Geneva, Switzerland — Nov. 8, 2022 — Messari, the leading provider of crypto market intelligence, released two quarterly analysis reports related to the Tron ecosystem, “State of TRON Q3 2022” and “State of USDD Q3 2022.” Both reports indicated positive conclusions about the stable and secure strength of Decentralized USD (USDD) and the Tron network as a whole.
The USDD report marked the first time Messari provided market intelligence in a quarterly-report form on the overcollateralized stablecoin issued by the Tron DAO Reserve, custodian of USDD, currently with nine whitelisted members. USDD is backed by select crypto assets, including Bitcoin (BTC), Tether (USDT), USD Coin (USDC) and Tron (TRX). The State of USDD Report includes insights on performance, issuance, deposits, reserve balance, user adoption, transactions, price analysis and total value locked (TVL). Readers can also get qualitative analysis on subjects such as monetary policy and the peg stability module (PSM).
Key insights on the USDD Report include:
- After rapid adoption in Q2, supply growth stalled in Q3, increasing only 0.2% to 725 million. However, the number of wallets holding the currency increased nearly five times in Q3.
- The stablecoin remains well-backed by non-native currencies with a collateral ratio of 1.9 at the quarter’s end.
- After the TerraUSD (UST) collapse and stablecoin depegging in June, USDD maintained a tight peg and launched PSM using USDT, USDC, TrueUSD (TUSD) and USDJ.
The State of TRON Report was also the first edition of quarterly coverage from Messari. This report highlights performance analysis, ecosystem development and qualitative analysis. Readers can also get an overview of Tron’s TVL, strategy and challenges, and a forecast of the road ahead.
Key insights on the TRON Report include:
- Tron network activity exhibited continued strength after the launch of USDD in May.
- Since May, the total staked amount and total engaged stake have increased drastically.
- The 61% growth in TVL was driven by three unique wallets depositing approximately $1.6 billion in various assets.
- The Tron DAO Reserve announced the crypto-native market maker Wintermute as its ninth whitelisted member, giving it the authority to maintain the peg of USDD.
- The GreatVoyage-v4.5.2 upgrade released in Q3 is aimed at improving node synchronization and transaction throughput.
- If current activity persists and USDD expands across the ecosystem, Tron’s resource model that catalyzes deflation may be enhanced by the demand for and use of USDD.
Both reports noted the stabilizing effect of USDD’s collateralization, adoption and future use cases. The Tron DAO community is thrilled with the encouraging conclusions from the Messari research team.