Binance Releases Institutional-Grade Report on Tron As Crypto Exchange Huobi DM Lists TRX for Derivatives Trading
Binance Research has released an in-depth report on Tron, a public blockchain that serves as the infrastructure for a decentralized internet. Its native cryptocurrency TRX is the 10th largest cryptocurrency by market cap.
While the report pegs the current count of DApps on Tron at 394, that number has swelled to 402 as the platform continues to see an influx of blockchain developers who are joining and building up the ecosystem.
Tron has excelled at cornering the market for blockchain-based gaming and betting DApps, with TRONbet ranking as its most successful with 2,300 users in the past 24 hours.
Ranking as the No.1 #TRON dapp with more than 2.3k users in the last 24 hours, @TRONbet keeps going strong and has just launched its new game platform – TRONbet LIVE!🔥
Here's everything you need to know about the game>> https://t.co/UF3DZEjY07 pic.twitter.com/ArhcUh75wk
— Dapp.com (@dapp_com) April 28, 2019
According to the Binance report, TRX has exceeded 100 million transactions and is used for several purposes.
Examples of TRX use cases
- Payments for services and goods provided by service providers and merchants on the Tron network
- Payments for fees and commissions for running native smart contracts
- Exchanging for 3rd party issued Tron Classic (“TRC”) network tokens
- Freezing TRX to delegate energy towards running smart contracts or voting for Super Representatives
Tron’s collaborations include a partnership with global blockchain-based developer MixMarvel to build a suite of games, and Tron’s 2018 acquisition of the file sharing protocol BitTorrent, which has allowed the company to leverage the BitTorrent user base of over 100 million.
In addition to gaming, Tron has established a number of strategic moves to extend its reach into finance.
Says CEO Justin Sun,
“We’re getting lots of interest from these institutional investors. I think we’ll do everything to fulfill their requests because when the institutional investor gets into this industry they have lots of requests.”
The company has partnered with blockchain tech startup Swarm to bridge the gap between crypto and traditional finance through the issuance of fully compliant security tokens on the Tron blockchain, and it has secured a new listing on Singapore-based Huobi DM, the digital asset derivatives trading platform of Huobi.
Tron also partnered with Tether (USDT) to launch a new USDT stablecoin on the Tron network in order to entice institutional investors with a less volatile trading environment. Sun now says he’s watching the news cycle closely in the wake of the recent allegations by the New York Attorney General’s office that Bitfinex-Tether (USDT) engaged in fraud.
Sun says they’re postponing their $20 million USDT incentive plan.
We’re closely following events with @Tether_to. We’re however seeing amazing demand for #TRON based #USDT and will postpone our 20M Incentive plan till May 7th 0:00(UTC+8), so exchanges have more time to complete the swap. New Incentive plan schedule: https://t.co/y7uYFu0XZf pic.twitter.com/TAifoqB8WY
— Justin Sun (@justinsuntron) April 29, 2019
You can check out the full Binance Research report here.