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TRON Sees Its DeFi Transaction Volume For Q3 2020 Increase By 2,577%

DappRadar, a decentralized finance (DeFi) data aggregator, has recently released its Q3 Dapp Industry Report. This report has concluded that the Tron Ecosystem has seen an incredible amount of growth thanks to DeFi integration.

Tron Gaining The Most (Relative) Ground

DappRadar has shown that the transaction volumes for Tron had reached its highest point of the year in Q3, 2020. With this impressive increase in transaction volume, Tron had even managed to put a dent in its competitor, Ethereum.

The report explained that TRON had almost no activity within the DeFi space in 2019. However, with new offers surging in during Q3 2020, the protocol has managed to make a dent within Ethereum’s overall dominance

A Boomtown Of DeFi

The report explained that the volume of dApps within the DeFi ecosystem skyrocketed within Q3 2020. Back in Q2 2020, only three DeFi dApps were available on Tron. However, that number shot up to 27 by the end of Q3, according to DappRadar.

As for the highest-ever daily wallet activity for Q3 in terms of the DeFi ecosystem, that occurred in September of 2020. DappRader recorded an increase of 1,896% for Q3 2020, when one compares it to Q2 2020.

Alongside this, Just, Sun, and JustSwap, three Tron platforms, saw the lion’s share of these daily active wallets of TRX. Just and Sun saw an average of 4,000 daily active wallets for Q3 2020. JustSwap, the decentralized exchange, had recorded a daily wallet activity of over 11,000, as well.

In its report, DappRadar highlighted that these three platforms contributed significantly to the transaction volume, increasing by a factor of 2,577% in Q3 2020. Furthermore, DappRadar highlighted how the volumes grew, as well, going from $14 million in total to $384 million for Q3 2020, which is an incredible 2742% growth.

TRX Price Highs Recorded For Q3

Alongside this, DappRader highlighted how the price of Tron (TRX) had seen an incredible growth, going up by 64% in the third quarter. One of the key factors for this growth in price, is regarding the evolution of the token, as well as its overall popularity within the DeFi industry.

At the start of Q3, TRXX was valued at $0.0164. However, the coin managed to set itself a two-year high in value on the 3rd of September, recording $0.05 in price. This shows a growth of 204% in terms of price since the beginning of the Q3 to its peak.

TRX had went down, however, and it was trading at $0.0264, which is a growth of 61%, close to that recorded by DappRader, which said it grew by 64%.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.

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