Key takeaways:
- The new development fund will help TRON attract developers and important DeFi protocols to boost TRON ecosystem and scale the network
- TRON has recently launched BitTorrent Chain in an effort to bridge the TRON chain with Binance Smart Chain and Ethereum
- TRX has garnered a significant amount of interest from financial investors, particularly due to VanEck’s TRX exchange-traded note
TRON (TRX) has just launched more than a $1 billion ecosystem fund meant to boost the development of decentralized apps, creation of new blockchain projects and protocols in the TRON ecosystem.
New funds will be used to boost cross-chain interoperability and ensure TRON’s longevity
With the announcement of the new fund and the recent unveiling of network incentives JustLend and JustSwap decentralized finance services, TRON is trying to leverage its monetary resources to create a unified decentralized ecosystem, spanning non-fungible tokens (NFTs), DeFi protocols, and TRX-powered stablecoins.
One of the key reasons for the launch of the massive DeFi fund, according to TRON founder Justin Sun, is to attract developers and popular protocols to the TRON ecosystem. Justin Sun explains:
“This fund reflects our constant efforts to innovate and stay at the bleeding edge of blockchain. As the blockchain universe expands to new horizons, cross-chain interoperability – especially in DeFi and NFTs – will play a critical role in our continued success. Accordingly, encouraging the developers who are the backbone of this decentralized movement to join us is crucial for maintaining the TRON ecosystem’s longevity and competitive edge.”
The company has recently made great strides in building a multi-chain future. In addition to the new fund, just a few days ago TRON announced a cross-chain interoperability protocol BitTorrent Chain (BTTC), which connects TRON digital assets with Binance Smart Chain (BSC), and Ethereum, effectively scaling the network without sacrificing efficiency.
TRON is far from the only decentralized blockchain platform to launch its ecosystem development fund this year. Before TRON, the most recent fund announcement came from Enjin, which was preceded by Algorand, Polkadot, Avalanche and several other major crypto platforms.
Throughout the year, VanEck’s VTRX exchange-traded note (ETN) has managed to garner a considerable amount of interest from investors in traditional finance. ETN’s aggregate value is above $1 billion and is available to investors and traders from 14 European countries.
