The DeFi market is booming and that too at a dramatic scale. The total locked in value in DeFi at present is over 10 billion USD compared to just 675 million USD only a few months back in early 2020. This recent market explosion has quickly garnered interest from several major projects who have already announced the launch of their own native DeFi products. One among the prominent names to proactively join the DeFi boom is certainly the rising blockchain platform TRON.
TRON rising high with SUN Genesis
TRON’s tryst with DeFi largely begins with the recent launch of SUN Genesis mining. As per the market sources, SUN is poised to be the BTC equivalent on TRON network. The new project is a completely community-driven system where the community holds the absolute power to discuss, propose, vote as well as implement proposals. The launch of the SUN Genesis hiked up the price of TRON token TRX big time- leading to a whopping 125 percent price explosion, creating a new 2-year high at 0.049 USD.
Ethereum reigning still
A large share of DeFi projects has been developed on ETH blockchain. There is no denying of the fact that the ETH blockchain is still at the helm when it comes to DeFi applications and transactions. In fact, as per reports, the Ethereum platform has recently witnessed a massive 154 percent increase in activities in the 3rd quarter of 2020.
Ethereum is presently trading at 356 USD, in between 50-SMA and 100-SMA. A bullish trend was visible on MACD indicator a few days back yet most of recent bullish crosses only resulted in fakeouts.
Again, if we check the volume of new Ethereum addresses, there has been a sharp decline lately, plunging down to 97,000 in October compared to 185,000 in the last week of September. The figures certainly hint at reducing interest in the network despite ETH’s recent bounce from 313 USD to over 350 USD.
Issues with Ethereum
Although Ethereum is the most prominent host for DeFi projects yet it suffers from scalability issues big time. The DeFi boom is pulling in huge numbers of users to Ethereum and the platform, like always, is failing to accommodate such massive scale of transactions at rapid pace. It has led to severe network congestion and subsequently exorbitant gas fees. The problem is only growing and many users are being compelled to look for other alternate platforms.
TRON shows potential
It’s true that TRX had a huge plunge just after it reached a 125 percent price surge. But, it has gone through steep correction and is presently trading at 0.026 USD. Besides, there has been a huge spike in TRON’s active wallets (daily) in the last couple of months.
TRON sports a more advanced infrastructure than Ethereum, is more scalable and hence more efficient to handle an increasing number of transactions. The high scalability quotient eliminates risks of congestion and high fees and makes TRON a more reliable network for DeFi transactions.
Added to SUN Genesis, TRON is also in the news recently for the launch of Bridge Oracle on its network. Bridge Oracle is the first ever dedicated public oracle system for TRON platform and is deployed to cater to smart contracts operating on the blockchain network.
Bridge oracle is a cutting-edge decentralized oracle which assures tamper-proof authentic real-life data for TRON blockchain which are needed to develop DeFi applications on smart contracts. The oracle system assures access to off-chain data through varied APIs and also allows to add various kinds of proof to verify authenticity of injected information.
Credit: Source link