The current market turmoil has not stopped TRON (TRX!) from gaining traction. TRX saw TVL growth in July of $6 billion. This is primarily due to investor interest, specifically DeFi.
TRON is the DeFi smart contract that has received the highest support in the last two years. According to July’s data, blockchain growth has increased by 49% in terms TVL. 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.
Justin Sun was the founder and first to establish TRON in 2017. TRX has been highly acclaimed and is highly scalable. The protocol was ambitious in that it aims to create a decentralized internet infrastructure.
TRON: Polygon and Solana have less TVL than Avalanche, Polygon and Solana
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 grew in July due to an increase in dApps. JustLend (a DeFi) increased as high as 19% in July. JustStables, a DeFi, also increased by more than 19% during the same period. Decentralized exchanges such as UniFi or SocialSwap saw their prices rise by an astounding 550% and 66%, respectively.
TRON has more TVL than Polygon, Solana and Avalanche. TRX was said to be in third place after Ethereum Smart Chain and Binance Smart Chain.
TRON switches to bearish mode
TRX opened July trading at $0.06479, and closed the month at $0.06894. This reflected a 6% increase in TRX’s opening and closing prices. The bears were trying so hard to penetrate the market but the bulls didn’t let as they pumped the price further up.
To tilt the token’s price in their favour, bears need to put their heads together. While the trend was bullish from August 2, it started to fall on August 4. However, the bears were still able trade the token on August 4, as the bulls were in control of pushing the price up daily.
CoinMarketCap reports that TRON has fallen by 0.4% or $0.06965 at the time of writing. The bulls could reenter forcefully and win the battle, so the bears might lose the fight 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. These opposing forces could cause the price to break below the $0.0669 support level and then fall towards $0.0627.
TRON market capital at $384 billion according to the daily chart. Source: TradingView.com| Source: TradingView.com Featured Image from MyConstant. Chart by TradingView.com