Decentralized finance is the latest trend in finance, as the best way to manage “money” away from traditional banks and into the hands of DAOs (Decentralized Independent Organizations).

Thus, the Ethereum (ETH) platform is the platform of choice for many DeFi projects due to its popularity and the possibilities that its smart contracts have.

2.7 million Ethereum locked into DeFi platforms:

As a result of using the Ethereum network, ETH becomes the default when users place collateral on DeFi platforms.

The team at DeFi Pulse, in turn, has constantly tracked the assets used on DeFi platforms.

At the time of writing, it is estimated that around 2.7 million ETH is currently in use on these platforms with Maker DAO transactions and activities making up 49.36% of this amount.

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Using the current rate of ETH at $157, the dollar value of Ethereum tokens in all DeFi applications is $424.37 million, of which $209.46 million is used in Ethereum on the Maker platform.

A sudden rise in the amount of ETH in DeFi platforms:

Analyzing the screenshot provided above, we notice that the value of ETH locked in DeFi platforms drastically decreased to the value of 1 million ETH on April 6 before rising again. This fact was first noticed by user “@notgrubles”.

One plausible explanation could be a reporting error, as this was highlighted by Twitter user “@ViktorBunin” who alerted him with the following:

Seems like a reporting error. It’s hard to keep track of the massive amount of innovation on Ethereum. The good thing is that it is much easier to keep track of a single multiple signal 🙂 pic.twitter.com/CFH5MfpcSy

– Victor Bunin (@ViktorBunin) April 14, 2020

Tron is looking to obtain similar statistics through its newly launched Just platform in order to enter and compete in the field of decentralized finance.

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It should be noted that the tweet referred to above contains an image of “Justin Sun” that has been modified in the graph, this can be considered as a joke or a prediction of the DeFi adventurous Tron blockchain with its new “Just” platform that will be launched soon.

#Just coming#JST JST dollars #Just

Justin Sun (@justinsuntron) April 14, 2020

The Tron Foundation is set to launch this latest project as the first token sale (IEO) on the Poloniex crowdfunding platform.

Just tokens will be sold on May 5 for TRX tokens and TRX tokens will be the only asset used as collateral on Just.

Can Tron compete with Ethereum in decentralized finance?

Nearly $424 million in ETH is being locked in Ethereum-based DeFi platforms, while blockchain (TRX) is about to launch its first DeFi platform known as Just.

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The Tron blockchain has been working flawlessly since the mainnet was launched over two years ago.

The platform also has very low transaction costs when compared to those of the Ethereum blockchain. Additionally, Tron can process 748 transactions per second which is faster than the top speed of Ethereum.

Accordingly, through the performance of the Tron Blockchain, it is possible that the new project of Tron will enter the decentralized finance arena strongly and compete with Ethereum, and it may also not do so, time will answer us!

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