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
The Tron team is introducing new developments to the blockchain network's ecosystem to boost its use and adoption.
2 min read
Updated: Jun. 2, 2023 at 5:34 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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.
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.
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Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Zaeem, an editor fascinated by business, finance, DeFi, and cryptocurrencies, holds a business and finance degree. His 14-year career in financial journalism spans sectors like banking, finance, insurance, and tech.
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BitTorrent
$0.00076
Founded with a leading peer-to-peer sharing technology standard in 2004, BitTorrent, Inc.
Justin Sun has carved a name for himself as a leading figure in the blockchain sector.
