High APY and offers bring back the crowds – for now
The DeFi ecosystem on Tron has seen a boost in activity in the past 7 days as the DeFi platform JUST has seen its number of active wallets increase 50%. While most of the DeFi activity takes place on Ethereum, Binance Smart Chain, and Polygon, the Tron blockchain has become a bit of a dark horse.
The Tron network has been struggling for relevance recently with the arrival of fresh sidechain and layer 2 solutions eating at its already precarious market share. Nonetheless, the networks leading DeFi platform, JUST, is still very active and has had an impressive week. In the last 7 days JUST has attracted almost 50% more active wallets than the previous week, now up to over 3,800. As a result, transactions have swelled up over 47,000 generating over $640,000.
One major driver of the surge has been the arrival of several single token and liquidity pool mining opportunities on the platform offering some competitive APYs. Simply put, the new offers will allow users to increase their rewards and stake their already held tokens in order to earn more. For example, providing liquidity to the USDT-TRX pool rewards users with an over 1058% APY currently.
Additionally, it has been announced that all past and current users of any of the JUST DeFi products will be airdropped with an exclusive NFT on the Tron blockchain.
These two actions combined appear to have provided the stimulus needed for Tron’s leading DeFi dapp to go head to head with finance apps on Binance Smart Chain and Polygon. In essence, JUST offers the same services as PancakeSwap or QuickSwap, but has seen these rivals command more and more attention. Looking at the 7-day figures for those three finance dapps puts JUST’s achievement into more perspective. Both PancakeSwap and QuickSwap are eclipsing JUST’s user and volume numbers. It could be argued that they are just no longer comparable – excuse the pun.
Both networks have had incredible success this year. So far attracting a raft of new DeFi applications and more importantly – users. Arguably, much of these networks’ success has been the result of Ethereum’s battle against high gas fees, brought about by high demand for its services. As Ethereum struggled, not surprisingly, BSC and Polygon have picked up the pieces. Capturing considerable market share and consumer attention with their fast processing and cheap transactions.
Tron meanwhile has been overshadowed by the arrival of these two and other platforms. It will be fascinating to see how they react to the landscape in which they now find themselves as the industry puts more focus on the growing decentralized finance and blockchain game sectors. As with all things Tron we can be sure Justin Sun has a trick or two up his sleeve. The big question is – will it be enough.