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- Terra stablecoin collapse posed a number of barriers on stablecoin networks. While a few of them have been put to test.
- Whales are now eyeing for Tron (TRX) tokens as per the data offered by Whale Alert. A massive sum was transferred from a crypto exchange.
- The TRON chain was able to grow its TVL throughout this market catastrophe as a result of a spike in USDD supply.
Whales Locomoting Towards Tron
Recent events witnessed by the Terra ecosystem have posed several challenges for stablecoin networks. While a few of the stablecoins were put to test after this collapse, there are other stablecoins that appear to have remained robust in their position.
In spite of a recent downtrend in the market, Tron (TRX) have maintained its momentum in the cryptosphere. The TRX crypto has risen to the peak of the month’s gainers.
Meanwhile, during the previous 24 hours, crypto whales have accumulated a considerable amount of TRX.
As per the data offered by Whale Alert, a crypto whale tracking service, they have added around $293 Million worth of Tron (TRX) crypto assets in several transactions. About 3.56 Billion were transferred from a Binance to several anonymous wallets.
This acquisition involved couple of large purchases totaling more than $76 Million. On 30th May 2022, a whale added around $87.7 Million worth of Tron (TRX) in similar trades. Biggest transaction here remains 960 Million Tron (TRX) from binance to anon wallet.
Booming TRON (TRX) Ecosystem
Official OTC of Three Arrow Capital, TPS Capital, was confirmed as the 8th member of TRON DAO Reserve during this week. The reserve formerly included the Falconx network to its members roster.
Meanwhile, CEO of TRON, Justin Sun, made an announcement that some essential news regarding their stablecoin, USDD, will be unveiled this week.
In the aftermath of TerraUSD crisis, TRON’s USDD has show its worth, and has proven to be the most profitable stablecoin. Whole USDD supply escalated to $601 Million.
The TRON chain was able to escalate its TVL throughout this crypto bloodbath because of this spike. Total Value Locked of TRON has surged by over 50%, with a TVL of $6.08 Billion as per DeFi Llama.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
