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TRON TRX price on the rise

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DappRadar

Will TRON slow Ethereums DeFi dominance?

TRON’s announcement last month that they would be launching a version of the popular Ethereum DEX Uniswap called JustSwap piqued the internet’s interest. Further developments this week and next will see TRON start to truly compete in the DeFi category.

TRON has been working hard to compete with Ethereum’s DeFi dominance and CEO Justin Sun has announced TRON’s alternative to Ethereum’s Uniswap ‘JustSwap’ will launch on Tuesday 18th August.

JustSwap is TRON’s first decentralized exchange protocol that allows users to trade TRC-20 tokens instantly without commissions to the exchange. Users can also earn transaction fees by providing liquidity to the decentralized exchange.

TRX the rise

These recent moves from TRON seem to have impacted the price. TRON’s TRX token is seeing growth with a price increase of 47% over the past month and 24% within the last week alone. The TRX token has successfully fought its way back into the top 15 cryptocurrencies by market capitalization.

Data Source: CoinGecko

Zero-knowledge proofs

Another major driver behind the price increase is probably the positive news coming from Justin Sun last week. The CEO announced on Friday via Twitter that the TRON network’s voting request no. 40 (proposal no. 39) was approved at 8:00 pm, August 14 (SCT), 2020.

The proposal introduces the zero-knowledge proofs feature to the TRON Virtual Machine as part of TRON 4.0.

Sun explained via Twitter: The #TVM that supports zero-knowledge proof verification is a major innovation project in the TRON ecosystem and another milestone in the construction of the TRON ecosystem. It is led by the #TRONZ team who creatively implements the zk-SNARK zero-knowledge proof-verification function in TVM.

After the proposal takes effect, dapp developers can protect user data with the strongest privacy protection in the industry, meet users’ needs for privacy protection at all levels, and further strengthen the TRON ecosystem.

Already in June, TRON completed the public testing of the privacy protocol for its smart contracts and introduced the privacy protocol as part of TRON 4.0 in July. With proposal no. 39, the Tron Virtual Machine (TVM) will now be extended to include zero-knowledge proofs.

JST Token

The JST token is the native token of TRON’s JUST decentralized lending platform. Since its launch at the beginning of May 2020, the price of JST has risen from just below USD 0.007 to currently around USD 0.07, a 10x increase within just three months.

In another development, Justin Sun also recently announced the expansion of TRON’s DeFi sector to include the BitTorrent Token (BTT) that can be earned through yield farming on TRON’s JUST DeFi platform.

Shifting DeFi landscape

The majority of the headlines over the last few weeks and months have been heavily focussed around the protocols running on the Ethereum network. As the number one smart contract protocol, this has not been a surprise.

More recently though other blockchains have thrown their hats into the mix. It also looks like some smaller protocols may begin working together to start challenging Etrhereum’s dominance and more importantly create increased liquidity across the alternative DeFi ecosystems.

https://public.flourish.studio/visualisation/3396334/

TRON launching an alternative to Uniswap is a huge announcement for the DeFi space. But it is yet to be seen what kind of impact that will have overall.

As always DappRadar will continue to track and analyze the results as they arrive. Make sure to bookmark DappRadar and sign up to our newsletter below to receive updates directly to your inbox.

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