Justin Sun pointed out that there were 3,000 Bitcoins wrapped on Tron. This happened when Bitcoin broke $ 11,000 for the third time this year. But does Tron have a future as an Ethereum killer?
Sun is known to be an excellent marketer, having launched a decentralized exchange (DEX) on Tron after the successful Ethereum-based Uniswap. A few weeks later, after the success of profit farming and token meme, he launched a similar token called Sun.
By the time Sun tweeted Tron-wrapped Bitcoin was gaining in popularity, he received some skeptical responses. Mikel Roberts, a cryptocurrency advocate on Twitter said the idea of Bitcoin wrapped on Tron makes no sense.
Sun also reached out to users wanting to help push Bitcoin on Tron. Tron has seen a significant increase in traffic lately, especially on decentralized apps (dApps).
Now with more than $ 616 million in Bitcoin wrapped on Ethereum, Sun is here again. Just like a person using Bitcoin wrapped on Uniswap, someone can use Bitcoin wrapped on Tron’s JustSwap.
Sun used DeFi to push Tron up for months and that paid off. Some see dApps as a way to revolutionize human relationships with technology. The leader of this new wave is Ethereum, which has seen a staggering increase in usage over the past few months.
Unfortunately for Ethereum, the terrible fees caused by the network congestion with dApps have directed users to other networks. This gave Tron a chance to shine. But when the ETH fee decreases the light will fade away.
“DeFi ecosystem transaction volume in Q3 2020
Trading volume increased by 2,577%.
TRON’s DEX portfolio holds 41% market share in total volume.
The dApps helping the directory grow is JustSwap ”.
The second most popular blockchain
The third quarter of 2020 was an explosion for DeFi. Trading volume increased by $ 113 billion to $ 125 billion, up 90% from the previous quarter. While Ethereum has around 96% of traffic, other smart contract blockchains have tried to follow the trend of Ethereum.
According to Dapprader, a website that tracks data from dApps, Tron and EOS are the second and third most popular blockchains for dApps. Tron took the lead in Q3 with more than $ 1.8 billion in traffic, a modest figure compared to Ethereum’s $ 119 billion. However, Tron’s popularity is still skyrocketing.
Unfortunately, Dapprader has reported that up to 60% of dApps on Tron fall into the category of “gambling and high risk”. A quick look at the top-ranked Tron-based apps reveals some legitimate offerings, but some of the listed candidates are at high risk as Ponzi schemes.
For example: Forever Tron, the Tron No. app. 6 provides a daily return on investment up to 20% for the staking.
Overall on the Tron network, the unique new wallets were up 586% and the gambling / high risk volume on Tron increased by a whopping 2,725%.
The famous Wink gambling website (which can be staked with a huge profit farming opportunity on Sun.io sponsored by Tron) has a 24-hour trading volume of $ 13 million.
Here comes Sun
In contrast to high-risk dApps, Tron also offers a number of exchanges, including the Tron-sponsored decentralized exchange JustSwap. Justin Sun has launched Justswap as Tron’s answer to Uniswap.
JustSwap appears to have followed Uniswap since its launch, partly supported by the promotion of SUN token mining. In September, Sun.io provided profits of hundreds of percent APY, paid out in the form of Sun tokens.
Some of the more widely used coins are also available on the Tron network. JustSwap users can trade Tron for Tether or Huboi tokens, along with a native USDJ stablecoin. Tron’s volume on October 10 was around $ 8 million, but on September 2 it had reached around $ 367 million. JustSwap still has over $ 100 million locked in liquidity.
Meanwhile, Tron’s price is up about 35% in Q3, from $ 0.017 to $ 0.026 at press time. Perhaps the bulk is due to the high risk and gambling websites.
Whether or not the increase in volume and price heralds a big profit for Tron in Q4 remains to be watched. Technology and marketing both seem to play a major role in Tron’s massive growth, but things could change if “Las Vegas on the blockchain” is central.