TRON Unveils $1,111,111,111 Ecosystem Fund Amid Anticipated BTTC Launch and Heightened VTRX Demand
November 8, 2021 – Singapore, Singapore
TRON, one of the largest and most popular blockchain ecosystems, is introducing a new $1,111,111,111 ecosystem fund designed to entice developers to its network of blockchains and services. The fund aims to deliver more developer-friendly tools that can be leveraged to enlarge and refine a burgeoning ecosystem that already hosts multiple activities including decentralized finance (DeFi), non-fungible tokens (NFTs) and stablecoins.
Justin Sun, founder of TRON, said,
“This fund reflects our constant efforts to innovate and stay at the bleeding edge of blockchain. As the blockchain universe expands to new horizons, cross-chain interoperability especially in DeFi and NFTs will play a critical role in our continued success. Accordingly, encouraging the developers who are the backbone of this decentralized movement to join us is crucial for maintaining the TRON ecosystem’s longevity and competitive edge.”
Besides supporting developers and overall ecosystem development, the fund intends to attract more existing projects and protocols to the network through its forthcoming incentives. This move aligns with TRON’s addition of JustLend and JustSwap DeFi services alongside Sun’s intentions to wholeheartedly embrace stablecoins. TRON already hosts and circulates multiple stablecoins on-chain including USD Tether, USD Coin, TrueUSD and TRON’s own USDJ, with daily on-chain transfer volumes surpassing $10 billion on multiple occasions.
The latest milestone in TRON’s saga comes just weeks after the foundation launched BitTorrent Chain also known as BTTC to help scale the ecosystem. Co-developed by the TRON and BitTorrent teams, the BTTC proof-of-stake protocol is designed for cross-chain interoperability with TRON, Ethereum and Binance Smart Chain (BSC). This protocol will enable the seamless transfer of major digital assets across multiple protocols affordably in a decentralized manner, enhancing TRON’s position in the ever-expanding DeFi landscape.
Moreover, TRON has been gaining traction in the traditional finance arena, with VanEck’s VTRX exchange-traded note (ETN) seeing a dramatic increase in demand. The note, which trades on Deutsche Börse, among major exchanges of 14 European countries including those in Amsterdam, Paris and Zurich, is fully-backed by TRON’s native token Tronix (TRX). The latest flow data highlights that the ETN added 200,000,000 TRX on November 2, 2021, amounting to nearly a $20,000,000 addition and bringing VTRX’s aggregate holdings above one billion TRX.
About TRON
TRON is dedicated to accelerating the decentralization of the Internet through blockchain technology and DApp use cases. Founded in September 2017 by Justin Sun, TRON has since achieved a number of milestones, including mainnet launch in May 2018, network independence in June 2018, and TRON Virtual Machine launch in August 2018.
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Author: ChainWire
