TronWeekly

Crypto World News

You are here: Home / Archives for Tron blockchain

Tron blockchain

USDC on Tron Blockchain Hits $111 Million 4 days after expansion

by

USDC activity on the Tron [TRX] blockchain has hit a milestone already. As per the latest stats on Tronscan, the world’s second-largest stablecoin’s circulating supply reached $111.68 million on the 4th of July.

This news comes just four days after CENTRE, the consortium run by cryptocurrency exchange Coinbase and payments firm Circle, announced that USDC will be implemented on Tron, Avalanche, Celo, Flow, Hedera, Kava, Nervos, Polkadot, Stacks, and Tezos. Circle CEO, Jeremy Allaire had earlier noted,

“TRON has built a very large and highly successful blockchain platform and network, and is one of the most widely used in stablecoin transactions. We’re excited to bring the benefits of a trusted dollar digital currency such as USDC to this growing ecosystem of users and developers.”

Growing Tron’s appeal and USDC’s dominance

It is important to note that USDC has experienced unprecedented activity over the last few quarters. Reports have also gone on to state that it could soon become a dominant stablecoin on the Ethereum network. It has emerged as one of the most preferred stablecoin in the decentralized finance [DeFi] sector. To top that, over 50% of USDC supply currently rests in smart contracts which totals up to almost 12.5 billion. Additionally, Tether’s growing legal woes also deviated users from turning to USDC, which could be attributed to the leading stablecoin slowly losing grip.

Meanwhile, this new achievement on the TRX blockchain could also signify that the market players are increasingly seeking other blockchains that facilitate transactions at a much cheaper and significantly faster pace than Ethereum. Besides, the TRX blockchain has already seen rapid growth for USDT, on its network. As a matter of fact, USDT on Justin Sun’s blockchain has recently surpassed that on Ethereum.

In short, USDC’s growing dominance in the market has coincided with Tron’s growing appeal as a critical alternative to the Ethereum network.

Tron’s DeFi Ecosystem TVL Surges Past $15 Billion

by

Over the past several months, the Tron blockchain has emerged as one of the crucial venues for decentralized finance [DeFi] platforms. The network has hosted several prominent projects since its entry into the decentralized realm.

In yet another milestone, its DeFi sector has hit a new record in the form of total value locked [TVL]. According to the project’s founder and CEO Justin Sun’s latest tweet on the same, TVL Tron’s DeFi ecosystem has surged to an astonishing $15.1 billion as of the 17th of April.

It is important to note that DeFi has taken a backseat in terms of social media discourse and FOMO. However, behind the curtains, the space has been quietly flourishing. Tron, for one, has seen a significant uptick in activity related to it.

The latest data revealed that the total value locked in JustLend, which happens to be Tron’s official lending platform, stood at $2.90 billion. On the other hand, its decentralized trading protocol JustSwap amassed $2.27 billion in TVL figures, The deFi system of USDJ stablecoin on Tron which is called JustStable, raked in $2.48 billion.

Meanwhile, the TRC20 Token Backed 1:1 By Bitcoin, Ethereum, and Litecoin – Just BTC/ETH/LTC, scored a combined TVL of $2.41 billion. Also, Total TRX Frozen, with respect to energy as well as bandwidth, has noted a significant increase and was found to be at $5.032 billion.

Tether on Tron Exceeds Ethereum Amidst Stablecoin Rush

CoinMetrics
Tron's DeFi Ecosystem TVL Surges Past $15 Billion 2

In addition to the growing demand in terms of DeFi, the Justin Sun-founded blockchain has observed massive stablecoin demand. So much so that the amount of the world’s largest stablecoin, Tether [USDT] on the Tron blockchain has surpassed that on Ethereum.

On the 14th of April, TRC-20 USDT has reached $24 Billion and this growth was accompanied by high transaction fees on Ethereum that has led investors to look for efficient and cheaper alternatives to lock in gains. Previously, ERC-20 USDT dominated the charts for the major part of 2020. However, the trend changed in the first quarter of 2020.

TRC-20 Tether [USDT] Circulation On Tron Exceeds $12.4 Billion

by

More than $12.4 billion in the stablecoin Tether [USDT] has been issued on the Tron [TRX] blockchain as revealed by the foundation’s CEO Justin Sun.

This development comes three weeks after the project founder had revealed a milestone of $9.3 Billion USDT issued on Tron which was achieved after 644 days. The number of USDT issued on the blockchain has increased significantly since the first-ever 10 USDT was issued all the way back on the 17th of April, 2019.

The world’s largest stablecoin is also issued on a myriad of chains including Bitcoin Cash, EOS, Liquid, Solana, and Algorand.

And for the longest time, a great majority of Tether were minted using Ethereum’s ERC20 standard. However, the minted stablecoin using the TRC20 standard has seen a much larger transaction count in 2021.

Tron has rapidly emerged as the fastest-growing blockchain for USDT issuance.

Coin Metrics
TRC-20 Tether [USDT] Circulation On Tron Exceeds $12.4 Billion 4

TRC20-based USDT has seen a higher transaction count than ERC20-based USDT tokens every day this year. According to the latest chart compiled by Coin Metrics, it was found that Tron captured more transactions than both Ethereum and Bitcoin combined.

In a recent edition, Coin Metrics’ ‘State of Network’ report had revealed,

“Tether activity has increasingly shifted over to the Tron version of the stablecoin. Since the beginning of 2021, the amount of USDT_TRX active addresses has eclipsed the number USDT_ETH active addresses.”

Why Has Tron Been Successful In Attracting More Users?

The shift in this sentiment is undoubtedly the massive transaction fee in the Ethereum network that has resulted in users looking for affordable alternatives. In the case of Ethereum, the transaction fees have risen due to rising demand stemming from the flourishing decentralized finance [DeFi], while Tron fees, on the other hand, have remained minuscule.

Hence, the TRX network has managed to attract the issuance of not just teh most popular and widely used stablecoin but also other digital assets on its blockchain. The blockchain now hosts TRC-BTC, TRC-ETH, WBTC, WETH, WLTC, and TRC-AMPL.

Moreover, Sun had also hinted that more ‘wrapped’ digital assets will be issued on the network.

Tron’s DeFi Ecosystem Sees 2,557% Surge in Q3; JustSwap Steals the Show

by

Tron has managed to embrace the DeFi craze in a relatively short span of time with a series of flashy announcements and new products. In the third quarter, the transaction volume on Tron’s DeFi ecosystem reported an astounding increase of 2,577%. A significant share of 41% of the total volume was held by Tron’s DEX category.

EjUAOf6XsAAdQVF

This was revealed by the latest DappRadar’s 2020 Q3 Dapp Industry Report which further revealed that the number of DeFi ecosystem DApps saw a meteoric rise in the Q3 of this year. There were three DeFi DApps available on the Tron network in the previous quarter. But by the end of Q3, the total number of DApps submitted to DappRadar surged to 27.

Increase in the Number of Active Users

Besides, the DeFi ecosystem witnessed its highest ever daily wallet activity – 42,009 in September, meaning an increase of 1,896% in the Q3 when compared to the previous one.

The report further stated,

“The major contributor to this increase in daily activity is from three recently released dapps. Sun and JUST in the DeFi category and JustSwap in the Decentralized Exchange category.  From the DeFi category, Sun and JUST are the most recent releases. Showing on average more than 4,000 daily active wallets. Contributing almost 50% and 25% respectively to the total activity.”

In addition, it’s worth mentioning that JustSwap was the only DAap sustaining high wallet activity in the third quarter by surpassing over 11,000. Based on Tron for automated liquidity provision, JustSwap happens to be an open financial market accessible to all. It also happens to be the first-ever exchange protocol on Tron for exchanges between TRC20 tokens.

Tron

Just a few days after it was launched, JustSwap managed to garner significant popularity.and noted several milestones shortly thereafter. TWJ had previously reported Tron joining forces with Huobi with DeFi Mining which allowed staking Huobi Token [HT] mining.

Many investors were drawn to the lucrative DeFi market through the great benefit prospects of various ventures and Tron, with its low transaction fee, has managed to significantly bolster its network operations in just a few months.

Here is What You Need to Know About the Tron Foundation’s “JustSwap”

by

The burgeoning DeFi space has garnered significant attention over the last few months. Let’s dive into one of the most popular platforms in the decentralized finance world that’s been making quite a buzz. Yes, we’re talking about JustSwap.

In Brief:

Since its launch in 2018, Tron has counted many milestones. Tron is a blockchain-based smart contract platform for driving decentralized applications [DApps], as well as competing with its rivals such as Ethereum, Tezos, Cardano, and EOS. In its newest venture, the Tron ecosystem has jumped into the DeFi bandwagon and rolled out a decentralized trading protocol – Just Swap.

JustSwap is based on Tron for automated liquidity provision, which happens to be an open financial market accessible to all. It is also the first exchange protocol on Tron for exchanges between TRC20 tokens. Here, the conversion between two TRC20 tokens can seamlessly happen based on the price determined by the system. With the primary focus being decentralization, the trading fees collected are directed to the Liquidity Providers as a protocol incentive.

How is the price determined?

It is the number of tokens in each pool that determines the price.

The smart contract maintains a constant function: x*y=k, in which x = token1, y = token2, k = a constant number. With each swap, some of the tokens get replaced with a certain number of the other token. Since ‘k’ remains unchanged, balances of the tokens will be updated accordingly, which leads to changes in prices.

How can users access JustSwap?

Users can enter JustSwap through APP following which they will be connected to their current TronLink account. There is no need to register an account for using JustSwap. Users can use a decentralized wallet to log in and access JustSwap. Currently, the protocol supports TronLink.

How to Swap?

For the purpose of swapping, the users need to click on ‘Swap‘ on the top left of the navigation bar. Users can choose the token they hold and the token they want to swap it for. All that needs to be done is for the user to enter the amount of tokens that the user wants to sell. The system will then automatically calculate the estimated amount of the corresponding token by its price.

Slippage and Deadline can be set on “Advanced Setting“. In the case of Slippage, a transaction will revert if the price changes unfavorably by more than the percentage the user sets. Transactions that are kept pending beyond the set Deadline will be voided. Users can then confirm the details of the swap in the confirmation window by clicking “Confirm Swap”.

The swap requires confirmation from the user wallet and hence by clicking “Accept” in the “Request Signature” pop up window. Once a confirmation message stating “Confirmed” appears on the upper right corner of the page, the swap is completed.

Conversion between two TRC20 tokens and between TRX and TRC20 token is currently supported.

How to Add/ Remove Liquidity on JustSwap

Anyone who deposits two TRC20 tokens into the liquidity pool within a pair can be a liquidity provider. If a user happens to be the first liquidity provider then the ratio of the tokens that the user adds will set the price of the pool. If a user wishes to provide liquidity for a trading pair that already exists, then an equivalent value of two TRC20 tokens needs to be added into the liquidity pool within a pair.

By adding liquidity, users can earn pool token representing their position. These tokens automatically earn fees proportional to the user’s share of the pool and can be redeemed at any given point in time.

A user can choose a fund pool and click “Add Liquidity“, or choose the liquidity that the user has already added from Pool ->Your Liquidity and click on “Add”. Two tokens need to be selected and one of them has to be TRX. After entering the funds that the user wishes to add, the system will add the corresponding amount of the other token based on the relative price of the token pair in that pool. Once this step is done, the user can click “Supply”.

In the confirmation window, the user needs to click “Confirm to supply“. Similar to the last steps of Swapping which requires confirmation from your wallet, the user has to click “Accept” in the “Request Signature” pop-up window in the case of adding liquidity as well. The pop-up box will then show that the transaction for adding liquidity has been submitted.

When removing pool tokens, the user’s position will be converted back to the current price of the underlying asset based on the pool share. The amount received by the user will already include transaction fees. When a user adds liquidity, pool tokens are given which essentially represents its position. Pool tokens are based on the user’s percentage out of the total pool. When the user removes liquidity, pool tokens convert the position back into underlying tokens at the current price.

For this, a user needs to select “Pool“, then click “Your Liquidity” and then after finding the trading pair pool that needs to be removed from the liquidity pool, then select “Remove”. After the user chooses the amount of liquidity that needs to be removed, the confirmation steps can be executed in a similar manner as stated above.

Uniswap Vs JustSwap

Ethereum has been one of the largest contenders in the current DeFi race. For the most part, it was Uniswap that has been stealing the DeFi swap protocols. But the concerted push by Tron Foundation to bolster its DeFi initiatives came with the launch of JustSwap, TRON’s alternative to Ethereum’s success Uniswap.

The Tron-affiliated platform recently emerged as the second-largest DEX on CoinGecko’s website.

JustSwap enables swap and trading between TRC-20 tokens contrary to Uniswap that is between ERC-20. In addition, as mentioned above, the trading fee on the platform goes back to the liquidity providers, unlike Uniswap that shares the fees between the liquidity providers and the protocol.

Anyone to create trading pairs and provide liquidity without paying any listing fee among other features such as simple user interface. Interestingly, the launch of JustSwap comes at a time when Ethereum gas fees have skyrocketed due to the DeFi boom on the network. Tron’s DeFi protocol is expected to offer competitive fees which may be significantly lower than the current ETH gas fees.

Tron Network to Embrace the New Sesameseed DeFi Protocol on Mainnet

by

Decentralized Finance [DeFi] is a new hot-space in the cryptocurrency industry. The launch of the UniFi protocol-powered, uTrade platform on September 7th on the Tron mainnet is another addition to the emerging craze.

Developed by the Tron Foundation Super Representative candidate and multi-chain asset staking community, Sesameseed, the UniFi protocol essentially combines multi-chain DeFi space through the SEED Bridge, allowing the protocol to be a multi-chain, non-custodial, decentralized swap as well as a complete DeFi protocol.

According to the official blog post, UniFi’s smart contracts have been developed from scratch and are not copied from any other existing protocols. Some of the key tokens that make up the protocol’s token economy are UNFI token, UP token, UL token, and SEED.

UTrade, on the other hand, is a trading platform built to leverage the UniFi protocol and operates as a decentralized, unlimited liquidity market maker. On this platform, one token is exchanged for another using liquidity provided by incentivized liquidity providers. These liquidity providers are rewarded with a portion of the revenue generated by the UniFi Protocol as a whole.

It was first made available on the Testnet of Tron. After the mainnet launch, Ontology, Harmony, and Ethereum blockchains will be deployed.

According to the whitepaper, uTrade consists of discrete copies of the UniFi protocol smart-contracts on different blockchains. UTrade is initially set to operate on Ontology, Harmony and TRON.

In addition, Sesameseed achieved its first milestone in the election of the TRON Network’s Community Super Representative in July 2018. In addition, its native SEED was the first token to be created on the Tron network.

The whitepaper further explained the workings of Sesameseed and UniFi protocol and revealed,

“Sesameseed has incorporated the SEED Bridge into the UniFi protocol. The SEED Bridge provides UniFi protocol users access to the cross-chain DeFi building block known as SEED swap. Swapping SEED is processed through Sesameseed’s non-custodial staking wallet Sprout. This established and time-tested multi-chain SEED swap powers the cross-chain and multi-chain SEED Bridge functionality in the UniFi protocol.”

The Tron DeFi hype train shows no signs of stopping

This is also a new milestone for the Tron Network, which saw a significant increase in the value of its native token, TRX, following the launch of PEARL and TAI, which led to interest on the JustSwap Tron-based token exchange platform. The platform witnessed an exponential increase in its trading volume as several well-known Tron DeFi coins were listed on it.

Tron Lawsuit Could Have Drastic Implications on it’s Future

by

Tron ex-employees filed a lawsuit against the foundation on the basis of claims of labor law violation and toxic working environment. This follows in a long line of controversies plaguing the company for the past few years. When it’s not social media lash back against Tron founder Justin Sun, then it’s critics usually targeting the firm’s philosophy for “Hype first, product second”

The legal suit accused Tron founder Justin Sun and a business associate for harassing and firing two employees. A move they deemed only as payback after the employees objected to management practices and implementation of technology.

Lukasz Juraszek, 28 and Richard Hall, 50 outlined in a 70-page document, how they’ve had to put up with escalating hostilities. Meanwhile, the toxic work environment would, later on, culminate in their termination. Both have been in the development team of BitTorrent. A file-sharing service that partnered with Tron Foundation following a $120 million sales in 2018. 

The suit names Tron foundation’s 29 year old head Justin Sun and 37 year old head of engineering Cong Li as defendants. Note that the lawsuit was made public last week. Despite the fact that the claims are unproven, the legal suit could have a lasting impact on the future of Tron. The 70-page document claims that sun berated Richard Hall with derogatory remarks into pressuring him to fast track BitTorrent software releases. 

On several other occasions, Juraszek pointed out that Sun had allegedly slapped Cong Li and didn’t get disciplined.  Even when it was evident that Li had physically harassed a manager with whom he’d allegedly verbally attacked in person and during group chat confrontations.  The document highlights that he saw two pairs of shoes through the conference room door. A sight that was followed by a loud commotion, as well as what seemed like a “hand strike, a slap or something”

After opening the door to leave the conference room, Li noted that the manager’s eyes were glossy and his eyes red. 

Moreover, the suit highlighted ethical dilemmas confronting cryptocurrency workspaces. The lawsuit highlighted what seemed like working on value-neutral technology that criminals can use to break the law.  Richard Hall noted risks of third parties hosting copyright-infringing content as well as child pornography. Hall added that Sun and Li showed no care about his proposal for retaining lawyers, who would review Tron Foundation’s BitTorrent updates.

Meanwhile, the lawsuit is pursuing $15 million worth of damages and government action, on the grounds of labor law violation, discrimination, wrongful termination, hostile work conditions, and emotional distress. A December submission to the court by Tron Foundation, Justin Sun and Cong Li contested to the motivation behind the charges, factual substance and jurisdictions. The lawsuit noted that : 

“Cong Li summarily dismissed these concerns, stated that he had discussed these concerns with Justin Sun; and that no legal review would be done,” 

What Happens After The Lawsuit

A further statement by a Tron spokesperson pointed out that Sun and Li were not able to discuss the details of pending litigation.

“but what we can tell you is that our customers, employees and the TRON community are extremely important to us.”

Nevertheless, it appears that the blockchain company turned a blind eye on an allegedly important detail of illicit activity taking place on the BitTorrent BTFS file sharing service. The lawsuit is likely than never attract regulatory scrutiny towards the Tron BitTorrent file sharing service.

While the plaintiffs only want compensation for the alleged work environment hostility; they also accused Sun of misrepresenting himself as an aspirational, “whiz kid” -; a protege of Alibaba founder Jack Ma. Whereas he engages in illicit activity and manipulation of Tron (TRX) for personal gains. 

The suit cites that an employer has not the right of coercing an employee into unlawful directions. And neither the right to discharge the employee should they refuse to follow an unlawful order.

It would seem a strong case against the foundation had it enough backing. In fact, Sun refuted all the allegations. Possibly, Hall and Juraszek might have to present a stronger accusation to convince the court. 

Tron had a rather uphill performance last year following its drop from position seven to thirteen. The coin currently sits at number 12. Analysts believe that last year would have been a wonderful year for Tron, had it not been for Sun’s media ruse.

The current accusations sit in a long line of scandals plaguing Tron Founder Justin Sun. Nonetheless, the price seems unbaffled by the happenings and optimist TRX fans still hope for the better. Especially given the blockchain’s announcement as the most active dApp ecosystem. 

 

 

Tron Climbs Podium With Bitcoin, Ethereum; Becomes Cryptocurrency With Third Most Active Addresses

by

The ongoing bull run brought about monstrous hype in the cryptocurrency industry, primarily centered around Bitcoin’s price. There were also significant factor surges in altcoin ecosystems, with Tron turning out on top

A recent analysis showed that during the previous week, the number of active addresses on the Tron blockchain jumped to the third position.

The Justin Sun founded cryptocurrency has always enjoyed significant support from its community and the latest news was celebrated across the board. TRX supporters quickly noticed that along with the price surge, TRX addresses had also steadily climbed on the charts. Tron became the cryptocurrency with the third most active addresses, after Bitcoin and Ethereum.

The number of active addresses on the Tron blockchain was calculated to be 233,000. This figure meant that over a million transactions were conducted on the Tron blockchain during the recently concluded bull run. At the same time, there were 640,000 addresses on the Bitcoin blockchain and 281,000 addresses on Ethereum blockchain. The former was responsible for 300,000 transactions while the latter oversaw 549,000 transactions.

Tronscan, the official data aggregator of the Tron blockchain calculated the total number of transactions and accounts. At press time, the total number of accounts on the Tron blockchain was 4.513 million with a current/max tps of 9/748.

The Tron blockchain also contained individual addresses who were responsible for mammoth individual transactions. Some TRX addresses individually handled over 850,000 transactions, a feat only possible because of scalability.

Looking at the number of transactions, we can notice that it forms a sinusoidal wave function. This meant that the community was reflecting on the price surge before conducting transactions.

In the last two weeks, TRX transactions peaked at 1.156 million on January 11. Since then the two peaks were at 1.35 million transactions and 1.058 million transactions, conducted on January 14 and January 18 respectively. Some members of the community were skeptical of Tron’s numbers with Amalia, a crypto enthusiast tweeting:

“According to @tronscan and tronscan is yours. Whata a joke you ripper! $BTT $WIN $TRX”

It did not take long for TRX supporters to come to the cryptocurrency’s defense. tokeweed, a massive Tron supporter replied:

“That data is straight from TRX’s blockchain. It’s transaparent. There’s no way fake the data. If there’s another TRX blockchain explorer, check it out there. Thanks for the reply tho. Your attention is appreciated.”

The increase in the number of addresses was so celebrated because of its impact on the cryptocurrency’s price. The general notion was that as the usage increases, it creates a demand influx for TRX thereby boosting its price. During the last bull run, Tron jumped back into the top 10 club but that joy was short-lived.  The cryptocurrency is currently in the 13th position on the CoinMarketCap charts.

Justin Sun, the Chief Executive Officer [CEO] of the Tron Foundation has asked users to keep faith in the utility of the token. He claimed that as long as use cases for the token flourishes, a price hike will follow soon.

Tron Dominates DApp Rankings as Justin Sun Promises More Developments

by

One asset that has made surges of late was Tron, and its CEO Justin Sun wasted no time in informing the world about his upcoming plans and goals. 

The Tron Foundation is known for announcing multiple developments and updates from its roster but the past few weeks has seen a lull from the Justin Sun led the department. This notion was blown away when the Chief Executive Officer [CEO] took to Twitter to reveal that it had added another feather to its cap when it came to Decentralized Applications (DApps)

Dapp.com, the popular data aggregator on DApps stated that out of the top 5 applications on the ranking list, four were built on the Tron blockchain. The list is speculated to pave the way for asserting Tron’s dominance in the application space, with rivals Ethereum and EOS hot on its tail. According to Dapp.com, DLive was the most used application with a 24-hour volume of 1.02 million LINO. DLive was the only application in the top 5 list that was not built on the Tron blockchain but rather on the LINO blockchain.

WINk came in second on the list and was the most used gambling DApp in the industry. The application had witnessed a resurgence in its market volume after being built on the Tron platform. The number of users on the 24-hour spectrum has always stayed above the 1k mark with the developers claiming that the number would only shoot up in 2020.

The third dApp on the rankings was Betfury, a popular Tron partner. Despite the fall in Tron’s prices over the last quarter, Betfury has consistently released updates to ramp up its mainstream application usage. The 24-hour volume on Betfury was clocked at 179.27K USD, a far cry from its hold in the lower thousands when it first launched.  Justin Sun’s original tweet had read:

“According to @dapp_com, on the #Dapps overall ranking list, 4 out of the top 5 Dapps are built on #TRON network. Besides, @NewdexOfficial also launched on #TRON network in September & #TRC20–#USDT is supported on Newdex exchange as well.”

The announcement was met with mixed reactions from the Tron community or ‘TRONics’. Some were of the opinion that Tron should focus on quality and not quantity as that would impede its growth in the long term. Another sector of the fanbase urged the Justin Sun led the organization to carry on their rampage and ‘destroy’ the monopoly held by Ethereum and EOS.

Tron received another boost recently when Samsung announced that they were adding support for three new Tron dApps. The report released by a Korean outlet stated that the tech behemoth will add blockchain-based games such as Super Player and Blockchain Cuties to its flagship mobile releases.