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- TRON CEO Justin Sun reported that the total value locked on the SUN genesis mining platform has increased to $ 210 million.
- New data reveals a growth in the number of accounts to 9 million for TRON.
Despite losing nearly $ 2 billion in recent days, Ethereum’s DeFi continues to attract investors. However, TRON CEO Justin Sun reported growth in the ETH DeFi sector could reveal the emergence of a potential competitor. Data released by Sun states that there are currently 6.7 billion TRON (TRX) staking or $ 210 million on Sun Genesis mining. This latest product from TRON’s DeFi was launched in early September, in just a few hours it had bet around 1.5 billion TRX which has grown to the current figure.
6.7 billion $ TRX staking at https://t.co/B0I4eH4BuQ 🔥$ SUN 🌞 #TRX@Tronfoundation pic.twitter.com/HGkA83xSFF
– SUN Market (@SunMarket_DeFi) 7 September 2020
Growth in the DeFi sector determines the price of TRON (TRX)
Despite receiving criticism from the community accusing him of “copying and pasting” Ethereum-based protocols, the growth of the TRON DeFi industry has had a positive impact on the price of TRX and the platform. OKCoin data showed a positive performance of 60% in the week before the market crash.
Although the current price of TRON (TRX) has also decreased, it still remains one of the top 20 cryptocurrencies with the highest monthly earnings. At the time of publication, TRON (TRX) is trading at $ 0.029 and has moved sideways (-0.04%) in the past 24 hours with weekly and monthly gains of 15.93% and 57.32% respectively. OKCoin notes the following about growth:
The reason why TRX has grown so fast is because of the way the Tron developers have intelligently structured the protocols they are releasing.
As with Ethereum’s DeFi, there are protocols in TRON’s DeFi that require the user to purchase the platform token. In Ethereum, for example, a user requests ETH for network transactions and to provide liquidity in one of the pools on the decentralized exchange Uniswap. In this sense, OKCoin adds:
Yield farming protocols require users to deposit TRX and other Tron-based cryptocurrencies to generate a new coin. This means that those who want that coin but don’t own TRX or other Tron-based cryptocurrencies have an incentive to go out on the market, buy those coins, then stake them for a profit.
Additionally, the CEO of TRON reported an increase in the number of TRON addresses. Data from the TRONSCAN platform shows that TRON reached 9,135,898 addresses. Sun applauded the platform ecosystem is “growing at a steady pace” and has welcomed more developers into the TRON network.
Sun also took advantage of the debate that emerged in the Ethereum community about the decentralized exchange Sushiswap. When its lead developer sold all of its tokens for around $ 12 million, the community responded with anger and accused the anonymous developer of fraud and robbery of its investors. Sun regretted the news and followed his well-known marketing style announced a fund to support DeFi developers:
I have faith in #Defi and believe that Defi will represent the revolutionary change in the financial sector! Always remember that many people build Defi 24/7! We will announce a fund to support developers in delivering real Defi products on #TRON!
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