The collapse of the Terra stablecoin posed a number of challenges for stablecoin networks. While some stablecoins have been put to the test after the UST crisis, others have remained consistent.
Despite a recent downturn in the market, the TRON (TRX) cryptocurrency has managed to maintain its momentum. The TRX token has risen to the top of the month’s gainers. Meanwhile, during the last 24 hours, Crypto whale wallets have amassed a significant quantity of TRX.
Whales have added approximately $293 million worth of TRX tokens in numerous transactions, according to data from Whale Alert. Around 3.56 billion TRX has been transferred from Binance to other unidentified wallets.
This purchase included two large purchases totaling over $76 million. On May 30, 2022, the whale added about $87.7 million worth of TRX tokens in similar trades. The largest transaction was 960 million TRX from Binance to an unidentified wallet.
TRONs ecosystem continues to expand
TPS Capital, Three Arrows Capital’s official over-the-counter (OTC) desk, was confirmed as the eighth member of the TRON DAO Reserve earlier this week. The Reserve had previously added the Falconx network to its roster of members. Meanwhile, TRON’s CEO, Justin Sun, announced that some important news about their stablecoin, USDD, will be released this week.
In the aftermath of the TerraUSD collapse, TRON’s USDD has proven to be the most profitable stablecoin. The entire supply of USDD has grown to $601 million. It has a 24-hour trading volume of $62 million.
The TRON chain was able to grow its total value locked throughout the market crisis as a result of this spike. In the last month, TRON’s TVL has climbed by around 50%. It has a locked value of $5.9 billion. The Ethereum chain, on the other hand, continues to be the leader in terms of TVL.