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TRON announces defi hackathon on blockchain’s fifth anniversary

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  • Public blockchain network TRON has released details of a new global developer hackathon.
  • The Great Voyage: TRON 2021 Global DeFi Hackathon will see $10 million ring-fenced for elite developers who can pioneer workable defi dApps built on the TRON blockchain.

TRON has been busy expanding its defi suite since last year, when it unveiled several products including the JustLend lending platform and automated market maker JustSwap. While TRON-based defi protocols are currently outnumbered by those on Ethereum, the latest hackathon – which is part of the company’s $120 million DeFi Entrepreneurial Alliance Support Program – is certain to stimulate development efforts and spur a fresh wave of protocols.

Hacking defi

The $10 million hackathon coincides with the fifth anniversary of TRON’s inception, and reflects the network’s growing interest in the defi space. Such interest isn’t hard to fathom: a year ago, the defi market was celebrating a major milestone by surpassing $1 billion in total value locked (TVL); that figure now stands at almost $40 billion, and TRON is eager to carve out a bigger chunk of the pie.

The Great Voyage hackathon is pitched at forward-thinking blockchain developers, entrepreneurs, designers and product managers – anyone, really, who has a vision for building defi products on TRON. The judging panel will comprise expert developers and key opinion leaders, with entry categories including defi mainstays like lending, payment, DEXs, and protocol interfaces.

Projects related to infrastructure, data analysis and visualization, stablecoin issuance, insurance, NFTs, mining, and BitTorrent File System (BTFS) will also be considered, with interested devs urged to register by February 21. The curtain closes on the hackathon on February 28, with a live stream of entries scheduled for March 1-7.

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In May, members of the public will get an opportunity to vote for their favorite project using TRX and SUN tokens. The maximum number of points any team can win are 100, though teams that hit a threshold of 80 will qualify for an incentive prize of $50,000 supplied by TRON honcho Justin Sun.

As a condition of the hackathon, source code used by developers is to be published on GitHub, and projects awarded a share of the war chest will also benefit from additional support such as a fast-track listing on TRON-powered DEXs like JustSwap and PoloniDEX.

TRON defi empire expands

According to TRON boss Justin Sun, business is already booming in its defi suite, with over $1.3 billion of value locked across JustLend, JustSwap and JustStable, the latter being TRON’s defi stablecoin system (USDJ). The circulation of TRC20 Tether (USDT) on the network has also exceeded $12.4 billion.

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Aside from the $10 million war chest, then, there is plenty for developers to get excited about when it comes to defi on TRON. Competition entrants are encouraged to pioneer new use-cases while utilizing existing protocols such as JustSwap and TronGrid, with a $1 million bounty divided between five First Prize winners and a runners-up prize of $1 million between 10 winners.

To throw your hat in the ring, register interest via the Discord community and complete an application form before February 21.

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Tron (TRX) Price Prediction 2021 | 2025 | 2030 – Future Forecast For TRX Price

 

 

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Justin Sun Launches the World’s Third Cryptocurrency ETN

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Justin Sun, founder of TRON, published an open letter to the community on September 20, 2021, regarding the upcoming listing of TRX ETN in 14 EU countries including Germany, France, the Netherlands and Switzerland.

According to the letter, VanEck TRX ETN (VTRX) has been officially approved by Deutsche Börse Group and is available for trading on Xetra from September 21, 2021.

The approval from Germany will exempt VTRX from the approval of other EU regulatory authorities, and VTRX will be listed as compliant security in 14 countries including Germany, France, the Netherlands and Switzerland.

This marks TRX (VTRX) as the third mainstream cryptocurrency – after Bitcoin and Ether – that has been listed on the traditional financial market of Europe.

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Justin Sun introduced blockchain as a ‘value network’ to China in 2012, which established him as an early evangelist and practitioner of blockchain. Later in 2017, he founded TRON.

Today, TRON has built a comprehensive ecosystem spanning from underlying protocols and smart contracts, to NFT and metadata storage, boasting over 54 million users and $50 billion worth of crypto assets across the globe.

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Moreover, the TRON-based USDT (TRC20-USDT), with a circulating supply as high as $36 billion, is now the world’s largest stablecoin in circulation, accounting for more than 50% of the global market.

Not long ago, TRON also inked a strategic partnership with Valkyrie Investments to launch Valkyrie TRON Trust. As the first institutional fund targeting TRON’s crypto ecosystem in the US, the initial size of this trust is over $50 million, and it plans to file to go public in 2022.

Justin Sun also announced in his latest open letter to the community that BTTC, a layer 2 scaling and cross-chain solution, is scheduled for launch on October 30, 2021.

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By then, a closed loop of both layer 1 and 2 networks with sound cross-chain connectivity will take shape, delivering both a robust underlying network of global settlement layer and a heterogeneous, scalable cross-chain network – BitTorrent Chain – that features high throughput and full compatibility with EVM. This solution will usher in a new era of connecting all chains.

According to available resources, the listing of VTRX has been stringently reviewed and approved by Deutsche Börse Xetra, fully complying with the financial regulatory requirements in Europe.

Further, with the support of Clearstream under Deutsche Börse Group, TRX ETN is expected to be available for trading in the pan-European market on major European exchanges in London, Paris, Amsterdam and more.

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This marks another milestone of TRON – the forerunner in the global public chain sphere – in pursuing globalization and compliance under Justin Sun’s leadership.

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Justin Sun on TRON (TRX) Grand Vision with Crypto ETFs

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TRON is an ambitious project dedicated to building the infrastructure for a truly decentralized Internet.

TRON have established dual headquarters in the Americas and Asia Pacific.  With the establishment of more overseas offices in preparation and their team in rapid expansion. They offer employees opportunities to go on international business trips and to work on overseas posts. With TRON, users will be exposed to the most cutting-edge blockchain technology.

Since the TRON Foundation was founded, it has upheld its original faith of decentralizing the internet, working hard to change the world with technology.

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With TRON, Users are able to reduce costs, enjoy convenience, and build fortunes by using different DApp functions deployed in TRON.  Developers have a vast range of rights including deploying DApp in TRON net, expanding business and gaining traction as influencers and thought-leaders.  Network witnesses demonstrate support for TRON and its abundant returns.

Justin Sun Expressed:  This Report titled “TRON Crypto ETFs”, issued by TRON Research, reveals the significance of TRX ETN listing on DeutscheBoerse, and also includes TRON’s grand vision, cross-chain, industry comparison, etc.

Community response:  Positive developments happening …. Things are moving in the right direction.

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Stable coins, DeFi, NFT, Dapps, Trust Funds, ETFs, Layer 2 solutions, More Accounts opening, More organic growth in coin burn, Partnerships and endorsements.

The Report TRON Crypto ETFs points to a world inside bubbles which consists of All money, stock markets, physical money, Gold Market Cap, USD in circulation, Apple, Amazon, All cryptocurrencies, Jeff Bezos, Bitcoin, and Bill Gates.

The paper covers all the details about TRON ranging from the supply mechanism: deflation versus inflation, Web 3.0 ecosystem, cheaper, faster and energy efficient, industry’s leading user ecosystem, most popular protocol for cross-border transfer, king of stable coin supply (USDT), next generation global payment system, creative destruction by order of magnitude, smart contract and DeFi Ecosystem, revitalizing BitTorrent Ecosystem, BTTC – Cross Chain Layer 2 Scaling solution, APENET – connecting artists and token economy, and more.

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The report has been written and released by TRON Research.

For clarity, ETN per investopedia, “Exchange-traded notes (ETNs) are types of unsecured debt securities that track an underlying index of securities and trade on a major exchange like a stock. ETNs are similar to bonds but do not have interest payments. Instead, the prices of ETNs fluctuate like stocks.”

An ETN is issued by financial institutions, which bases the return on a market index. The ETNs are a type of bond. At maturity, the ETN will pay the return of the index it tracks. However, ETNs do not pay any interest payments like a bond.

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Deutsche Börse are creating trust in the markets of today and tomorrow.

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Tron Exchange-Traded Product To Be Listed on Europe’s Biggest Stock Exchange

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Open blockchain platform TRON (TRX) will join mutual fund VanEck as part of an upcoming listing on the Deutsche Börse German stock exchange.

The new product is an exchange-traded note (ETN) called VanEck Vectors TRON ETN (VTRX). It will debut on Europe’s largest stock venue tomorrow, with further expansion to Zurich, Paris, and Amsterdam expected.

The TRON (TRX) protocol was founded in 2017 by Chinese-American tech entrepreneur Justin Sun, and aims to allow content creators to sell directly to their consumers.

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Martijn Rozemuller, CEO at VanEck Europe, explains the firm’s motivation for establishing the TRON partnership.

“Ethereum continues to grow in popularity, but younger platforms such as TRON also offer many advantages, such as lower transaction costs or faster processes, and by adding them to their portfolio, an investor increases the diversification, which lowers the overall risk.”

With the new TRON listing, VanEck will have three different crypto ETNs on the Deutsche Börse, including one for Polkadot (DOT) and another for Solana (SOL). The firm also has Bitcoin (BTC) and Ethereum (ETH) ETNs that trade on other European exchanges.

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TRX is currently trading at $0.094872 at time of writing, down 10% on the day according to CoinGecko, as part of an overall dip that has affected the crypto market.

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