Tron is now entering the DeFi business – Justin Sun, the entrepreneur and founder of the crypto project, had already shared this picture at the consensus conference in 2019.
Justin Sun on Twitter: “DARE TO DEFi. #TRON #BitTorrent … „
Tron’s entry into decentralized finance, which has taken the crypto industry by storm in recent months, began with the launch of JustSwap, a decentralized exchange that leverages the automated market maker concept popularized by Uniswap.
The builders in the Tron ecosystem are building on the previous success of JustSwap with new DeFi protocols, which are characterized by liquidity reduction / yield farming programs. The thing is, they eerily resemble Immediate Edge scam – especially Yam.finance.
Tron – big in DeFi after introducing JustSwap?
Tron is getting its own DeFi protocols, eerily similar to Yam.finance after the successful launch of JustSwap, with a company called „TronFi“ taking the lead.
So far Pearl.finance, Salmon.finance and Carrot.finance have been introduced. All of these logs contain liquidity-raising incentives that entice investors to deposit USDT, TRX, or other tokens of value into the logs to mint a governance token.
While it is not yet clear how much traction Tron’s DeFi protocols are getting, there is a short-term growth opportunity for the blockchain due to Ethereum’s high transaction fees .
Since trading on Uniswap costs around $ 60 and completing more complex Ethereum transactions even more, retail investors who want to get involved in yield farming could actually opt for Tron – at least to test it out.
The introduction of Tron’s DeFi ecosystem has had a positive impact on the price of TRX
According to data, the coin is up 14.24 percent in the last 24 hours and 80 percent in the past week. This makes the asset the top 20 best performing cryptocurrency.
Chart of the price development of TRX in the last week. Source: TRX / USD chart from TradingView.com
Mixed reaction from the community
Tron’s current crop growing setups are obviously inspired by Ethereum’s Yam.finance, SushiSwap, and other leading projects.
Michael „BoxMining“ Gu posted a picture of himself on Twitter and downloaded the TRX application for the Ledger Nano S or X.
Other members of the DeFi community comment that they are trying their hand at Tron’s thriving decentralized financial ecosystem.
However, there have been far more negative reactions from those who believe that Tron is simply shamelessly trying to rip off some of Ethereum’s uses.
You’re not wrong per se – but it’s important to point out that the Ethereum developers are also copying decentralized applications onto their own platforms, as we’ve seen with Uniswap and SushiSwap or Yearn.finance and Yearn.finance II / DFI.money .