The Tron (TRX) ecosystem has experienced significant growth due to decentralized finance (DeFi). It has shown a transaction volume spike of over 2,500%, according to the Q3 Dapp Industry report from the DappRadar team.
The impressive increase of Tron’s transaction volume has put a notch on Ethereum’s dominance. In DappRadar’s tweet, it highlights the impressive growth at Tron.
.@Tronfoundation: DeFi Ecosystem Transaction Volume in Q3 2020
The transaction volume increased by 2,577%.
TRON’s DEX category holds a 41% share of the total volume.
— DappRadar (@DappRadar) October 3, 2020
The three Tron platforms namely Sun, Just, and JustSwap contributed huge daily TRX transaction volume through active wallets. In Q3, Just and Sun both experienced an average of 4,000 daily active wallets while decentralized exchange JustSwap had a daily wallet activity of over 11,000.
Overall, the DeFi world experienced its first highest daily wallet activity of 42,009 in September. This shows an increase of 1,896% in the third quarter (Q3) when compared to the second quarter (Q2) of 2020. While the total number of DApps reported to DappRadar increased to 27 by the end of Q3.
On the other hand, the DEXs in Q3 held a 41% share of the total volume. JustSwap significantly helped in raising the volumes which recorded an increase of 2,941% in Q3.
Tron is a decentralized platform that uses blockchain and peer-to-peer technology. According to CoinGecko, TRX is at 15th position with $1,869 million in market capitalization, and its price is $0.026, at the time of writing.
Indeed, 2020 has been an impressive year for Tron. The daily active wallets and transaction volumes of its platforms both skyrocketed, reaching all times-high values.
Notably, they have partnered with custody specialist BitGo to bring DeFi tokens Wrapped BTC (WBTC) and Wrapped Ethers into the TRON ecosystem. Despite that, it also faced criticism regarding the poor encryption of its crypto wallet, TronLink.