- Ethereum is the largest network for DeFi and dApps, with a TVL of $27.04 billion.
- News of the bridging pumped TRX to its highest reading since May 2022.
Justin Sun, founder of the TRON [TRX] blockchain, announced that the network’s native token, TRX, will be fully accessible on the largest altcoin network, Ethereum [ETH].
According to Sun, this was made possible by using the BitTorrent Bridge, a cross-chain transfer solution that allows moving assets and data between blockchains.
News of the bridging pumped TRX to its highest value since May 2022. At the time of writing, it was up 9.59% in the 24-hour period to be valued at $0.08356, data from CoinMarketCap revealed.
#TRON (#TRX) has now expanded its reach by going live on the #Ethereum blockchain by using the #BitTorrent bridge . With the contract address 0x50327c6c5a14dcade707abad2e27eb517df87ab5, #TRX is now fully accessible within the Ethereum ecosystem.
— HE Justin Sun 孙宇晨 (@justinsuntron) June 2, 2023
TRX enters a new universe
The move has the potential to increase TRX’s liquidity like never before. It can help TRX holders access the wide range of decentralized finance (DeFi) protocols that function on the Ethereum ecosystem.
Similarly, Ethereum users can use the bridged TRX token to access applications on the Tron network. This solves one of the biggest problems with blockchains: lack of interoperability.
Recall that Ethereum is the largest network for DeFi and dApps, with a total locked value (TVL) of a whopping $27.04 billion at the time of writing, according to data from Artemis. On the other hand, Tron, which comes second in the list, had assets worth $5.55 billion.
Source: Artemis
Tron is getting busier
The Tron network has been on a tear lately, witnessing a huge spike in network traffic. The chain set a new record in daily transactions, processing 11.47 million transactions as of June 2, according to Tronscan.
In the past 30 days, the average daily transaction on TRON was 8.78 million.
Overall, the total number of transactions is up 1.6% over the past month, reflecting growing demand for the proof-of-stake network.
Source: Tronscan
How much are 1,10,100 TRXs worth today?
Deflationary trend continues
Intent on growing the market value over the long term, TRON continued to put deflationary pressure on TRX. The network is about removed 17.21 million tokens out of circulation on June 2.
As the number of new tokens produced on the network remained largely unchanged, the net issuance rate, or inflation rate, fell further to -15.43 million, extending TRX’s deflationary streak.
With the peak in burning activity, the circulating supply of TRX shrank significantly in 2023. At the time of writing, approximately 90.2 billion tokens were in public hands, having shrunk nearly 2% on a year-to-date (YTD) basis.
Source: Tronscan
