• Tron founder Justin Sun has announced that TRX is now accessible on Ethereum via BitTorrent Bridge.
• The bridge provides a chain-agnostic asset transfer solution, allowing TRX to be fully accessible across the Ethereum ecosystem.
• With 22 protocols leveraging the Tron network and over $5.6 billion worth of assets locked in, TRX is set to boost liquidity and growth within the DeFi space.
TRX Now Live on Ethereum
Pioneered by Tron founder Justin Sun, TRX is now live on Ethereum via the BitTorrent Bridge. The bridge offers a chain-agnostic asset transfer solution, making it possible for users to access their TRX holdings across the entire Ethereum ecosystem.
Price Increase Following News
The news of TRX becoming available on Ethereum caused its price to rise slightly, trading around $0.076 at Friday morning. This has been furthered by data from DeFiLlama showing that there is currently over $5.6 billion worth of assets locked in 22 protocols on the Tron network.
Competition from Other Networks
Although this number is impressive, it pales in comparison to TVL on Ethereum – which sits at an impressive $27 billion. However, other networks such as BNB Smart Chain (606), Polygon (425) and Arbitrum (346) pose competition for Tron’s growth within the DeFi space.
How Will This Affect TRX?
With access to Ethereum’s vast userbase and network of DApps and DeFi projects, this will undoubtedly increase both liquidity and adoption for TRX holders in the long run – something that will ultimately contribute towards furthering its growth within the industry as a whole.
Closing Remarks
It seems clear that with this announcement from Justin Sun, there are only positive outcomes that can come out of it for both users and investors alike – so keep an eye out for any new developments!
