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Tron network announced it will support Bitcoin!

Photo of: Nathan VDH
by Nathan VDH

Will Bitcoin soon be joining TRON? Justin Sun, the founder of TRON, hinted at the possibility of such a scenario on Twitter, announcing a potential partnership with the Bitcoin community, in reaction to a tweet that instead asked Justin Sun to transfer the bullish feeling that has accompanied TRON recently to a recently struggling Bitcoin; Sun indeed responded that Bitcoin would soon be available on Tron.

The end of the first week of September 2020 was marked by the fall in the price of many cryptocurrencies, including Bitcoin, but that does not seem to have affected Tron.

The price of Bitcoin fell below $10,000, while the value of Tron increased by 24.8% according to CoinMarketCap. After a very high peak on Friday at almost $0,5 (a two year high) things have stabilized from the bull run of last week to a respectable $0,31.

Analysts indicate that Tron’s counter-current performance can be explained by the launch of Sun Genesis. Sun Genesis is a project by Tron founder Justin Sun which allows Tron holders to lock up their assets to mine SUN tokens.

The Tron blockchain is considered one of the most efficient in terms of transaction processing, allegedly much faster than Bitcoin and Ethereum. TRON can process 748 transactions per second with marginal costs, except for the execution of smart contracts. But even for the execution of smart contracts, the costs are relatively low compared to Ethereum and can be calculated in advance.

Tron had recently announced the creation of 3 products dedicated to DeFi with the JUST DeFi project but the news seems to have been received with little enthusiasm by the community.

The project that has been truly hyped for Tron recently is Sun Genesis Mining. Tron investors have now locked in $210 million worth of Tron on the platform after its launch on September 2, only five days ago.

Justin Sun continues to bet hard on DeFi with this project and while most independent DeFi projects still are built on Ethereum, Sun believes that his network’s faster speed and lowest fees will be able to convince projects to move over to Tron.

This has been a very timely bet as last week, Ethereum’s high gas fees were one of the most important subjects in the crypto world. Facing such high costs of operation, it is not unlikely than a few of the most promising Ethereum based DeFi apps might join Tron.