Justin Sun has hinted of launching a wrapped version of Bitcoin on the Tron network, a move which would bring Bitcoin’s value to Tron’s DeFi ecosystem as well as capitalize on the efficiency of the Tron network.
The Founder and CEO of Tron was responding to a tweet asking him to transfer some of the TRX bullish energy to Bitcoin. This was after Tron seemed to escape from the crypto-market sell-off that saw Bitcoin drop to as low as $9,970—Binance rate.
Justin had also earlier been requested to bring Ethereum’s value to the Tron ecosystem by Tron community member Mike McCarthy. Ethereum gas fees continued to skyrocket as a result of high transaction activity brought about by DeFi.
The Tron network has been hailed as being efficient when compared to that of Bitcoin and Ethereum. The Tron network can handle a maximum of 748 transactions per second. In terms of fees, simple transactions on the Tron network are free. For smart contracts, the cost for each contract call is very cheap when compared to Ethereum and can be calculated beforehand.
Therefore, tokenizing both Bitcoin and Ethereum on the Tron Network would be beneficial for the DeFi industry in the Tron ecosystem. Wrapping these major digital assets would be ideal for DApps that would like to capture the value of BTC and ETH, as well as utilize the speed and low costs of operating on the Tron network.
TRON has headquarters in the Americas and Asia Pacific and is known for its cutting-edge blockchain technology. TRON Network had earlier announced a strategic partnership with Band Protocol to bring secure and verified decentralized oracles to power its rapidly growing DeFi and decentralized application space. Both teams have joined forces to solve the blockchain scalability issue and bring customizable and decentralized oracles for all TRON developers as well as various leading DApps in the TRON ecosystem, one of the largest blockchain-based operating systems in the world.