In a stunning announcement shared via Twitter on Friday, the eminent Justin Sun revealed that the renowned TRON’s TRX cryptocurrency has officially gone live on the Ethereum blockchain, thanks to the groundbreaking BitTorrent bridge. This extraordinary feat has propelled TRON’s TRX to achieve a remarkable 12% surge within a mere 24-hour period, reaching a trading value of $0.08522.
With the implementation of the BitTorrent Bridge, a remarkable transformation has taken place, allowing for seamless and expeditious asset transfers between blockchains utilizing the Ethereum Virtual Machine (EVM) and the esteemed Tron network. This innovation has effectively shattered barriers and opened up unprecedented possibilities in the realm of blockchain interoperability.
#TRON (#TRX) has now expanded its reach by going live on the #Ethereum blockchain by leveraging the #BitTorrent bridge . With the contract address 0x50327c6c5a14dcade707abad2e27eb517df87ab5, #TRX is now fully accessible within the Ethereum ecosystem.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) June 2, 2023
Undoubtedly, this remarkable development heralds a significant boost for TRX, TRON’s very own native cryptocurrency. The newfound liquidity and enhanced adoption of TRX within the DeFi protocols are poised to soar to unprecedented heights, all courtesy of this revolutionary bridge. It is important to note that the cumulative value of assets locked across more than 800 protocols on Ethereum’s robust network presently exceeds a staggering $80 billion, unequivocally establishing it as the unrivaled titan of the DeFi ecosystem.
While Ethereum reigns supreme, Tron has certainly made its mark in the blockchain landscape, securing an impressive $5.61 billion across 22 protocols, thereby solidifying its position as the second-highest Total Value Locked (TVL) among the various blockchain networks. A testament to its remarkable growth trajectory is the tweet by Justin Sun, wherein he proudly proclaims that the Tron blockchain witnessed an unprecedented surge of approximately 11 million transactions on May 31st, effectively setting a new record.
Shifting our focus to Hong Kong, a significant event took place on Thursday as the long-awaited process of applying for licenses to operate cryptocurrency trading platforms and exchanges officially commenced. It is crucial to note that since 2018, only qualified institutional investors were granted the privilege to engage in cryptocurrency trading. However, with the dawn of new legislation, retail trading is set to become a reality as early as the second half of 2023, signaling an extraordinary shift in the dynamics of the cryptocurrency market in Hong Kong.
In light of these groundbreaking developments, the esteemed Tron founder and Huobi investor, none other than Justin Sun himself, couldn’t help but commend Hong Kong for taking such a momentous stride towards inclusivity, enabling retail consumers to actively participate in the thrilling realm of the cryptocurrency market. In Justin Sun’s own words, this pivotal decision by the Hong Kong government represents “a very big step for crypto in China,” and it effectively paves the way for ordinary investors to partake in the mesmerizing world of digital assets.
Furthermore, Justin Sun confidently estimated that Huobi, the prominent trading platform, will indeed be granted a license in Hong Kong within a year. With the platform having recently submitted its application to become a Virtual Asset Service Provider (VASP), it now stands eagerly awaiting approval in the English language, eagerly anticipating the countless opportunities that lie ahead.
In conclusion, the integration of TRON’s TRX cryptocurrency with the Ethereum blockchain through the revolutionary BitTorrent bridge has ushered in a new era of possibilities and unlocked immense potential in terms of asset transfers. The DeFi ecosystem is set to witness an unprecedented surge in liquidity and adoption, fueling TRX’s meteoric rise. Simultaneously, Hong Kong’s embrace of retail trading in the cryptocurrency market represents a monumental step towards inclusivity and democratization. As we eagerly await Huobi’s forthcoming license approval, the future of the cryptocurrency landscape seems brighter than ever before, brimming with vast opportunities for investors and enthusiasts alike.
