TokenPost
Hello. This is the TokenPost podcast. Today, we'll look at the CryptoQuant research posted on TokenPost on July 2nd. It seems that the decentralized finance (DeFi) activities on the TRON network have been quite active since 2025. In particular, the growth of exchanges like SunSwap and lending platforms like JustLend is notable. We'll highlight the key points for you to understand the trends. Looking at TRON's DeFi in 2025, the most significant characteristic seems to be consistency. Looking at the data from SunSwap and JustLend, some patterns are emerging. Let's dive right in. First, let's look at SunSwap? Its monthly swap trading volume is substantial. Since 2025, it has consistently recorded over $3 billion per month, and especially in May, it reached $3 billion.
TokenPost
This is the annual high. In June, it was around $2.3 billion. While the amount may fluctuate, it's maintaining a consistently high level. This seems important.
Host
That's right. Looking at the WTRX, which is the wrapped TRON TRX token, is also interesting. The swap volume in June was around 8.6 billion. In May, it was 15.5 billion, so it decreased. Yes, it decreased, but the monthly average in 2024 was about 8.8 billion. Compared to that, it's at a similar level. While not at the absolute peak, activities continue steadily amid volatility. This is worth noting.
TokenPost
Ah, the number of transactions seems to be in a similar context. In 2024, there was the Mincoin craze. It's definitely calmer now, but excluding that, the 2024 monthly average was about 316,000 transactions. However, the 2025 monthly average is 516,000 transactions. It's much higher. This can be seen as a signal that users are continuously using SunSwap.
Host
Exactly. Not just trading volume, but increased usage frequency is evidence of an active ecosystem. What's more interesting is which pairs are mainly traded. There's the WTRX and USDT pair, and it's overwhelmingly dominant. Almost 62% of the total swap transactions among the top 10 pairs in 2025 so far are this pair. In terms of count, it's 1.3 million transactions. This clearly shows how important USDT is in the TRON ecosystem.
TokenPost
Wow, the importance of USDT is confirmed in exchanges. Then how about JustLend, the lending platform? Is the atmosphere similar?
Host
It shows a very similar trend. Since 2025, JustLend's deposit activities have noticeably increased. Comparing the number of deposits, it has increased more than threefold since January. The scale of deposits is substantial. In April, about $740 million was deposited, and in June, around $350 million was deposited. The key here is the type of assets being deposited.
TokenPost
What assets were mainly deposited?
Host
As expected, stablecoins. As of June, USDT is $904 million and USDD is $358 million among the deposited assets. The proportion they occupy in total deposited assets is significant. Users seem to be trying to avoid market volatility and earn stable interest. This clearly shows a tendency to prefer safe assets in an uncertain market situation, which is also appearing in DeFi.
TokenPost
I see. Then, are the borrowed assets following a similar pattern?
Host
Yes, loan amounts are steadily increasing. It was common to exceed $10 million daily, and at times it rose to $47 million. As of June, the loan balance shows USDT at $184 million, the highest, followed by TRX at $37 million, and USDD at $2.3 million. So, not just in deposits, but in loans as well, USDT is the most preferred asset.
TokenPost
Wow, that's interesting. So to summarize, TRON's DeFi in 2025 is characterized by SunSwap's steady trading activity and JustLend's increased deposits and loans, with USDT stablecoin firmly established at the center.
Host
Exactly. These data show that the TRON DeFi ecosystem is growing while maintaining a stable user base in a highly volatile market. Particularly, the active use of stablecoins, especially USDT, shows the current nature and strengths of this ecosystem, and also raises questions about potential dependency on specific assets. When analyzing the TRON ecosystem or considering related investments, it's crucial to pay attention to this stablecoin-centered dynamics. Lastly, I'd like to pose a question: If DeFi activities centered on stablecoins, especially USDT, continue at this high level in the TRON network, how will this affect TRON's expansion strategy or competition with other blockchains? Is this simply pursuing stability? Or are they preparing for some other innovation based on this?
Host
Perhaps you could ponder this.
TokenPost
This concludes the TokenPost podcast.
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