Synthetic assets such as "Bitcoin on Ethereum" are getting more and more popular amidst the ongoing decentralized financial protocol (DeFi) euphoria. Now Tron (TRX), the second most popular dApps protocol, has launched its own Bitcoin-like token.
First 2,000 Bitcoins (BTC) are minted on Tron (TRX)
Today, the founder of the Tron (TRX) blockchain and CEO of BitTorrent (BTT), Justin Sun, announced that the Bitcoin-pegged synthetic asset is live on Tron (TRX). In his recent tweet, Mr. Sun shared a link to the token of the new asset in the Tronscan network explorer.
As of today, 2,000 Bitcoins (BTC) are minted on the Tron (TRX) blockchain. In actual prices, this brings Bitcoin-on-Tron liquidity to $21.4 mln.
Mr. Sun has teased the launch of synthetic Bitcoin on the Tron blockchain since August of this year. On Sept. 24, it was announced that Tron Foundation is working with top-tier digital payments processor BitGo to introduce tokenized Bitcoins and Ethers on the Tron (TRX) blockchain.
This release looks perfectly aligned with the "all in" DeFi policy of Justin Sun in 2020. On Aug. 3, in AMA with Nischal Setty, co-founder and CEO of leading Indian Bitcoin (BTC) exchange WazirX, Mr. Sun stressed that Tron takes competition in this segment very seriously:
I believe in 2020 the biggest keyword for TRON is DeFi.
Poloniex adds BTC/BTC-TRC-20 swap
The crucial question for "Bitcoin-on-Tron" liquidity is the opportunity to exchange "real" Bitcoin for the synthetic one. Mr. Sun announced that this type of cross-chain swap will be available on the Poloniex crypto exchange.
Furthermore, Mr. Sun invited all exchanges interested in similar opportunities to contact him directly. Thus, Tron-based DeFis may be saturated with Bitcoin (BTC) liquidity very soon.
Despite the fact that "tokenizing" solutions for Bitcoin and Ethereum are not new for the crypto segment, its popularity skyrocketed in 2020. For instance, the Ethereum (ETH) blockchain has onboarded more than 100,000 BTC so far.
This indicator gained 5,000% in 2020: one year ago, the amount of "Bitcoin on Ethereum" was less than 2,000 Bitcoins (BTC).