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The largest crypto by market capitalization, Bitcoin (BTC), sees strong demand for its blockchain, especially with its current price increases. Its demand in other blockchain is also remarkable. Several tokenization platforms evolved in recent months, enabling Ethereum compatible Bitcoins for decentralized finance (DeFi). Likewise, the DeFi market on TRON blockchain sees a relatively huge demand for the ERC-20 Bitcoin token.
Spike in Bitcoin on the TRON blockchain
As of November 1, the Bitcoins on TRON blockchain significantly increased from 2,000 to 5,000 as the founder and CEO, Justin Sun, tweeted while celebrating the Bitcoin whitepaper day. Meanwhile, data from TRONSCAN, the blockchain explorer, shows that Bitcoin’s total number on the network has surged to 9,000. It entails the addition of 4,000 Bitcoins on the blockchain within the space of 24 hours.
9000 #Bitcoin on #TRON. pic.twitter.com/1jEEY0PbRU
— Justin Sun🌞 (@justinsuntron) November 1, 2020
Wrapped Bitcoin on Tron
The massive growth suggests an increased demand for Bitcoin on the TRON blockchain and its decentralized finance market. As per TRONSCAN, the 9,000 Bitcoins on the TRON blockchain are all in circulation presently held by 2,179 addresses. This follows the recent announcement of Wrapped Bitcoin (WBTC) on the TRON blockchain. The TRON team has been working to enable its community to enjoy services offered in its rival blockchain, Ethereum.
Following the increased demand for Bitcoin in Ethereum via the Wrapped Bitcoin (WBTC) token, Justin found it worthy of debuting a TRON-compatible WBTC on the community equally. As Cryptopolitan reported, TRON entered a partnership with BitGo on September 26 to launch the TRC-20 version of Wrapped Bitcoin. Many people speculated that the move aimed to boost participation in the blockchain’s DeFi ecosystem, as was seen on Ethereum.
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Ibiam Wayas
Ibiam Wayas has covered the crypto news beat since 2019. He studied Computer Science at National Open University of Nigeria. His work has appeared on various crypto news platforms, including Coinfomania, Crypto News Australia, and AltcoinBuzz. Drawing on his background in Computer Science, he now focuses on crypto, robotics, and longevity news.
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