TRON’s TRX token has been linked to the Ethereum Blockchain
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TRX has been linked to Ethereum, according to an announcement by TRON founder and former CEO Justin Sun.
TRON’s TRX token has been introduced to the rival Ethereum blockchain thanks to an official effort to bridge the asset across the two networks.
Justin Sun, founder and former CEO of TRON, wrote on Twitter:
“[TRON] has now extended its reach by going live on the Ethereum blockchain … TRX is now fully accessible within the Ethereum ecosystem.”
Sun said TRX was added to Ethereum via the BitTorrent Bridge, a feature of TRON’s BitTorrent Chain (BTTC). Sun and TRON began acquiring the BitTorrent brand in 2018 and have launched a number of products under the BitTorrent banner since then.
TRX’s price has apparently benefited from the news. The token’s value increased by 10% over 24 hours on June 2 – the same day the feature was announced. Bitcoin and the rest of the crypto market saw gains of just 1.2% during the same 24-hour period.
Although market speculation may have boosted prices, the actual use of TRX on Ethereum appears to be limited. Etherscan data indicated that only 29 addresses held the coin and only 119 transfers took place on the first available day.
TRON’s blockchain went live in 2018, about three years after Ethereum’s 2015 launch. The two chains share some features, such as support for custom tokens, support for decentralized applications, high transaction throughput, and staking support.
Although both blockchains are generally considered competitors, Ethereum (ETH) is by far the more successful project. The token, ETH, is the second largest cryptocurrency by market capitalization, with a total supply valued at $228 billion.
TRON (TRX) has a significantly lower market cap of $7.5 billion, but is still in the top ten assets by market capitalization, as it ranks #7.
Ethereum (ETH) also has a higher trading volume. ETH had a 24-hour trading volume of $6.8 billion on June 2, while TRON (TRX) reported a trading volume of $580 million.
TRON is also highly controversial. The latest of these controversies concerns a lawsuit by the US Securities and Exchange Commission (SEC). It alleged that Sun, TRON and related parties illegally offered securities and engaged in laundering.
Disclaimer: the information herein is provided without regard to your personal circumstances and should therefore not be construed as financial advice, investment recommendation or an offer for, or solicitation of, transactions in cryptocurrencies.
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