- Poloniex acquires TRX Market
- Sun confirms the acquisition of the deal without disclosing the financial value
- Sun pledges to donate $1M to fund aimed at fighting negative publicity of crypto businesses
Tron News Today – Poloniex – a crypto trading platform – now controls the largest decentralized exchange on the blockchain of Tron (TRX), according to an official report. The CEO of the Tron Foundation – Justin Sun – confirmed the report on November 29. Poloniex will now operate the Tron (TRX) Market under the new name Poloni DEX.
Poloniex Acquires TRX Market
This move comes some weeks after Poloniex spun out from its parent firm – Circle – to create a new trading platform that addressed regulatory issues in the US. Recently, Sun confirmed that Poloniex has acquired TRX Market. However, he did not disclose the financial value of the deal. TRX Market serves as a non-custodial trading platform that does not require users to store funds in a centralized wallet.
TRON (TRX) Price Today – TRX / USD
A blog post from Poloniex, which was released on November 27, reads:
“To maintain the development of TRX Market over the long-term, the team has accepted an acquisition offer from Poloniex and will rebrand with the new name Poloni DEX, becoming a decentralized exchange under Poloniex. The official website has now changed to Poloniex.org.”
Tron (TRX) Reacts to the Acquisition
The wording of Justin Sun seemed to confuse social media users. The senior market analysts at eToro – Mati Greenspan – questioned Sun about how a speculatively decentralized entity could possibly be placed under the control of another entity. Meanwhile, Poloniex has promised long-term beneficial effect for the cryptocurrency as a result of the takeover.
The blog post of the firm states:
“This acquisition is bound to be a very significant move for the ecosystem of Tron, signaling the exchange sector’s trust and recognition of Tron.”
After the announcement, the price of TRX against the USD came down from its modest boost and plunged by about two percent. Tron (TRX), which is now down to the 12th position on the list of top digital currencies by market cap, has been following the trend of other top cryptos in the market.
Bitcoin recently broke over the $7,700 resistance level and topped out at $7,850. Almost all the top cryptos in the market are currently in the green zone, and Tron (TRX) is not left behind. Tron (TRX) is up by less than one percent over the past twenty-four hours.
Sun was recently in the headlines a few days ago after pledging a $1M donation to a fund designed to combat negative publicity of digital currency businesses. The CEO of Binance – Changpeng Zhao – birthed the idea, after a well-publicized tussle with The Block – local industry media outlet.
Tron Boasts New Milestones While Its Rivals Aren’t Doing So Well
The Tron Foundation keeps expanding and attracting more users to its ecosystem, while Justin Sun calls on Ethereum devs to join Tron as well Tron reports its new milestones after the recent incident with DigiByte getting delisted from Poloniex while some in the DGB community accuse the CEO Justin Sun of initiating it.
Total number of user accounts on Tron surges over 100,000
The official Tron account on Twitter cites data provided by Tronscan, saying that over the last two weeks there has been a significant increase in Tron user accounts. This shows an evident growth trend, the tweet states.
The Tron Foundation invites more users and developers to join it. This sounds in unison with the recent Justin Sun’s tweet in which he invites Ethereum dev teams to migrate to Tron.
The tweet came as a response to the news that next year the Ethereum Foundation plans to cut off funding for its internal dev teams starting from young projects.👉MUST READ
More dApps added to Tron over last week
Over last seven days, the amount of dApps made on the Tron chain has grown from 636 to 643. Tron claims that in comparison with other blockchains, assumingly Ethereum and EOS, the network is growing at the highest speed.
Image via Twitter
Recently, the Poloniex trading platform ditched by Circle has acquired the TRXMarket dex and renamed it as PoloniDEX. Now, it intends to add all Tron-based assets free of charge.
How Tron’s rivals are doing
On December 8, Ethereum conducted its long-expected Istanbul hard fork which many believe to solve the current difficulties with scalability and push it towards the Proof-of-Stake algorithm.
Analysts are expecting the ETH price to surge to around $423 after June next year.
As reported by U.Today recently, since early November, the EOS chain (or rather its users) have been suffering from congestion caused by the EIDOS dApp airdrop with transaction fees rising tremendously. Now, users need to have at least 100 EOS staked in order to transact.
Besides, the Weiss Ratings agency has decreased the EOS techno score from B to C.
Still, Justin Sun reports that Tron comes third after Ethereum and EOS as per CCID’s 15th global public blockchain technology assessment index.
Image via Twitter
BitTorrent To Dole Out 990 Million in BTT To Various Tron (TRX) Holders
BitTorrent, one of the world’s most used file-sharing platforms, has recently revealed a planned project of rewarding the platform’s users with 999 million in BTT tokens. This new reward program will be initiated on the 11th of December and will reward various Tron (TRX) holders with the coins.
Tron Holders Earn Free BTT
As was revealed in a prior publication, the BitTorrent Foundation has already started the first round of airdrops to Tron holders. This December marks the last reward airdrops of BitTorrent to Tron holders across the globe. The publication stated that the snapshot would take place when the Tron blockchain reaches a block height of 6.6 million.
Using this snapshot, the BitTorrent Foundation started the first airdrop in February this year, and it equaled to 10.89 million BTT or 1.1% of the total supply of BitTorrent tokens. A further 11.88 BTT was given twelve months later in December, diminishing the total amount by an additional 1.2%
Next year, the Foundation promised to push more BTT coins to Tron holders, this time totaling in 12.87 million in BTT, or around 1.3%. The plan is to do the same in the next six years, adding a 0.1% increase to the giveaway until 2025, where it will total to a 1.7% giveaway.
To further pump out BTT, BitTorrent has promised to airdrop a whopping 99.99 million in BTT to various Tron users through various online and offline events. Crunching the numbers, it’s another 10% of the BTT supply the BitTorrent Foundation is going to give away.
A Brief History of BitTorrent
BitTorrent itself was acquired by Justin Sun back in June of 2018. BitTorrent was one of the first decentralized networks of the world, allowing users to share files across the globe. The site is rather famous for its use as a convenient way to download pirated software through the use of Peer-to-Peer (P2P) technology. While the exact terms of the acquisition are up in the air, speculations of the final price for BitTorrent ranges from $126 million to $140 million.
BitTorrent was founded all the way back in 2004, but the platform has only been growing. It now boasts over roughly 100 million active users across the world and is one of the top-rated apps on the Google Play store. BitTorrent also hosts products like the uTorrent Web desktop client for both PC and Mac, as well as BitTorrent Play for the iOS.
Tron Vs. Tate
More recently, Justin Sun has acquired Poloniex, shutting down trading for its US customers. In response to this, Jared Tate, the creator of DigiByte, took the Tron Foundation on as a whole. In an 8-piece tirade on Twitter, Tate accused Tron of being a wholly centralized network. In response to this, Poloniex suddenly did a “careful review” of the Digibyte coin and promptly booted it from the exchange.
Tron News Today – Headlines for December 7
- Poloniex announces the delisting of DigiByte (DGB)
- Justin Sun accused of influencing the delisting of DGB on Poloniex
- Poloniex resumes the listing of coin on the platform
Tron News Today – The digital currency community on Twitter is talking about the tweet Poloniex deleted, in which the digital currency trading platform urged the community to buy TRX. Moments after the tweet, a member of the DigiByte team accused the trading platform of promoting the native currency of Tron – TRX. Poloniex Exchange responded to the tweet with a decision to delist DigiByte (DGB). After the tweet of the trading platform, some crypto buffs in the community are now accusing Justin Sun, who recently became an investor in the exchange, of forcing the platform to make such a decision.
Justin Sun Rejects Accusations about Influencing the Delisting of DigiByte
In response to the accusations, Sun released a tweet stating that the Poloniex team made all decisions separately. He pointed out that he is just one of the investors in the firm. Sun also said that he prefers to work with mainstream trading platforms. Nevertheless, he said that he respects and supports the decision of the trading platform.
The following tweets show that this post was meant to be a reply to the community talking about the DigiByte situation and probably blaming the delisting of the coin on Justin Sun.
Poloniex Resumes Listing
According to a tweet by Poloniex Exchange on Friday, the trading platform has resumed the listing of digital currencies on the platform. Any project team that wants their digital currency to be listed on the platform have to fill out a Google Form. The tweet got many comments and some users are pleading that the trading platform should relist DGB. One of the users, pleading for the relisting of DGB, also addressed Justin Sun.
Nevertheless, the digital currency trading platform has not said anything regarding the relisting of the coin. Chances are the Poloniex Exchange team might change their mind, but the exchange is not showing any sign in favor of that.
Binance Rejected DigiByte (DGB)
Recently, Jared Tate – the CEO of DGB – tried to get his digital currency listed on Binance, the world’s largest digital currency trading platform, but was rejected. In response, the DGB CEO started a scandal, accusing the CEO of Binance Changpeng Zhao and his team of being corrupted and ignoring DigiByte. In response, the CEO of Binance said:
“I think he (himself) specifically does NOT want DGB listed on Binance. Not gonna waste any time on these types of guys. There are more interesting things to do in life.”