After suffering brief resistance from traders following the Terra ecosystem meltdown recently, the USDD stablecoin appears to be regaining steadily. Adding to this trend is increasing market expansion for the Tron-backed stablecoin. Just few days before the Terra crash unfolded, the TRON DAO Reserve introduced USDD as a cryptocurrency with stable price and diverse use
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The Tron ecosystem had a major blow last week when the USDD stablecoin lost its $1 peg. This led to concerns among traders as USDD was launched last month as a rival to Terra’s UST, an algorithmic stablecoin. Another depegging of a similar asset also meant that TRX’s price also dropped for a bit therafter.
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Tron’s native token, TRX, fell sharply in the past 24 hours as the blockchain’s USDD stablecoin broke away from its dollar peg. TRX slumped as much as 19%, and is now trading at $0.05- its lowest in 15 months. The token is also the worst performer among the top 50 cryptocurrencies in the past 24
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TRON’s newly launched stablecoin, USDD, and Waves’ USDN have both depegged amid the recent crypto crash. The two tokens have attracted increased after the recent collapse of TerraClassicUSD, given that they are algorithmic stablecoins that operate similarly to UST. Crypto exchanges warn against USDD and USDN Upbit, which is the largest crypto exchange in South
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In a bid to improve transparency surrounding its new algorithmic stablecoin, Tron has revealed details of its new coin’s collateralization strategy.
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According to Wu Blockchain, the TRON network has seen a hike in its total value locked (TVL) over the past 30-days. This increase seems to be related to the launch of this network’s native algorithmic stablecoin USDD. Related Reading | Tether CTO Says, USDT-Dollar Remains Strong Amid Stablecoin Crises As reported by NewsBTC a month ago, TRON’s founder Justin Sun announced the deployment of USDD for May 5, 2022. This digital asset operates similarly to LUNA CLASSIC network’s Anchor Protocol. USDD allows users to earn a 30% annual percentage yield (APY) for staking it on the JustLend platform. TRON launched its own algo stablecoin to capitalize on the popularity of this product. However, May has seen a massive LUNA-UST (Terra Classic’s algo stablecoin) which has impacted the crypto industry. The crash in the price of LUNA and the UST deppeged appears to have little impact on TRON. Data from DeFi Llama supports the increase in TVL. This number stands at $6 billion with a 14% increase in the past week alone. TRON’s TVL has grown beyond that of Polygon, Avalanche, Solana, and Fantom. If the trend continues, the metric could surpass the TVL on Binance Smart Chain which currently sits at almost $9 billion. Further data provided by DeFi Llama indicates JustLend is the protocol with the percentage of TVL. The platform records $2.8 billion in TVL followed by JustStables’s $1.4 billion. In a short period of time, JustLend and the algo stablecoin seem to have taken over the TRON ecosystem pushing it to the top 3 in TVL across the DeFi sector. This seems to suggest that algo stablecoin still are very popular in the crypto space, despite the events on the Terra Classic network. Can TRON’s USDD Survive After The Events On Terra Classic Last week, a pseudonym analyst looked into USDD and the TRON ecosystem to determine if the new digital asset can withstand current market conditions. The analyst pointed at the collapse in the old Terra Classic network and its implications for all-algo stablecoins. However, the analyst believes USDD and its network are in a different state. Right now, the TRON-based algo stablecoin, the analyst claims, is mainly supported by insiders. Therefore, there could be room for retail and other investor classes to adopt USDD. This could benefit TRX and its ecosystem, as it seems to have recently. The analyst said: (USDD) It is in its fairly early stages, with only insiders in. There is room for latecomers and eventually even retail to enter before it carries the same risks as Luna. Timing is everything in musical chairs. USDD mcap is at only 2.5% of UST’s peak. In addition, the analyst believes that USDD doesn’t operate exactly like UST but “is actually more like Maker” with a different collateralization mechanism but with the buying pressure for TRX. The altcoin has been performing well compared to other assets. Related Reading | TRON Joins Stablecoin Wars Will Launch USDD With 30% APY, Here Is When TRX’s trades at $0.08 with sideways movement in 24-hours. Despite the downside price action in larger cryptocurrencies, TRX has been able to rally on the back of its algo stablecoin.
Amid uncertainty over the reliability of stablecoins and bearish trends in the crypto market, one stablecoin continues to shine. The recent meltdown of Terra ecosystem brought to the fore the trustworthiness of various stablecoin projects, including the USDD stablecoin. Meanwhile, the Terra ecosystem is preparing for migration to Terra 2.0 and the LUNA airdrop. After
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The failed attempt from the TRON (TRX) buyers to escape the range-bound rally indicates a potential downfall to the $0.057 mark. The $0.075 fallout brings a short opportunity for interested traders to take an 18% target. Can the concentrated EMAs stall the upcoming freefall? Key points The TRX price has lost 16% since the last
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In the midst of an unprecedented meltdown of the Terra blockchain and the market’s subsequent testing of stablecoin prices, another algorithmic stablecoin is making significant strides. In a latest move, Tron’s USDD stablecoin has been officially listed on the Huobi exchange on Friday. The move could significantly help the stablecoin expand its base further. TRON
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The TRON(TRX) price escaped a three-month-long consolidation phase with a bullish breakout from the resistance trendline of the inverted flag pattern. The breakout rally tagged an overhead resistance of $0.09 and reverted to a retest phase; however, the RSI indicator suggests weakness in the bullish momentum despite a strong follow-up candle. Key points The TRX
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The crypto market saw one of its worst crashes ever over the past week, amid concerns over rising inflation and interest rates. But three tokens appeared to have largely outperformed the 50 largest cryptocurrencies, with each seeing their own share of bullish news through the week. Tron (TRX), Monero (XMR) and Algorand (ALGO) rose in
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The TRON(TRX) price reverted from the $0.075 resistance and triggered a new bear cycle within an inverted flag pattern. This continuation pattern could extend the prevailing downtrend if buyers lose the dynamic support trendline. Key points The TRON price plunged below the EMAs support(20, 50, and 100) The inverted flag pattern fallout could descend the
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Tron (TRX) token price surged on Friday after founder Justin Sun announced plans to launch a new stablecoin based on the blockchain. The token, called USDD, will be a decentralized token. TRX token prices surged 10% in the last 24 hours, reaching a three-week high of $0.074. While most altcoins followed Bitcoin’s (BTC) lead lower,
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Crypto whale and founder of the TRON (TRX) blockchain, Justin Sun, has been moving funds between his wallets. According to on-chain data, Sun has now moved $166 million worth of stablecoins from exchanges to his wallet addresses in the past two days. Is Justin Sun dumping Ether? Chinese journalist Colin Wu noted today that in
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