According to data by TRONSCAN released on August 1, TRON's total transfer value has recently crossed the $5 trillion milestone, adding 105 million new accounts and logging more than 3.6 billion transactions on its blockchain.
Its total value locked (TVL), on top of all that, has topped $11 billion. These factors make it "the 2nd largest public chain by stablecoin market cap & top 3 largest public chain by TVL," according to a tweet from the TRON network explorer.
TRON's relationship with WeFund, a multichain community crowdfunding incubator for blockchain and real-world initiatives, with the aim of gaining more users in the DApp market and offering more use cases for TRON-based payments, is one of the likely explanations for the cryptocurrency's growth.
Early in June, Finbold published a report on TRON's quick development, noting that its TVL in decentralized finance (DeFi) had grown by 47% month-over-month (MoM) in May, making it the only blockchain to do so amid the market's gloomy mood in the wake of the failure of the Terraform Labs ecosystem.
In contrast, the largest DeFi ecosystem's TVL, Ethereum (ETH), fell by 35% MoM at the same period. Losses for Binance Coin (BNB), Polygon (MATIC), and Solana (SOL) ranged from 27% to 38%.