial for this protocol.

Another popular DApp on the TRON blockchain is WINk. The E-gaming platform is taking the industry by storm at times, as it is also useful for staking the native WINK token. Despite its focus on -e-gaming, it too suffers from fluctuations in users, volume, and transactions. Contrary to the other DApps WINk notes some growth across the board lately, indicating its activity might start picking up again shortly.

What Comes Next For TRON?

Although it would appear as if TRON’s DApp and DeFi ecosystem is evolving, it will prove challenging to rival Etheruem, Even some other competing blockchains, such as Binance Smart Chain, note broader adoption across the board. More users, volume, and transactions are necessary to impact TRON significantly, yet the numbers do not look too promising.

It is unclear what it will take for TRON to establish a bigger presence in this competitive industry. There are several applications and protocols to explore on this blockchain, yet very few of them seem to note any genuine interest. However, it is interesting to see how lending, trading, and e-gaming are all gaining a foothold on more blockchains.

None of the information on this website is investment or financial advice. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website.