Lending was one of the growth apps for TRON (TRX), increasing the chain’s locked-in value. JustLend was one of the busiest smart contracts, capturing 55% of all value captured on the TRON network.
TRON (TRX) has increased its credit exposure in 2024, following the expansion of DeFi to all chains. JustLend was one of the growing apps over the past twelve months, ending up with 55% of the total value in the chain.
TRON locks up a total of $7.36 billion in its decentralized protocols, including loans and DEX. The chain still hosts more than $60 billion in stablecoins, some of which also flows into lending.
Based on DeFi Llama data, JustLend is holding strong $5.89 billion locked in value. CryptoQuant Reports $6.17 billion in lending protocols and a higher total TVL for TRON, due to a different methodology in app accounting.
JustLend’s own reporting represents a total value of $8.3 billion. The protocol offers varied annualized income for all locked assets. JustLend reports more than 469,000 active wallets, although the number of users may be lower.
While JustLend reports a significant value locked, only DappRadar registers 94 daily active wallets, a small portion of the total number of reported users. JustLend is the seventh most visited app on TRON, with $3.25 million in daily volumes.
TRON’s lending app managed to perform well based on existing metrics and competed with DeFi versions from the Ethereum ecosystem. The liquidity on TRON is still separate from all other chains. Lending could get another boost in 2025, as the chain will carry its own version of WBTC, which could potentially serve as valuable collateral.
Premium income at JustLend increased in the fourth quarter
With these results, JustLend is building its stake in TVL compared to Aave (AAVE), which already has more than $20 billion in loans and collateral. Lending on TRON outpaced bridging deposits and centralized trading activity and increased in the last two months of the year.
JustLend has driven the expansion of DeFi lending on TRON in 2024. | Source: CryptoQuant
JustLend offers a model similar to other lending protocols, where merchants can use their assets as collateral, rather than outright sales. To avoid volatility and liquidations, JustLend DAO is itself a liquidity provider. Demand for JustLend also increased as a passive income tool.
JustLend has its own collection of wrapped tokens, including a version of jUSDT. However, the token is not denominated in dollars, but has a price of $0.01. The asset has only 2,776 holders, similar to other tokens with a few thousand savers.
JustLend also has large-scale whales that stake TRX or other assets, allowing the app to build its value. More than 10,000 wallets contain jTRX, the locked token for the lending protocol.
TRON marked a year of price records
It took years for TRX to break its 2017 record, which was set shortly after the ICO. TRX started the year around $0.10 and peaked at $0.40 in early December. As the year comes to a close, TRX corrected towards $0.26, still posting significant net gains.
TRX trading slowed, with open interest falling to $166 million from a peak of nearly $350 million. The network aims to regain its top use cases and reputation by turning TRX into a deflationary asset. The chain wipes out 1.5% of the TRX supply in a year, adding to the token’s growth trend this year.
TRON broke more than $2 billion in fees generated for the year to date. Despite catching up to Ethereum, TRON still ranks second based on total revenue. Ethereum still leads the way with $2.45 billion to date, based on TokenTerminal facts.
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