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Home»ALTCOIN NEWS»Tron (TRX) adopts Chainlink scale to foster $7 billion DeFi economy
ALTCOIN NEWS

Tron (TRX) adopts Chainlink scale to foster $7 billion DeFi economy

By Crypto FlexsNovember 1, 20243 Mins Read
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Tron (TRX) adopts Chainlink scale to foster  billion DeFi economy
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  • Blockchain abstraction layer Chainlink serves as Tron’s official oracle.
  • Tron (TRX) founder Justin Sun revealed the complexities of this partnership.
  • Driven by meme coins, Tron’s DeFi system now boasts a TVL of $6.9 billion.

Tron DAO, the decentralized autonomous organization powering the EVM-compatible Tron (TRX) blockchain, has adopted a data feed from Chainlink (LINK) as its official oracle. With this groundbreaking upgrade, Tron’s decentralized finance (DeFi) ecosystem will enjoy additional security layers and a real-time database that will allow developers to build large-scale dApps on TRX.

“Through trusted, decentralized, on-chain market data, Chainlink empowers TRON developers to build the next generation of DeFi applications, helping to shape the decentralized internet.” said Thodoris Karakostas of Chainlink, managing member of the blockchain connectivity company that has enabled more than $16 trillion in transactions across various chains.

TRX Expands DeFi Ground with Chainlink’s Oracle

The collaboration, signed in Geneva, Switzerland, opens the door to premium cryptocurrency price data based on Chainlink’s data feeds and standard oracles from Tron’s most popular dApps. According to DefiLlama, cryptocurrency lending platforms JustLend and JustStable currently hold the largest share of layer 1 total value locked (TVL) at $6.9 billion.

Today’s announcement: @Trondao Joined Chainlink Scale and adopted Chainlink data feeds as TRON’s official oracle. Once upgraded, there will be over $6.5 billion in DeFi TVL. @Chainlink Chainlink and TRON create opportunities for over $60 billion in stablecoins and RWAs! pic.twitter.com/ArDkMysuMq

— HE Justin Sun🌞(Recruitment) (@justinsuntron) October 31, 2024

Justin Sun, founder of Tron, excitedly announced the news about X, highlighting the growing demand for real-world assets (RWA). Sun’s Chain has made significant progress in the RWA space, helping the Commonwealth of Dominica develop a national blockchain architecture. Additionally, Tron’s Layer-1 blockchain has a large stablecoin market cap of $60.7 billion and generates millions of dollars in daily transaction fees.

Is TRX ready to hit new all-time highs?

Although most cryptocurrency markets were in the red on Thursday, Tron’s native TRX altcoin continues to show stable price performance. The 10th-ranked cryptocurrency has been trading in a narrow price channel between $0.162 and $0.17 over the past seven days, but still managed to gain 8% monthly. Ultimately, this leaves Tron’s TRX altcoin less than 30% away from new all-time highs.

Cryptocurrency price chart from TradingView showing Tron price movements
The 4-hour chart of Tron (TRX) suggests large positive fund flows at the current price.

Tron’s 75% growth over the most recent 365-day period, which peaked at $0.2317 nearly seven years ago, is a bright picture for alternative tokens, given that large investors continue to classify altcoins as long-term investment vehicles and stores of value. Draw . So far, whales have pushed TRX up to $0.1687 as positive Chaikin Money Flow (CMF) confirms the accumulation.

On the flipside

  • The trading volume of the Tron Layer-1 chain is currently the lowest among the top 10 cryptocurrencies by global market capitalization, rotating around $500 million per day.
  • A big part of Tron’s recent success can be attributed to the rise of the TRON meme coin following the launch of the SunPump token launch platform.

Why This Matters

The expanded scope of opportunities includes fully-featured decentralized applications that can compete with the adoption of Web2 services and dynamic staking returns for investors.

Check out the latest cryptocurrency news on DailyCoin:

Is XRP $120? Analysts predict a surge. What drives the hype?
What is the Cryptocurrency Halloween Effect? Why Investors Are HODLing Until May

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