Justin Sun has announced the launch of three new protocols in the DeFi category of TRON. The most interesting of which will be an alternative to Ethereum’s Uniswap, “JUSTswap”, offering yield farming & oracles.
This week, further developments have added to speculation that TRON is trying to once again go head-to-head with Ethereum in the DeFi category.
The TRON (TRX) network is very close to a milestone 1 Billion smart contract triggers. On July 31st, 2020 the smart contracts on the TRON network had been triggered 926,324,931 times prompting Justin Sun to take to Twitter and ask the community when it would reach 1 Billion.
What does that mean for TRON?
TRON’s smart contract triggers reaching 1 Billion is a direct result of the popularity of the dapps running on the TRON network. Looking at the top 10 dapps on DappRadar reveals that six out of the top ten most used dapps are on the TRON network.
TRON continues to expand its DeFi category, despite some criticism Sun has received from the blockchain and crypto community. As some people accuse TRON of “copying” trends from Ethereum to profit from the hype.
TRX token value
Looking at the progress of TRON, it can be seen that TRX was on a fairly bullish course. Before a recent dip, TRX had just experienced a high of $0.02135. The digital asset then dropped to the $0.01750 support level before bouncing back to its current value of $0.01940.
TRX had decreased to as low as $0.00681 during the COVID-19 crash occurring in March. But, Tron has recovered from the mid-March dip and provided over 3x returns for anyone who was quick to buy in the dip back then.
This is somewhat contrary to what we observe on Ethereum. An explosion in transactions has not driven the token price as high as some would have hoped for over recent weeks. Yes, an increase has occurred, but it’s not as significant as in 2018 when an increasing number of transactions drove the price through the roof.
TRON’s expanding DeFi category
DappRadar first covered TRON’s attempts to enter the growing DeFi space back in April 2020. Since then, the DeFi sector has been at the fore of most blockchain and crypto conversations, and Justin Sun, as always, does not want to miss out.
First, Justin Sun has announced an alternative to the Ethereum based protocol Uniswap that will be called JUSTswap. The protocol will be launched on August 17th, 2020, and is set to provide a service to solve the problem of decentralized liquidity on the TRON network.
The Ethereum-based Uniswap protocol is incredibly popular and is characterized by allowing ERC-20 tokens to be exchanged, but without traders having to create buy or sell orders.
The controversial CEO also announced the launch of yield farming options available from August 31st, 2020 between the stablecoin JUST (USDJ) and the JST token.
It is no surprise to see this move from TRON as yield farming has been very successful in Ethereum as it allows users to use their active tokens and crypto assets to generate the highest yield.
Finally, TRON’s CEO announced the launch of an oracle service but has not specified an exact date. Oracles are services that allow protocols in the DeFi sector to obtain reliable off-chain information without compromising network security.
As always we will continue to monitor and report on developments in the DeFi space. Make sure you sign up for the newsletter below to receive updates directly to your inbox.
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