Quick setting:
- Tron investors have blocked approximately 6.5 billion TRON in Sun Genesis Mining
- This translates into approximately $ 210 million
- The value of TRX has increased positively since Sun Mining was launched
- The popularity of the Tron network in the DeFi industry will certainly continue to grow
Sun Genesis mining on the Tron network was launched on September 2nd, which is just four days ago. However, the young age of the project hasn’t deterred TRX investors from freezing their digital assets to mine some SUN tokens. At the time of writing, over 6.5 billion Tron (TRX) are currently locked into Sun Genesis Mining. This translates to around $ 210 million when using a TRX exchange rate of $ 0.032.
Below is a screenshot from Sun.Market showing this milestone.
Tron Value (TRX) continues to benefit from Sun Genesis mining
Note that the Sun Genesis launch helped push Tron’s (TRX) value to a two-year high of $ 0.05 – Binance rate – on September 3. What soon followed was the intense sell-off of the cryptocurrency market which saw Bitcoin test levels below $ 10,000 on four separate occasions.
During the aforementioned period of market turbulence, Tron (TRX) managed to hold its own and only dropped as low as $ 0.027. With cryptocurrency markets once again in the green, TRX is currently trading at $ 0.032 and hopefully, the digital asset could attempt a double top in the days to follow.
DeFi on the Tron network will continue to grow
The Tron network is surprisingly efficient compared to Etheruem’s. This means that Tron doesn’t have the high fees that Dapp and ETH users have to bear on the Ethereum network. According to the OKEX team, Tron will benefit from an influx of dApps, developers, and users who want to avoid the high Ethereum gas tariffs.
Due to rising fees and other innovations, other blockchains are looking to enter the DeFi space … Tron has made the biggest leap so far, releasing a number of protocols and applications that mimic Ethereum DeFi. As a result TRX is mobilizing …
More recently, a company called TronFi has begun to release yield farming protocols such as Pearl.finance, Salmon.finance and Carrot.finance. The Tron Foundation has also released a protocol called Sun, in which users deposit TRX to mint a new coin called SUN, the owners of which will govern the direction of this application. All of these protocols eerily resemble Ethereum’s Yam.finance, which popularized the latest generation of DeFi protocols.
