- Tron’s DeFi transaction volume rose by 2,577% in Q3
- Tron has continued to focus on DeFi which has impacted Ethereum’s dominance
- The price of Tron has grown by 64% in quarter 3 of 2020 due to DeFi
Tron News Today – DappRadar has published its Q3 report. According to the report, Tron has experienced massive growth as a result of DeFi. The transaction volume of Tron’s DeFi increased by 2,577% in the third quarter of this year. Tron’s transaction volumes reached its highest point in Q3.
The impressive rise in Tron’s transaction volume has negatively impacted Ethereum’s dominance. The network showed no signs of activity in DeFi in Q3 2019. However, it has started to affect Ethereum’s dominance in Q3 2020. The number of DeFi ecosystem dapps exploded during Q3 2020.
Tron’s Transaction Volume Rose by 2,577% in Q3
In September 2020, the DeFi space experienced its highest daily wallet activity (which reached 42,009). This is an increase of 1,896% in Q3 when compared to the rise in Q2 of 2020. The three Tron platforms Sun, Just, and JustSwap, reportedly had the highest number of daily TRX active wallets. Sun and Just had an average of 4,000 active wallets daily in Q3.
JustSwap exchange had also had a high daily wallet activity of 11,000. The three platforms all contributed to the rise in Tron’s transaction volume. The figure increased by 2,577% in Q3 of 2020. The major contributor to this rise in daily activity can be attributed to the three dApps that were recently released. Sun and JUST in DeFi and JustSwap in Decentralized Exchanges. The transaction volume increased by a whopping 2,577% in Q3 of 2020 when compared to that of Q2 of the same year. The volume grew to $384 million from $14 million in Q3 this year.
A Brief Analysis of Tron’s Price Action in Q3
DappRadar’s team has also remarked that the value of Tron has grown immensely in Q3. The figure rose by a whopping 64% in the third quarter of this year. The key factor behind Tron’s impressive price action in the crypto market (according to DappRadar) has been as a result of its popularity in the DeFi sector. Another factor is Tron’s ability to evolve. A quick look at the daily chart for TRX/USDT shows that the digital asset opened Q3 of 2020 at a value of $0.0164 approximately.
The price of Tron would go on to post a two-year peak position of $0.05 on September 3, 2020. The impressive growth rate of Tron from the start of Q3 to the peak position of $0.05 shows a 204% increase in value. Tron’s price would eventually close Q3 at the $0.0264 area which is a 61% rise. This position is reportedly close to the 64% noted by DappRadar.