Tron exchanges gain traction
JustSwap, the most popular Tron-based exchange, has surpassed Polygon-based QuickSwap in terms of unique active users in the past month. While traditionally, QuickSwap holds the second position in DappRadar exchange rankings, JustSwap has managed to swoop in and replace it.
According to DappRadar data, in the past 30 days, JustSwap attracted a little shy of 200,000 unique users. In comparison, QuickSwap only saw a little more than a 1% increase in the number of users interacting with its smart contracts.
The number of transactions on JustSwap also increased significantly to more than 550,000. This essentially means that, on average, users performed around 2.8 transactions. Both of these increases are good indicators for JustSwap, especially the fact that these are thirty-day results.
Unfortunately, despite the spike in users and the number of transactions, the volume going through the platform dropped by more than 50%. Even so, more than $300 million have passed through JustSwap smart contracts in the past month.
An important note is that a smart contract interaction can mean a variety of actions. For example, users could add or remove liquidity from a liquidity pool. They could also swap a token on the DEX, or perhaps place an offer for a loan or a request.
JustSwap is not the only one
DappRadar data for the past thirty days reveals another interesting trend. While Ethereum-based exchange Uniswap is the unbeatable leader in the ranking, Tron-based exchanges are becoming increasingly popular. Three out of the top seven exchanges for the period are Tron-based when ranked by unique active wallets.
PandoraDEX and USWAP made the ranking with remarkable increases in unique active wallets. PandoraDEX attracted more than 60,000 users, which is an increase of 13,104% compared to the previous month. USWAP saw a rise of 690% or more than 30,000 unique wallets.
The spike in transactions across different exchanges brought the overall activity on the Tron network to new heights as well. On July 19, Tronscan released information that the Tron network has now processed more than 2.2 billion transactions since its launch.
If JustSwap and other Tron exchanges keep up with their performance in this fashion, the blockchain might become a steady competitor for Ethereum, BSC, and Polygon. DappRadar will continue monitoring Tron-based exchanges and keeping you up to date about the latest trends and developments.