HomeCryptocurrency NewsTron (TRX) Working Hard on DeFi Development; Where is TRX Heading?

Tron (TRX) Working Hard on DeFi Development; Where is TRX Heading?

Tron 2021 Global DeFi Hackathon developer contest is one of its $120 million TRON DeFi Entrepreneurial Alliance Support Program. 

TRON (TRX) is making sure that it covers all the basic crypto models that will make the cryptocurrency last longer. Justin Sun, who is the mastermind behind TRX has always kept the investors updated with Tron’s plans.


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Tron is focusing keenly on the Decentralized Finance (DeFi) development and wants to ensure that its DeFi ecosystem is one of the strongest in the cryptospace.

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What’s Next?

With time, the changing and transforming technologies in the crypto market have made crypto projects to be adaptive and diversified. Tron (TRX) is one of those crypto projects that keeps up with the most advanced technologies in the cryptosphere.

For this, Sun’s crypto asset has initiated a TRON 2021 Global DeFi Hackathon developer contest which is part of the $120 million TRON DeFi Entrepreneurial Alliance Support Program. The objective of this contest is to gather entrepreneurs and developers that would help in creating the TRON DeFi ecosystem—bringing innovation.

Tron will be giving away pool prizes worth $10 million. Contestants who achieve the described target of developing an open-source DeFi project on the TRON network before the deadline will go on to the next stage. Participants can work on any of the existing DeFi projects on TRON or any other blockchain that are under development—meeting the requirements.

Recently, Tron’s DeFi ecosystem achieved a new milestone. The crypto asset successfully locked over $5.7 billion in different DeFi protocols on the TRX network. Justin Sun, the founder of the project, highlighted that TVL increased by a whopping $4.5 Billion, reflecting a 375% increase compared with data on Feb 10.

Another important achievement Tron recently achieved was the implementation of proposal 51. With this, Tron has now become a deflationary asset with the help of its Super Representatives. As per Crypto Petrov, approximately 54 million TRX’s have been burned forever since the implementation of the proposal. Moreover, 4.9 trillion Tron (TRX) are now frozen thus reducing the circulating supply of Tron.

Following the implementation of proposal 51, Sun believes that the increase in bandwidth and energy fee would not be happening anytime soon. A competitive and low network price attracts developers from Ethereum.

While the Layer 2 and sidechain solution on TRONlike USD/SUN network will help DApps and DeFi to operate on Tron with lower energy consumption, faster speed, and enhanced safety.

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Conclusion

Tron (TRX) holds a pretty solid blockchain base and is one of the leading cryptos to achieve potential success inthe DeFi ecosystem. This inspires Tron to go big in the long-term and would possibly attract more tech-centric investors towards TRX.

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