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- TRON’s TRX has increased by approximately 12% in the last 24 hours according to CMC.
- The trading platform submitted an application to become a VASP last week and is currently awaiting approval.
On Friday, Justin Sun announced via Twitter that TRON’s TRX cryptocurrency is now operational on the Ethereum blockchain. This integration was made possible through the BitTorrent bridge. TRON’s TRX has risen by around 12% in the past 24 hours and is currently priced at $0.08522.
With the BitTorrent Bridge established, assets can be swiftly and effortlessly transferred between blockchains utilizing the Ethereum Virtual Machine (EVM) and Tron.
Significant Advancement for TRX
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The liquidity and adoption of TRON’s native cryptocurrency within DeFi protocols will be enhanced by the bridge. The total value of assets locked in over 800 protocols on Ethereum’s network surpasses $80 billion, positioning it as the largest DeFi ecosystem currently.
With $5.61 billion secured across 22 protocols, Tron holds the second-highest total value locked (TVL) among blockchain networks. Sun had previously tweeted that the volume of approximately 11 million transactions on the Tron blockchain on May 31st set a new daily record.
On Thursday, as reported earlier, the process for applying for licenses to operate cryptocurrency trading platforms and exchanges in Hong Kong officially commenced. Since 2018, only qualified institutional investors have been permitted to trade cryptocurrencies. However, new legislation in Hong Kong will allow retail trading as soon as the second half of 2023.
Tron founder and Huobi investor Justin Sun commended Hong Kong for allowing retail consumers to engage in the cryptocurrency market. “A very big step for crypto in China,” as Justin Sun described it, is the Hong Kong government’s decision to permit ordinary investors to start trading digital assets.
He also projected that Huobi will receive a license in Hong Kong within a year. The trading platform applied to become a VASP last week and is now awaiting approval.
