JustSwap, one of the leading DeFi applications on the Tron blockchain is enjoying a bumper week as high gas prices continue to plague Ethereum finance apps. Transaction volume has swelled to over $446 million in the last 7 days.
In the last 7 days, the number of active wallets interacting with the dapp has swelled by over 25% to more than 23,000 as more people start exploring DeFi and yield farming opportunities outside of Ethereum. The rise in users has driven transaction volume up by over 100% to $446 million prompted by a 60% increase in transactions to over 154,000.
Interestingly, an average transaction on JustSwap in the last 7 days has been around $2900. When compared to another leading Tron DeFi application USWAP whose average transaction value is around $170 we see that much more value is flowing through JustSwap.
JustSwap is an exchange protocol on Tron similar to Uniswap on Ethereum or PancakeSwap on BSC. The main difference being that it’s built for tokens using the Tron token standard – TRC20. Moreover, all trading fees collected go directly to liquidity providers of the protocol, rather than the protocol itself. Additionally, JustSwap offers users a chance to explore USDJ and JST yield farming.
Amidst rising Ethereum gas prices traders are searching for cheaper alternatives. Tron is such an alternative as transaction costs are considerably lower and in most cases faster. Arguably, in 2021 the blockchain has struggled for relevance as other protocols such as Polygon, Wax, and BINANCE Smart Chain rise to prominence with solid DeFi and NFT ecosystems and more favorable brand appeal.
Recently, a copycat CryptoPunks product called Tpunks launched on the Tron blockchain to try and capitalize on the massive digital collectible hype. It will be interesting to observe how Tron and its community fight to maintain their relevance in the quickly evolving blockchain landscape.
Useful Links
- What are Tpunks?
- What is JustSwap?
- Crypto Staking Opportunites
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