April 17, 2024

Tron Stablecoin Grows Amid Crypto Market Capitulation

The fall of Terra’s UST has cast doubt over the future of stablecoins and their underlying ecosystems. The recent capitulation, which caused the market’s bearishness, x-rayed the reliability of stablecoins, including the newly unveiled USDD. 

Fortunately, the coin seems to defy the odds. Even with the bearish virtual currency market, the Tron-based coin has surpassed all expectations in a short time. 

USDD Experiences Stable Rise 

USDD has witnessed a steady increase since its public unveiling on May 5, despite the red state of the digital coin market. The algorithmic coin of Tron recently witnessed a tremendous leap in its market cap. 

Based on CoinMarketCap data, the stablecoin’s market cap is now $603Mln from $378Mln recorded on May 21. With this, USDD has added nearly $230Mln to its market cap in less than a month of its development. 

The growth has been remarkably consistent, considering the poor state of the stablecoin market. The coin has gained massive attention since its launch at a time when traders are exploring alternative stablecoins. 

After surviving the market’s bearishness due to UST’s crash, the stablecoin broke into the top 100 largest digital coins. It did this under a month of its launch, an applaudable feat. As of this writing, USDD is ranked 72 based on market cap. 

USDD also witnessed a tremendous rise in its daily trading volume in the last couple of weeks. The upsurge comes following a temporary suspension in stablecoin trading due to the crash. 

Terra’s capitulation had a massive impact on the general market and stablecoins in particular. However, the ecosystem seems to be on the right track after announcing the activation of Terra 2.0

Terra Unveils 2.0, Announces Free LUNA 

Terra was given a lifeline after the team announced Terra 2.0. Terra 2.0 was proposed by its founder Do Kwon as a solution to UST/LUNA crash. The proposition will allow the team to develop a new Terra Chain, discarding the initial plan to fork the chain. 

The revival initiative was given the go-ahead for implementation by the community in voting. The team has activated the mainnet and has produced the first block on the network. 

The team has announced an airdrop of LUNA. Eligible users can check their wallet balances to see their tokens. Users can stake their tokens to earn rewards, trade, or partake in the governance of the ecosystem. 

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