UME and SocialSwap, DeFi dApps on the Tron blockchain, contribute to the immense growth the platform has seen over the past month. The two dApps are popular among users despite the high gas fees.
According to a report published by DappRadar, a platform that tracks and analyzes dApps, UME recorded a 210% transaction growth, and SocialSwap increased its user base by 60% over the last week. Tron has been operating for over a year now and has a Total Value Locked (TVL) of $10 billion.
UME Contributes To Tron’s Spectacular Growth
Tron offers its users fast and low fee transactions, an appealing factor to everybody who’s keeping an eye out on the new entries into the crypto space. In the last month, Tron saw a 210% increase in transactions, a 16% increase in the number of users, and over 500% increase in volume.
UME is the proprietary governance token over Uswap DEX exchange on the Tron network. Users can stake and earn UME, and it offers a gateway through to Uswap. Several instances impacted UME metrics over the last month.
Uswap was awarded 2nd place in a DeFi hackathon run by Tron founder Justin Sun on April 2nd and thus gained exposure through social media. Uswap has an NFT marketplace with an official launch scheduled for the last week of April. This represents Tron stepping into the NFT marketplace.
Newcomer SocialSwap Making Waves In Tron Ecosystem
SocialSwap is identical to the Ethereum dApp Uniswap. It was launched on Tron on March 28th, and in a month, it’s already quite popular. The number of users increased over the last seven days by over 60% up to 181000. Transactions are up by 43%, with the transaction volume reaching $1.86 million.
Users are looking for new and highly rewarding projects to boost their yield, similar to the DeFi audience in Binance Smart Chain. Despite the risk involved, users prefer this investment method, showing that these dApps are popular among the blockchain community.
JustSwap, a more established Tron token exchange, saw $632 million in transaction volume in the last seven days. Compared to it, SocialSwap still has a long way to go. However, it’s worth noting that a newcomer on the DeFi ecosystem recorded the $1.86 million transaction volume within a week.
Tron Surpasses Ethereum In USDT
Tron’s CEO Justin Sun announced on Twitter that after a long wait, USDT transactions on Tron surpassed that of Ethereum’s:
“Finally! After 729 days’ endeavors, USDT on #TRON (23.9B) has surpassed USDT on #Ethereum (23.4B). It is a historic moment.”
The main reason behind this is the low transaction fees offered by Tron. Ethereum’s rising gas fees have benefitted a number of its competitors. Tron was launched as a TRC-20 token in 2019 and has traded UDST on its blockchain ever since.
It has seen phenomenal growth since. USDT is one of the most popular stable coins used for token swaps as it is pegged to the US Dollar. The Ethereum overtake is an indicator of Tron’s Defi ecosystem gaining more active token swap users and can push towards an increase in the overall usage of Tron DeFi.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.