TRON (TRX) TVL Accelerates To Nearly $2 Billion Last Month

Christian Encila

2 years ago

3 mins read

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TRON (TRX) continues to gain traction despite the current erratic market movement. TRX has recently seen TVL growth by $6 billion in July which is by far due to a revival of investor interest specifically in DeFi.

TRON has been the most-supported DeFi smart contracts seen in the past two years. In fact, blockchain has accelerated by 49% in terms of TVL as observed in July. In fact, July growth was exponential as TRON’s TVL was seen to surge from $3.95 billion on July 1 to $5.91 billion at the end of July.

TRON was establish in 2017 by Founder Justin Sun. TRX is seen to be a highly-acclaimed project that is profound in terms of scalability. This protocol is ambitious and designed in creating a specialized infrastructure for a completely decentralized type of internet.

TRON: More TVL Than Polygon, Solana, Avalanche

TRON was originally an ERC20 token built in Ethereum’s ecosystem. However, due to issues with scalability that is linked to Ethereum’s overtly expensive gas fees, TRON announced that they would be moving forward with a new peer-to-peer network in 2018.

TRON TVL increased in July because of the increase of dApps in the ecosystem. In fact, JustLend, a DeFi, increased by as much as 19% the previous. More so, JustStables (USDJ) also soared to more than 2% following the same period. In addition, decentralized exchanges that include UniFi and SocialSwap also spiked by a whopping 550% and 6%; respectively.

TRON is said to have more TVL compared to Polygon, Solana, and Avalanche. TRX is said to have move to the third spot following Ethereum and Binance Smart Chain.

Chart: TradingView.com

TRON Switches To Bearish Mode

TRX started July trading at $0.06479 and ended the month at $0.06894. In general, this showed a boost of 6% covering the opening and closing price of TRX. The bears were trying so hard to penetrate the market but the bulls didn’t let as they pumped the price further up.

The bears do need to get their act together so they can tilt the token price in their favor. The coin was going the bullish trend from August 2 but the bears were able to slice into the trade on August 4 as the bulls were able to push the price up on the daily chart.

According to CoinMarketCap, TRON is down by 0.41% or $0.06965 as of this writing. If the bulls can reenter by force and turn the tables around then the bears may lose it to the bulls. However, if the bears can push the price down, then this will render more damage for the bulls so they’ll keep pushing back. With these opposing forces, the price could break at the support zone of $0.0669 and the price may fall to its next support at $0.0627.

TRON total market cap at $384 billion on the daily chart | Source: TradingView.com

Featured image from MyConstant, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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