TRON (TRX) starts DeFi mining collaboration with Huobi

  • TRON and Huobi collaborate to enable HT token mining and delegation on
  • The amount of Tether (USDT) in the TRON blockchain exceeds $ 5 billion, Justin Sun reveals.

The TRON DeFi industry continues to build partnerships in its bid to be a competitor to Ethereum’s DeFi. Through his Twitter account, TRON CEO Justin Sun announced that users of the platform will be able to stake and mine the newly issued HT token (TRC-20) from the Global Huobi Exchange. The official announcement states:

Huobi Global Exchange has issued (not minted) a TRC-20 of HT on the TRON blockchain. SUN will start HT staking and LP cash extraction on after the review.

In a separate publication, the TRON Foundation provides further details on the cooperation and reveals that the “staking mining” of the mining pair HT / TRX LP will begin on September 23 at 2pm Hong Kong time. The “mining” will take about two weeks. The TRON Foundation says:

Mining of HT staking and HT / TRX LP will start on September 23, 14:00 (HKT), with a mining duration of 15 days.

On the platform, 30,000 SUN tokens will be awarded for the HT pool and the HT / TRX pool, according to the official announcement. Additionally, users will be able to mine 2,000 SUN Tokens per day. Therefore, the TRON foundation states that 1,400 SUN will be awarded for the HT pool and 600 SUN for the HT / TRX pool. The 30,000 SUNs are expected to be mined within a 15-day period by users with HT tokens with the TRC-20 standard. The Foundation warns users with Ethereum-based HT tokens (ERC-20) not to send their tokens to the Tronlink wallet address. The TRON Foundation defines its SUN token as follows:

The SUN token is a social experiment dedicated to the development of TRON’s DeFi ecosystem. Designed as the quintessential equivalent of Bitcoin on TRON (…). We hope to leverage SUN to promote the vigorous development of TRON’s autonomous DeFi community.

Sun reveals new milestones for TRON

On the other hand, also the CEO of TRON informed the community on the new achievements of the platform in the last week. In addition to partnering with the Huobi exchange, Sun reported that the amount of stablecoin Tether (USDT) circulating on TRON exceeded $ 5 billion. With a bid of over $ 50 billion reported in Q2 2020, the platform still has a relatively small portion compared to Ethereum.

The CEO of TRON also welcomed the fact that the TRON blockchain has surpassed 23 million blocks. As reported by CNF, Sun’s reports on the platform’s progress have been somewhat controversial in the past few days. In reporting the number of users on September 19, Sun reported that TRON had 10 billion users, a number that nearly doubles the estimated total world population. Since then, SUN and the TRON Foundation have apologized, but in the crypto community the relationship was taken as part of the aggressive marketing by TRON’s CEO to promote his platform.

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