TRON Takes Over the DeFi Market as Second Most Popular Blockchain, Outpacing BNB Chain
TRON has once again claimed the title of the world’s second-largest DeFi market in terms of total locked value (TVL), after surpassing BNB Chain (BSC) due to a recent decline in the DeFi market cap on BSC. This marks a significant moment for TRON, which has been in fierce competition with BSC to dominate the DeFi market in 2023.
According to recent data, TRON currently holds 10.8% of the market, with a total locked value of $4.9 billion, while BSC holds 9.8% of the market, with a total locked value of $4.8 billion. This is a reversal from previous years, when BSC held a much larger market share than TRON, with 19% of the market compared to TRON’s 1%.
#CMCStats: Weekly #L1/#L2 by Total Value Locked ✨#Ethereum still holds its Top position this past week, followed by #Tron & #BNBChain 💪@ethereum @trondao @BNBCHAIN @arbitrum @0xPolygon @optimismFND @avalancheavax @FantomFDN @Mixin_Network @cronos_chain pic.twitter.com/1C0TLsjzpy
— CoinMarketCap (@CoinMarketCap) March 20, 2023
However, the DeFi market on BSC has experienced a recent weakness, which has led to a decline in its total locked value. Binance CEO Changpeng Zhao announced on March 13 that Binance would convert its remaining $1 billion Industry Recovery Initiative fund from BUSD to BTC, BNB, and ETH. This has been viewed as a sign of BNB Chain’s struggles in the DeFi market.
In contrast, the TRON network has seen a large influx of users and investments. The TRON stablecoin market cap has grown significantly in the past week, indicating a strong interest in the TRON network’s capabilities for DeFi.
The competition between TRON and BNB Chain to dominate the DeFi market is expected to intensify in the coming months. Both networks are aggressively pursuing new partnerships, product offerings, and user adoption to gain a competitive edge.
Despite the recent setback for BNB Chain, it remains a formidable competitor in the DeFi space, with a large and loyal user base. However, TRON’s recent gains suggest that it has a strong chance of overtaking BNB Chain as the world’s largest DeFi market in the near future.
The DeFi market is an exciting and rapidly evolving space, with new developments and innovations occurring on a daily basis. As the competition between TRON and BNB Chain heats up, it will be fascinating to see which network emerges as the dominant force in the DeFi market in 2023 and beyond.
Read more:
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