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Jafrin Ahmed
Oct 13, 2020
by Jafrin Ahmed

3,000 Wrapped Bitcoin Now On Tron Blockchain

Wrapped Bitcoin
TRON network has reached a new milestone of 3,000 wrapped Bitcoins on its network. In early September, Tron Founder and CEO, Justin Sun hinted that Bitcoin will soon be available on TRON ecosystem in the form of Wrapped Bitcoin in a similar to move to what MakerDAO did on Ethereum.

A month later, Poloniex announced that it was the first exchange to support Bitcoin on Tron – BTCTRON, a type of wrapped Bitcoin on the TRON blockchain.

Within two weeks of its launch, Sun notified the crypto community on Bitcoin’s progress on TRON network.

His tweet suggests that the TRON ecosystem has now a total supply of 3,000 Bitcoin, all of which are already in circulation.

Introducing The Latest BTCTRON

Poloniex users can now exchange Bitcoin (BTC) for BTCTRON through the exchange’s new swap feature, even directly from Poloniex’s wallet.

The benefits include not needing to pay any additional fees for swapping BTC to BTCTRON, and vice versa.

Meanwhile, users will not face any loss through price change, as BTCTRON’s value is pegged to Bitcoin’s own value in a 1:1 ratio. Using wrapped Bitcoin allows one to transfer Bitcoin’s value to a much faster TRON network without losing anything in the process.

This Bitcoin version can also be used for yield farming allowing users to make passive income on TRON’s DeFi platforms. Bitcoin on Tron blockchain is beneficial for those yield farmers  who want the value of BTC with the efficiencies of Tron network.

According to data shared by Sun, there are a total of 838 addresses that are currently holding TRON’s version of BTC (BTCTRON) and 8,128 transactions.

At the time of writing, BTCTRON holders have increased to 876 and have carried a total of 8,831 transactions using BTCTRON.

 

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3,000 Wrapped Bitcoin Now On Tron Blockchain
Jafrin Ahmed
Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

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