Tron blockchain saw a sharp rise after the release of $USDD, the project's new algorithmic stablecoin.
While the entire crypto market is struggling in the bear cycle since December last year, some bullish developments from Tron have been seen as a result of the launch of $USDD, Tron's new stablecoin which promises 20% APY. Interestingly, Tron's $USDD is not backed by anything like dollars or fiat. Instead, it is an algorithmic stablecoin, and is governed by smart contract algorithms.
As the Tron network continues to develop its DeFi ecosystem, it's overall TVL rankings could see a great shift with time. It's likely that Ethereum will continue to hold the lead for some time, given the popularity and scale of its decentralized finance protocols.
🎉Stablecoins have now entered the era of decentralization!— TRON DAO (@trondao) April 21, 2022
📢#TRON DAO joined hands with major blockchain players to launch #USDD (Decentralized USD), the most decentralized stablecoin in human history.
⏰To be issued on May 5, 2022. Stay tuned!🔥🔥🔥 https://t.co/vY8LsQ2iEE
At the time of writing this article, $USDD's market cap is around $668M. Moreover, with Tron's rapid development, it's possible that it could challenge and eventually make a great dominance in this crypto sector.