The Silicon Valley venture capital firm Andreessen Horowitz (a16z) released a report on Tuesday covering the current state of crypto adoption. It highlights Ethereum as the leading blockchain network for developer support but contains very little mention of Bitcoin’s growth. The Potential of Web 3 The VC firm broke boiled down its report into five key takeaways about the current state of crypto. It began by suggesting that the industry is in the middle of its fourth ‘price innovation’ cycle.…
The TRON (TRX) DeFi ecosystem counts another milestone in terms of total value locked (TVL). Justin Sun, its founder, made an official announcement on Twitter that TRON’s TVL has surpassed $11 Billion.
In an open letter he wrote on September 4, he mentioned how proud he was of TRON. He also acknowledged the growth that the project has seen since its launch in 2018.
TRON Evidently Grows
Recently, TRON has hit the $11 Billion mark because of the general positivity and optimism surrounding the project.
The blockchain can handle up to five times the daily transfer volume of PayPal. Through this, it demonstrated great potential in becoming a future worldwide settlement layer.
Recently, TRON and BitTorrent also came together to develop a project that will launch on October 30. The project, BitTorrent Chain (BTTC), will be the first scalable heterogeneous cross-chain interoperability in the blockchain network.
In the open letter by Sun, he detailed what BTTC means for TRON. TRON created the project to power an era of interconnected chains. It will act as a Layer 2 scaling solution. It means that it will tackle TRON’s NFT, Dapp cross-chain, and DeFi issues.
Over the launch, TRON will form a closed loop of layer one and layer two networks with a strong connection. With this, users will transfer assets seamlessly with the advantages of low fees and low latency. In the long run, the project will bring in more public chains to establish a connection.
That’s not all. BTTC is also compatible with Ethereum Virtual Machine (EVM). Users can easily migrate the apps based on Ethereum Network onto BTTC for superior scalability.
Its Value Triples in 2021
At the time of writing, TRX is trading at $0.1048. Notably, over the last 24 hours, the price is up 0.25%. At the beginning of the year, it opened with a value of $0.026. That means that the value has gone up 3.02x.
On January 5, 2018, during the strong cryptocurrency rally, the TRX price achieved an all-time high of $0.3004. Markets fell afterward, with TRX about $0.01 before coming to a halt. On March 12, 2020, the TRON trend came to a low of $0.0088, rising to $0.02 at year-end. Finally, it surged to a high of $0.099 on April 17, with crypto markets rallying together.
In the past, DigitalCoin predicted that the price would rise to around $0.1313 in 2021. Also, in 2015, they forecasted that the price would come to about $0.1469 and $0.2393 in 2022. And lastly, they thought that the price may get to $0.3701 come 2018.