Tron Appears to Lack DeFi Apps, Cannot Match Ethereum

News / 12.02.2020

Some market observers believe that TRON (TRX) is the Ethereum Killer. However, if this is true, there should be Decentralized Finance (DeFi) apps based on TRX.

DeFi is the most-discussed topic for Ethereum at the moment. In Dec. 2019, its smart contract assets were valued at just $600M, but it has been growing explosively since the beginning of this year. Within the previous few days, the network attained a milestone with more than $1B in assets represented in its smart contracts.

Hence, DeFi is now among the major selling points of Ethereum. The competitors of Ethereum need to provide similar capabilities to be considered an Ethereum Killer. Despite the claims by TRON (TRX) to take over Ethereum’s position someday, it appears that it is yet to have any DeFi DApps.

If there are any DeFi dApps on TRON, they hold negligible assets in their smart contract. This is not a good one for the network. The existing dApps on TRON are majorly related to gambling. At the moment, WINK is the top dApp on TRON with $36,440 in daily volume for gambling.

Any cryptocurrency cannot be Ethereum’s competitor if it cannot match Ethereum in DeFi space. Ethereum was able to secure a niche for itself and it enhanced hopes in the project following the 2018 bearish market.

The effectiveness of DeFi in enforcing its contracts is not clear now but it remains a one-of-a-kind undertaking in the crypto industry as it is proud of $1B in assets on-chain.


Source: Cryptopress.

Holds a degree in BSc. Nursing from the University of Cape Coast, Ghana yet an addict to the blockchain technology and the cryptosphere. He combines the promotion of crypto projects and also the making of professional contents all to get innovative projects to the real world. He is a passionate Community manager and a Marketing Advisor for blockchain startups.