There are 3000 bitcoin on TRON
There are 3000 bitcoin on TRON
Blockchain

There are 3000 bitcoin on TRON

By Alfredo de Candia - 12 Oct 2020

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Justin Sun reported the news on Twitter: the TRON blockchain houses as many as 3000 bitcoin (BTC), which at the current price are over $30 million, making it the second blockchain with the most BTC.

Only last month, Sun himself announced that wBTC and wETH would soon arrive on the TRON blockchain thanks to BitGo, bringing the assets on a more scalable blockchain than the original one.

And so, a month later, there is a smart contract where the 3000 BTC are in the hands of 871 different addresses:

bitcoin on tron

Interestingly, these BTC are already available on the decentralized JustSwap exchange and therefore anyone can exchange any token with BTC in a completely decentralized and autonomous way.

It is not yet clear how to transfer tokens from this blockchain to that of bitcoin, and maybe the use of Poloniex will be necessary to act as a bridge between the two blockchains, or maybe in the future a dedicated platform will be created where BTC can be extracted from this blockchain, as in the case of pBTC found on EOS and Ethereum.

Moreover, with this smart contract, the TRON blockchain is in second place among all the blockchains that offer this type of asset: in fact, in first place, there is Ethereum with the wBTC that correspond to over 95 thousand BTC, with a value of over 1 billion dollars.

In second place there is TRON with 3000 BTC and a value of over 30 million dollars, in third place there is Lightning Network with just over 1000 BTC and about 12 million dollars, demonstrating how the other blockchains have taken advantage of the slowness and difficulty of this protocol to attract capital, especially thanks to decentralized finance (DeFi).

Bitcoin on TRON as a form of investment

In fact, it is clear that BTC is now considered as a store of value, rather than a payment system, and while this could be considered a failure compared to Satoshi Nakamoto’s original objectives, it has become an investment opportunity.

For this reason, little by little, BTC has been used as collateral for several stablecoins, such as DAI on Ethereum or EOSDT on EOS, as well as for the creation of liquidity pools.

All this has driven the Uniswap token, i.e. UNI, into the limelight as the wETH/wBTC pair provides 16% APY and it is clear that many are using it to achieve even more rewards.

Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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