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UME and SocialSwap Keep Tron DeFi Dreams Alive

Posted by
Ian Kane

Tron DeFi dapps still popular amidst high gas fees

DeFi protocols UME and SocialSwap are showing growth on the Tron blockchain, even though the ecosystem seems to prefer other blockchains. UME saw its transactions grow 210%, while SocialSwap had a 60% user increase in the past 7 days.

With new entrants stealing the headlines in 2021 Tron has had difficulty keeping up with the pace. Binance Smart Chain and Polygon are being touted as the next wave of DeFi delivery platforms. Whilst many forget Tron’s DeFi ecosystem has been established for over 12 months already and boasts a TVL figure of $10 billion. Offering users fast, low fee transactions. Something everybody appears to be looking for lately as a raft of new investment pours into the crypto space.     

UME allows users to stake and earn the native UME token, the proprietary governance token to the USWAP exchange. In the last 30-days, the platform on Tron has seen a 210% increase in transactions, a 16% increase in the number of users, and an over 500% increase in volume. UME is fundamentally a gateway through to Uswap, another Tron DeFi dapp.

Several catalysts have occurred over the last 30-days to impact UME metrics. Firstly, on April 2nd Uswap was awarded 2nd place in a DeFi hackathon ran by Tron founder Justin Sun. This got them some awareness through social channels. Secondly, the Uswap NFT marketplace started being teased in mid-April with the official launch scheduled to come in the last week of April, representing the first NFT marketplace on Tron.  

Source: DappRadar

It is also important to look at newly launched dapps on Tron as well as the more established ones. SocialSwap launched on the 28th March 2021 and is already proving popular. In the last 7-days, the number of users has increased by over 60% up to 1.81k whilst transactions are up 43% to almost 14,000. Transaction volume has also swelled to an impressive $1.86 million.

This suggests that similar to the DeFi audience on Binance Smart Chain, users are looking for highly rewarding, new projects in order to boost their yield. Even though this investment technique comes with significant risks.

Source: DappRadar

SocialSwap is basically an identical offer to the popular Ethereum dapp Uniswap. Something not uncommon in the blockchain world. Across the ecosystem, we see plenty of other copies, such as QuickSwap on the Polygon blockchain and PancakeSwap on Binance Smart Chain. Despite being launched as mere copies, these examples perform very well on the alternative blockchain solutions. 

Source: DappRadar

If to compare SocialSwaps performance with the more established Tron token exchange JustSwap, which had $632 million in transaction volume in the last 7-days, it’s clear that SocialSwap still has a long way to go. The newcomer recorded $1,86 million in transaction volume in the past 7 days. Furthermore, Tron’s outspoken CEO Justin Sun took to Twitter this week to announce that after a long wait USDT transactions on Tron finally overtook Ethereum.

Significant mainly as USDT is one of the most popular stable coins used for token swaps as it is pegged to the US Dollar. The overtake indicates that Tron’s DeFi ecosystem is starting to see more active token swap users and as such could be pushing towards an increase in overall Tron DeFi usage. The token price of TRX would also appear to support the claim with a 75% increase in the last 30-days from 0.06 to 0.11 at the time of writing.  

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