Zethyr Finance in the CRYPTOKNOWMICS
April 03 2020
Tron Network Gear Up For The Launch of First DeFi Project on TRON
Tron Network is known as one of the leading platforms for hosting and building decentralized applications and smart contracts, is all set to host the first De-Fi on TRON network. The news was revealed by Zethyr Exchange who once distributed all TRX token to the community. The official Tweet from the Zethyr Exchange’s handle revealed that the new DeFi project will debut on the Tron network on 24th December. The first De-Fi project will be backed by the likes of BitTorrent (BTT) and Wink (WIN).
Decentralized Finance (DeFi) is an evolving financial ecosystem which is based out of the Ethereum network and makes use of non-asset backed stable coins like Maker’s DAO to facilitate lending, borrowing and staking services. Users can lock their Ether in defi projects to either take a loan against it or earn interest rates by locking it in smart contracts for a certain period of time. De-Fi projects are gaining popularity in the crypto community in recent year, as the amount of Ether locked in DeFi projects has risen to 4.40 million ETH, which is a rise of 44% from the amount locked in August 2019. The defi report published in November highlighted that prominent defi projects have raised $37.4 million. The volume of decentralized exchanges also reached their all-time high this year.
Tron continues development on its platform
Tron which started out on Ethereum network but later shifted to their own platform has been primarily focused on becoming the go-to Dapp platform. Some of the most popular and highest revenue-generating Dapp projects are listed on the Tron network. This is the reason Tron was also called ‘Ethereum Killer.’ The monthly Dapp reports have suggested that the Tron network also hosts the highest number of live Dapp projects. The decision to venture into the DeFi ecosystem which is considered to be the next big thing in the crypto space is going to help Tron to expand their decentralized portfolio and also promote defi adoption by the masses.