News is driving the price of Tron (TRX), which has been rallying in recent days.
Justin Sun’s cryptocurrency is now worth 12 cents on the dollar, and today alone it is up 10%, making it one of the day’s best.
In the past month, the price has tripled from 4 cents at the end of March to its current value.
Behind this growth are the many initiatives involving Tron and its blockchain ecosystem.
News about Tron (TRX)
Under the leadership of Justin Sun, Tron is becoming a benchmark for the DeFi industry.
Tron’s TVL in DeFi currently stands at $12.6 billion.
Justin Sun is adept at riding the trends of the moment, and the hot topic right now is NFTs.
Tron’s CEO had already made his mark at Christie’s auction where Beeple’s NFT was sold for $69 million. At that time, it was rumoured that it was Justin Sun who had acquired the artwork. In reality, Sun’s bid was only $250,000 lower than the winning bid.
In the meantime, however, the JustNFTFund won the auction for 5 NFTs organized by HuobiCharity, Huobi Global’s charitable foundation. The NFTs were purchased for a total of $229,000.
As Justin Sun explained:
“JUSTNFTFund aims to be the ARK Funds in the #NFT space, registering world-class artworks as NFTs on blockchain. JUSTNFTFund was born to build a bridge between top-notch artists and #blockchain, and to support the growth of native crypto NFT artists”.
The new stablecoin in the TRON ecosystem
Other important news from Tron includes the launch of the stablecoin TrueUSD (TUSD) on its blockchain.
TUSD is pegged to the US dollar and guarantees low commission costs and fast transactions.
TUSD is a candidate to be not only a stablecoin for use in the DeFi sector but also a weapon to compete with Ethereum. In fact, Tron claims to have 26.6% of the total stablecoin market, currently led by Ethereum, but would be on the verge of surpassing Vitalik Buterin’s blockchain in terms of volumes of stable digital currencies. This would be due to Tron’s greater scalability compared to its competitor.
Justin Sun said in this regard:
“Stablecoins will continue to play an important role and thrive in the cryptocurrency market. In conclusion, I believe the launch of TRC20-TUSD will bring tangible benefits to both parties; developers and community members on TRON will be given access to a compliant USD-pegged stablecoin, and the ecosystem will get healthier and more comprehensive”.