Home Finance News TRON (TRX) Set to Rock in the DeFi Space and Yes Competing to Cool Ethereum Dominance in DeFi

TRON (TRX) Set to Rock in the DeFi Space and Yes Competing to Cool Ethereum Dominance in DeFi

Tron TRX Defi Space Ethereum Dominance

What is driving TRON? JUST, JustSwap, SUN, and they have stated that this is only beginning.  Decentralized finance (DeFi) is the hot topic in the cryptocurrency space.  The value of coins getting locked in the DeFi space is increasing every day.

While most of the DeFi Projects are on Ethereum, some on the Lightning Network and on the Bitcoin’ Second Layer Scaling Solution, TRON has entered the space too.

Tron have made a giant leap in DeFi by releasing a series of protocols and applications lot similar to Ethereum DeFi. As a result TRX, are rallying as a result.  The fear that is now brewing is that with TRON already having captured the attention of the DeFi space, they might also capture in to the space of the Ethereum market.

If TRON can provide technical improvements in their DeFi Protocol that is far better than Ethereum, TRON will dominate the DeFi Space without any doubts.

Sydney Ifergan, the crypto expert tweeted:  “TRON (TRX) Foundation are very skilled at taking money through the market in a way to improve on its value. DeFi and Yield Farming is where they are going to Rock.”

TRON (TRX) Making Big in DeFi Space

TRON has so far focused only on gaming, on-chain gaming and ICO; however, they are not making it a point to be big in the DeFi Space.

JUST, a decentralized loan provider with JST as the native governance token are providing users with the ability to mint a decentralized stable coin known as USDJ for those who deposit cryptocurrency as a collateral. USDJ is held to a dollar peg and has native interest rates and limits on the amount of currency in the system.

JustSwap being a decentralized exchange has taken to the AMM design popularized by UniSwap.  The overall idea of Automated Market Makers (AMM) is to ease up the ability to use decentralized exchanges while permitting any user to be able to list and access the coins.

Of late TronFi are beginning to increasingly focus on “Yield Farming” protocols.  The Tron Foundation have also released a protocol known as Sun, where users will be able to deposit TRX to mint a new coin known as Sun. TRON is progressing very well in their DeFi venture.

The yield farming protocols need the users to deposit TRX and other Tron-based cryptocurrencies to generate a new coin.   Those who do not have those coins yet will have to buy the coins and further move ahead in the staking process. Ethereum Dominance in the DeFi space might slowly loosen as we expect TRON to move faster than ever.

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Maheen Hernandez

A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5

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