Tron (TRX) Price Jumps 10% After Major Ethereum Integration

Justin Sun confirmed on Twitter on Friday that TRON’s TRX has now expanded its reach by going live on the Ethereum blockchain by leveraging the BitTorrent bridge.

TRON’s TRX is currently trading at $0.08388, nearly 10% up in the last 24 hrs.

TRX gets massive DeFi exposure

The BitTorrent Bridge would successfully enable fast and easy movement of assets between Ethereum Virtual Machine (EVM)–compatible blockchains and Tron. The bridge will further boost TRON’s native cryptocurrency’s liquidity and increase its use within DeFi protocols. Ethereum is currently the largest DeFi ecosystem, with the total value of assets locked in over 800 protocols at over $80 billion.

Tron has the second-highest TVL among blockchain networks, with $5.61 billion locked on 22 protocols.

Earlier, Sun tweeted Tron blockchain hit a new record high amount of daily transactions as it processed nearly 11 million transactions on May 31.

Hong Kong opens crypto market to retail traders

As reported earlier, Hong Kong is moving towards becoming a cryptocurrency hub on Thursday with the start of applications for licenses to run trading platforms and exchanges. Trading of cryptocurrencies in the Chinese territory has been restricted to institutional investors and other professionals since 2018, but Hong Kong’s new regulations will allow retail trading as soon as the second half of 2023.

Tron founder and Huobi stakeholder Justin Sun said that Hong Kong allowing crypto trading to retail customers is a big step . The decision to greenlight digital asset trading for retail investors in Hong Kong beginning tomorrow is “a very big step for crypto in China,” Justin Sun said. He also predicted that Huobi will be able to get a license in Hong Kong within 6 to 12 months. The exchange has already submitted an application to become a virtual asset service provider (VASP) last week.

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Jai Pratap

Jai Pratap is a Crypto and Blockchain enthusiast with over three years of working experience with different major media houses. His current role at CoinGape includes creating high-impact web stories, cover breaking news, and write editorials. When not working, you'll find him reading Russian literature or watching some Swedish movie.

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