According to the latest data from DeFiLlama, the Tron blockchain has emerged as the second-largest ecosystem in the DeFi space, boasting an impressive total value of over $5.6 billion and a staggering 2.9 million active users. In recent news, the native asset of Tron, TRX, experienced a 2% surge in price.
Justin Sun has revealed the accessibility of Tron on Ethereum in a Twitter thread:
#TRON (#TRX) has now expanded its reach by going live on the #Ethereum blockchain by leveraging the #BitTorrent bridge . With the contract address 0x50327c6c5a14dcade707abad2e27eb517df87ab5, #TRX is now fully accessible within the Ethereum ecosystem.— H.E. Justin Sun 孙宇晨 (@justinsuntron) June 2, 2023
To enhance Tron’s liquidity on Ethereum, the asset is set to leverage BitTorrent Bridge for wider coverage. In a recent development, Tron users who use TRX on Ethereum’s blockchain were provided with a contract address on Friday.
Tron’s native token has secured a spot in the top 100 cryptocurrencies, currently holding the 12th position, according to CoinMarketCap. At the time of writing, the token’s market capitalization had exceeded $8 billion and recorded an impressive trading volume of over $162 million within 24 hours.
It has been reported that Tron has established itself as a prominent figure in DeFi. Additionally, the platform boasts a staggering $45 billion in stablecoins. According to DeFiLlama, Ethereum has achieved an impressive $27 billion in TVL and $69 billion in stables, securing a high rank in the DeFi market.
Tron’s developer activity has progressed moderately compared to other leading networks such as Ethereum and Binance Smart Chain (BSC). Tron’s network currently supports 22 protocols, with JustLend emerging as the dominant player in the TRX ecosystem, contributing to more than 50% of Tron’s TVL.
Justin Sun has announced his intention to engage in meme coin trading and donate profits to charitable causes. This move comes amidst a surge in the popularity of tokens such as Pepe, a meme coin that draws inspiration from the well-known “Pepe The Frog” meme. Fees on major networks such as Bitcoin and Ethereum have reached all-time highs as speculative traders have invested in these meme coins.