The DeFi is undoubtedly the latest buzzword in the blockchain space and the recent DeFi boom seems to have largely benefitted the blockchain networks rallying up to embrace the new trend at its best. One of the major blockchains that have witnessed positive growth in recent times due to the DeFi boom is the TRON blockchain network. TRON has been really proactive in championing the DeFi ecosystem which has led to a dramatic rise in its network operation by a whopping  +265% in the third quarter of 2020.

TRON CEO Justin Sun has always been vocal about their aspirations to foster the DeFi concept through their blockchain network. In that light, they have launched many DeFi applications that bear similarities to popular DeFi apps operating on Ethereum blockchain. One good example is UniSwap exchange on TRON which is a replica of the famous JustSwap DeFi application on Ethereum network.

A recent survey conducted by dAppRadar offers further proof of TRON’s increasing involvement in the DeFi sector. The survey has released a report on the most popular services on TRON blockchain in the final quarter. The services that were studied are Exchanges, DeFi, Games, Gambling and High Risk. As per the survey report, it’s the high-risk category which has contributed 55 percent to total daily activities of the protocol. DeFi stands just next to it and shows huge growth especially in the final quarter of this year. The launch of Uniswap is a key factor behind the increasing numbers shown in DeFi bar on behalf of TRON. 

Sun has further noted about the recent rise in active users as well as wallets on TRON network. Per his statements, the number of new accounts (daily) on TRON has proliferated by 20x in recent times compared to what it was in the month of May. 

It’s to stress here, the recent launch of Bridge Oracle is surely a key factor behind TRON’s increasing involvement in the DeFi scene of late. Bridge oracle is TRON’s first ever dedicated public oracle. The decentralized oracle system has been introduced on TRON network recently to cater to smart contracts operating on TRON network. In other words, Bridge oracle’s introduction on TRON has greatly leveraged TRON’s capacity to participate in the DeFi scene in full vigor.

DeFi apps operating on smart contracts need real-life information to operate at their best. Smart contracts can’t access off-chain data given blockchain’s internal restrictions. For long, smart contracts operating on TRON too have suffered from the same issue given the absence of an oracle. But, Bridge oracle’s introduction on TRON has allowed easy access to real-life data for smart contracts on the network. It has eventually helped to broaden the scope of functionality for DeFi applications on these smart contracts by a great extent- and thus helped to strengthen TRON’s position in the DeFi space in recent times.

Bridge oracle is a decentralized oracle and assures tamper-proof real life data, sourced from various public sources, including URL, Complex URL, Random, WolframAlpha and so on. Besides, the cutting-edge oracle allows us to add varied kinds of proofs to prove the credibility of data injected into TRON smart contracts.