Tron’s TRX now live on Ethereum via BitTorrent bridge, boosting DeFi access

Tron’s TRX now live on Ethereum via BitTorrent bridge, boosting DeFi access
фото показано с : cryptoslate.com

2023-6-2 19:34

Tron’s TRX is available on Ethereum (ETH) after leveraging BitTorrent (BTT) Bridge to gain access to the largest decentralized finance (DeFi) ecosystem in the industry.

In a May 2 tweet, Tron Network founder Justin Sun said TRX was “fully accessible within the Ethereum ecosystem” and included the contract address for the token.

TRX is Tron’s Network native token and, according to CryptoSlate data, ranks among the top 15 cryptocurrencies by market cap

The BitTorrent Bridge enables fast and easy movement of assets between Ethereum Virtual Machine (EVM)–compatible blockchains and Tron.

The move will further boost TRX’s liquidity and increase its use within DeFi protocols. Ethereum is the largest DeFi ecosystem, with the total value of assets locked in over 800 protocols at over $80 billion, according to DeFillama data.

Meanwhile, Tron has the second-highest TVL among blockchain networks, with $5.61 billion locked on 22 protocols.

CryptoSlate data shows that TRX is up 1.77% in the last 24 hours, trading at $0.07628 as of press time.

Tron’s daily transaction hits new high

On June 1, Sun tweeted that the Tron blockchain hit a new record high amount of daily transactions as it processed nearly 11 million transactions on May 31.

Source: Justin Sun

Sun said the milestone indicated the network’s growing popularity and widespread usage by the community. The crypto entrepreneur added that his team had set a new target of doubling this volume within the following year.

Sun said:

“This increase isn’t just a measure of quantity, but also a testament to the quality and efficiency of our network. The growth in transactions is expected to bolster protocol revenue, proving that TRON‘s fundamentals remain strong even in a challenging market.”

Tron has been involved in several activities to increase its usage since the beginning of the year. On May 7, the network urged meme coin developers to use its ecosystems to develop their tokens while offering up to $1 million in reimbursements for trading gas fees.

Earlier, the blockchain launched a $100 AI development million fund to encourage developers to create applications on its network using tools like OpenAI’s ChatGPT.

The post Tron’s TRX now live on Ethereum via BitTorrent bridge, boosting DeFi access appeared first on CryptoSlate.

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ethereum trx tron defi access ecosystem bridge

Источник: cryptoslate.com

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