The cryptocurrency world is witnessing a major milestone as TRX, the native token of Tron blockchain, becomes fully accessible on Ethereum, the largest proof-of-stake network. This is made possible by BitTorrent Bridge, a decentralized solution that enables fast and easy asset transfer between Ethereum Virtual Machine (EVM)-compatible chains and Tron.
TRX is one of the top 20 cryptocurrencies by market capitalization, with a current value of around $0.076. It powers the Tron network, which aims to create a decentralized platform for content creation and sharing. Tron also hosts a vibrant ecosystem of decentralized applications (dApps) and decentralized finance (DeFi) protocols, with over 2.9 million active users and $5.6 billion in total value locked (TVL), according to DeFiLlama.
Ethereum Welcomes Tron with BitTorrent Bridge
By expanding to Ethereum via BitTorrent Bridge, TRX will be able to tap into the massive liquidity and user base of the leading altcoin network. Ethereum boasts over 3.4 million active users and $27 billion in TVL, and thousands of dApps and DeFi protocols. BitTorrent Bridge will allow TRX holders to seamlessly move their tokens across both chains and access various opportunities in both ecosystems.
BitTorrent Bridge is a chain-agnostic asset transfer solution that leverages BitTorrent, a peer-to-peer file-sharing protocol with over 100 million users worldwide. It uses smart contracts to lock assets on one chain and mint corresponding tokens on another chain, ensuring security and transparency. Users can also swap their tokens back to the original chain at any time.
Tron founder Justin Sun made the announcement of TRX going live on Ethereum via BitTorrent Bridge on June 2, 2023. Sun provided the contract address for TRX on Ethereum and said that this move would boost Tron’s overall growth within the DeFi ecosystem. The price of TRX rose slightly following the news, while Ethereum’s ETH remained stable at around $1,900.
#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