Tron Is Now The 3rd Largest Chain After Knocking Out Avalanche By TVL
Tron Knocks Out Avalanche By TVL.
The DeFi spaces is a pretty active environment in the blockchain and crypto industry. DeFi chains are always competing, especially now that institutional funds are flowing into the crypto space.
The latest results of a hot competition involve Avalanche and Tron. Tron has knocked out Avalanche to take the 3rd spot as the largest blockchain network in terms of the TVL (Total Value Locked) in DeFi.
Image source: https://defillama.com/chains
The two blockchain networks appear to have been in the race for some time before Tron finally got the upper hand.
A look at their market cap stands on CoinMarketCap reveals a strong rivalry between the two. At the moment, Tron is sitting at position 13 in the crypto charts, followed by Avalanche at position 14.
While the cryptos associated with the blockchains are not comparable in terms of price, the total market capitalizations of the networks catch the eye.
Tron has a market cap of around $7.7 billion, just about $200 million more than Avalanche which posts $7.5 billion. AVAX is much higher in crypto prices, trading at around $28.89 while TRX is trading at around $0.08. A look at their trading volumes shows that Tron is currently at $1.6 billion against Avalanche which posts just about $800 million.
Tron Is Strong In DeFi
Tron has been attracting the attention of various DeFi protocols and dApp developers of late. There are currently around 9 large DeFi protocols. Still, the platform has been lagging behind Ethereum, Binance Chain, and Avalanche.
Now, things seem to be heating up on the DeFi side of Tron. Tron’s DeFi TVL is now above $5.32 billion and surpasses Avalanche’s $5 billion. Interestingly, Tron’s DeFi TVL back in February 2021 stood at merely $250 million. The fact that the network is growing and beating rivals even amid a market-wide crash is a positive sign for its future.
While the difference in current DeFi TVL between the two blockchains is not big, Avalanche seems to be in a severe bearish mode as opposed to Tron whose native coin, TRX, is already posting price gains.
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