TRON’s integration with Ethereum via BitTorrent Bridge expands its reach and usability.
The move aims to increase TRON’s liquidity and stimulate growth in the DeFi ecosystem.
Today marks a significant leap forward for TRON (TRX), as the company announced it is live on the Ethereum blockchain. Justin Sun, founder of TRON and the current CEO of BitTorrent has shared the update on Twitter.
In his recent tweet, Sun announced that TRON (TRX) had broadened its scope, becoming available on the Ethereum blockchain through the BitTorrent bridge. He provided the contract address, “0x50327c6c5a14dcade707abad2e27eb517df87ab5,” for the TRON’s presence on the Ethereum network.
Tron’s migration into the Ethereum blockchain signifies a pivotal stride in the evolution and expansion of the platform. Ethereum is renowned as one of the most extensive and frequently adopted blockchains. However, it is home to a diverse and substantial network of decentralized applications (dApps). Integrating TRON into this ecosystem could significantly increase the platform’s exposure and usability.
Aiming for Higher Liquidity and DeFi Growth
Currently, Tron is the second-largest chain, in terms of Total Value Locked (TVL), with a substantial $5.6 billion worth of assets locked across 22 protocols, according to data from DeFiLlama. However, compared to Ethereum’s TVL, which stands at over $27 billion, there is still a lot of ground to cover.
By going live on Ethereum via BitTorrent Bridge, TRX’s liquidity is expected to increase. Additionally, this strategic move is anticipated to stimulate Tron’s overall growth within the DeFi ecosystem.
Stepping Up the Competition
While Tron’s TVL and protocol numbers may seem impressive, the network has a long way to go compared to competitors. Some of the competitors include BNB Smart Chain, Polygon, and Arbitrum, leveraging 606, 425, and 346 protocols.
Despite this, Tron’s move to integrate with Ethereum through BitTorrent Bridge. It’s a signal that Tron focuses on expanding and embracing interoperability, an essential aspect in the rapidly evolving DeFi landscape.