Tron, is led by everyone's favorite shitcoin shilling announcer of an announcement to come, Justin Sun-led who launched his ETH copy cat blockchain launched in 2018 along with a plagiarized white paper. Tron has never been short of faults and controversy and has never really gone anywhere despite a series of useless acquisitions.
TRON is obviously a failed project, and with more competition in shitcoining you'd think it would die a slow death. Yet after all these years it is now DeFi 's third-largest blockchain in terms of total value locked (TVL).
That to me just shows how pathetic all these other systems are Avalanche, Solana, Polygon you name it just another false promise wrapped in hopium getting people excited to become exit liquidity.
TRON has The only two chains ahead of it are BNB Chain and the industry leader Ethereum. Binance Smart Chain's TVL stands at $10.8 billion and Ethereum hosts over $93 billion.
Source: - defillama.com
Tron has a market cap of $7.59 billion but its DEFI has 5.95 billion locked in it, which means the amount of so-called value locked in tron DEFI protocols is nearly 78% of the network.
The difference with BNB and ETH, which are the biggest shitcoin chains around is that at BNB 53 billion and ETHs 238 billion, DEFI doesn't represent that much of the overall value of the system.
For BNB it's about 20% and for ETH it's about 27%, so there's still a margin for some people to get out should a protocol implode.
We've all now witnessed what happens when too much of the value of your network is locked in DEFI, you create systematic weaknesses that unravel in a matter of minutes.
Justin picks up where Do left off
Justin has always been a copycat, his not ashamed of it, and for better or worse if he sees the market trending somewhere he is going to create a mimick'd version of whatever the shitcoin community narrative is at that time. ICOs, Stablecoins, DOAs, NFTs and now "decentralized stabelcoins"
To pick up from Do, Justin Launched USDD - Decentralised US dollar a copy of UST backed by TRON. To attract users he is offering 30% APY a full 50% more than Do, and if you do it through a centralized service like Poloniex you can bag up to %40, lol what could go wrong?
Given there are so many degens and retards willing to do anything to earn a synthetic dollar they didn't have to work for, as you can imagine many Lunatics and other DEFI disasters are flocking to tron like flies to shit.
Either to make an extra buck or hope that they can recover their previously obliterated positions.
A lot of locked value, not a lot of market bids to absorb it
If we consider trons 22% of value outside DEFI, To me that doesn't sound like much liquidity left for float which may be good for the price but is not great should there be a Luna moment and people start running for the hills due to what I think is always an eventual reversal.
Justin is playing with fire here, but luckily it won't be his money that is lost, its the shitcoin peanut gallery chasing yield that will gladly fork over liquidity for the promise of paper gains while Justin makes off like a bandit.
And more power to him, if you're going to be dumb enough to trust your money with JS, you never deserved that money to begin with and it's in better hands now.
To me, this looks set up for a right old rug pull, and it's going to be epic when it happens. Hopefully, people will learn their lesson but I highly doubt it.
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So have at it my Jessies! If you don't have something to comment, "I am a Jessie."
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