Nearly half of the TVL (48.2%) is held by JustLend, a DeFi protocol similar to Terra’s Anchor that offers 30% (23.5% at the time of writing) APY for staking Tron’s algorithmic stablecoin USDD. Many analysts pointed out that USDD looks like the carbon copy of Do Kwon’s fallen UST. The peg is sustained by the arbitrage of the reserve token TRX, Tron’s equivalent of Luna.
Despite the skepticism, Tron's TVL, mainly driven by JustLend protocol, increased by an astounding 45.22% in a month and by 13.73% over the last seven days, surpassing Polygon, Avalanche, Solana, and Fantom. The day after the Luna crash, Tron was 16% down but quickly rebounded after the initial shock was over. Interestingly, Tron is the only blockchain that added so much value, while other networks like Polygon, Ethereum, Fantom, Solana, BNB Chain, and Avalanche have seen drops in TVL.
Other notable protocols by Tron include Juststables and Sunswap. Juststables is a DeFi system that issues its stablecoin USDJ and has a TVL balance of $1.41b. Sunswap is a Tron-based decentralized exchange with just under a billion in total value locked.