SUN which is a platform for swap, yield farming, and self-governance on Tron has firmly retained its position as the second-largest protocol by total value locked (TVL) on the blockchain. It is currently trailing only behind the lending giant JustLend.

With approximately $985 million locked in, SUN accounts for a significant share of Trons liquidity.

The growth can be attributed to user confidence in its liquidity pools and incentive mechanisms, according to CryptoQuants latest report. Over the past 14 days, SUNs TVL has grown by $38 million, which reflects a steady user engagement. Notably, newer iterations like SunSwap 2 and SunSwap 3 are attracting more volume than the original SunSwap 1.

CryptoQuant revealed that several factors are boosting this upward trend, including favorable farming incentives, stable returns from liquidity provision, and a lower risk profile compared to lending platforms. SUNs growing role as a liquidity base for key Tron trading pairs is also contributing to its appeal. This momentum reinforces its structural importance to the ecosystem’s health.

If the trend continues, SUN may reduce the current over-dependence on JustLend and help create a more balanced DeFi on Tron. If the growth pattern holds steady, SUN is expected to secure a bigger slice of the TVL, which, in turn, could lessen the current over-concentration in JustLend.

Zooming out, Tron evolved from a USDT-centric network into a thriving DeFi ecosystem in 2024. While USDT remained dominant, new platforms like SunSwap and SunPump significantly boosted decentralized activity.