(TRX) Tron doesn’t have its own DeFi apps and yet earned the title ‘’The Ethereum Killer’’ as per the previous reports that we had in our TRON news.
Decentralized Finance or DeFi, is one of the biggest topics for Ethereum currently and in the past few days, the network reached a new milestone with more than $1 billion in assets that were represented in smart contracts. During December, the number was just under $600 million so there was explosive growth as we can see, especially since 2020 started.
DeFi has become one of the hottest and biggest selling points of Ethereum so any other competitor will have to offer the same capabilities if they want to replace Ethereum or become the next ‘’Ethereum Killer as TRON claimed to be. Tron doesn’t have the potential currently to do so despite the claims that are over Ethereum, as it seems that there are no DeFi apps whatsoever.
This was the same concern that Colin Platt had when he was investigating the platform. He had a hard time finding any DeFi apps and the director of Research at the block told him that ‘’good luck on your journey. I tried this a while ago and it was painful.’’ It seems that the DeFi apps on Tron are quite impossible to be found if they do exist, which is bad news for the self-proclaimed Ethereum Killer. The Dapps that do exist on TRON are mostly meant for gambling as reported in the previous tron news. For example, WINK is now the leading dapp on TRON with more than $36,440 in daily volume for gambling.
Unless there’s a cryptocurrency that can directly compete with Etherum in the DeFi area, TRON is not really a competitor. Ethereum has managed to craft a niche for itself after helping restore hopes in the project after the harsh bearish market in 2018. It is unclear how effective Defi will be in enforcing contracts and is still one-of-a-kind undertake in the crypto industry which now has about $1 billion in assets on the chain. Whether or not there will be a real competitor to tackle the dominance that Etheruem has in Defi, remains to be seen.
Steemit Migrates To Tron’s Blockchain After New Partnership
‘’TRON and Steemit’s development teams will immediately begin working together to bring Steemit and other Steem blockchain based DApps to TRON blockchain and its community of over 20 million users, products, and services.’’Steem’s main blogging app and the Steem token will move to the TRON blockchain in the future and all of the dapps will be able to move to TRON as well. However, it is not clear whether this migration will be voluntary or whether the Steem blockchain will continue to exist in the current form. The news also marks a huge shift in the image of the platform since Steemit was created by Dan Larimer who is the creator of EOS. EOS and Steemit were never related but they were kind of related in public perception which is that it could change if TRON manages to reshape Steem’s image. Steem has a lot to offer and it is best known for its crypto-incentivized blogging app and it supports several other popular dapps as well. The most notable Dapp includes the YouTube-like video sharing platform Dtube, the similar Instagram-like photo-sharing app APPICS and the Steem Monsters trading game. Assuming that the dapp of Steemit migrates to TRON, the partnership will add more than 100 Dapps to the current list of TRON of 700 dapps. It will also add 1 million users to the TRON network with more than 20 million current users and each platform’s daily active user count is lower in practice. TRON also aims to take an active role in the adoption and it will carry out a Steem token giveaway to gain more users and will offer a speedup program to encourage Dapp development. TRON has built its brand by acquiring other high-profile projects, and it acquired BitTorrent in 2018 which led to the creation of the BitTorrent token and a few other projects. The TRON creator Justin Sun was a part of the investors' group that purchased a stake in Poloniex in 2019. Poloniex listed TRON on its exchange and it acquired one of TRON’s own exchanges. TRON’s Steemit acquisition has been underway for a period of time, and the community started to speculate about this possibility in December when Sun hinted a new acquisition.
TRON Grows On Gambling Dapps And Ethereum On Gaming
"While [Ethereum and Tron] are increasing in 2020 January in comparison to 2019 January, EOS is facing a decrease in daily active users by 61%.’’According to their reports that we now have in our tron news, the firm looked into these blockchains, outlining that the performances of these blockchains can give a clue on the dapp ecosystem's direction and what can be expected this year. While Ethereum did see its bigger growth, TRON grows in its daily active user category. The Justin Sun network was stuck with gambling and high risks dapps and is failing to expand outside this field while EOS is getting dragged down by the network congestion because of the launch of the EIDOS token which was ‘’ a mischevious experiment gone wrong, at worst an aggressive DDOS attack.’’ The daily active unique wallets for TRON increased by more than 33 percent compared to last year and the user base increased by 8 percent only in January, reaching more than 20,000 users. However, the steady increase in active wallets is seen in only one category. TRON has more than 2,600 daily active unique wallets which were followed by RocketGame and WINk. The numbers were dropping in some other categories such as the Games and Marketplaces but also Exchanges:
"Tron as a maturing dapp ecosystem is still failing to expand outside of gambling and high-risk dapps.’’The daily active unique wallets increased by 82 percent between 2019 and 2020 and the number was going from 9,264 to a 30-day trailing average of about 17,000 users on Ethereum. The number of users in the games and marketplaces category, increased by 162 percent since the start of 2019 while My Crypto Heroes is the most popular game. There are other new games that benefit from the large community such as Brave Frontier Heroes. Speaking about the DeFi (decentralized finance) the Tron news reports show that the average daily active unique wallets, increased by 7 percent mainly in the second half of the month, reaching a few 1,400 users. The Exchanges category increased by more than 10 percent in January.
TRON Wakes Up, Now At $0.22 As Bulls Gain Momentum
"Buy my shitcoin."The video sparked plenty of controversy and outrage in the Tron crypto community and the cryptocurrency news on Twitter. However, the backlash now shows that Tron wakes up after it and is posting gains even though cryptocurrencies are very vulnerable to statements like these. However, McCormack ended everything by repeating Sun's words and firing back - in what many see as a marketing strategy to give Tron's token more popularity and spur an influx into Tron's coffers. Some traders even thought that this was pubic promotion of the podcast that McCormack is hosting.
“Tron is a shitcoin. Justin is not coming to the show. He hasn’t leased me a private jet. He has admitted on camera that his protocol is shit. The goal has been achieved,” was the original Twitter post by the podcast host.Today, the Tron news show that TRX jumped above $0.2200 and is safe at this point after trading at a new high against the US dollar at $0.2370. Tron wakes up and there is a major contracting triangle forming with resistance near $0.2200 on the 4-hour chart. If the trend sustains, we can see clearing the $0.2370 levels again.
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