As a researcher with a keen interest in blockchain technology and decentralized finance (DeFi), I find the recent announcement of Tron’s switch from WinkLink to Chainlink as its oracle provider quite intriguing. Having closely followed the DeFi space, I can see how this move could potentially accelerate the growth and adoption of Tron’s ecosystem, especially considering the scale and reach that Chainlink offers.
Tron’s Decentralized Autonomous Organization (DAO) and Chainlink, a service for connecting smart contracts to external data, have revealed that they will be changing the oracle solution provider for the Tron blockchain.
Through a recent press statement, Tron DAO declared they will no longer support WinkLink as their oracle provider. Instead, they plan to transition their decentralized finance (DeFi) system to utilize Chainlink Data Feeds for all pricing-related information.
In simpler terms, the DeFi platforms JustLend and JustStable, which collectively hold more than $6.5 billion in assets, have opted to utilize data oracles provided by Chainlink for their operations.
Accelerating Tron’s DeFi economy
The announcement highlighted that Tron’s participation in the Chainlink Scale program will “accelerate ecosystem growth and adoption.”
To facilitate integration, Tron will initially shoulder some operational expenses related to Chainlink oracle services, including gas charges. Over time, the intention is to transfer these costs to fees charged to users of Decentralized Applications (DApps).
According to Thodoris Karakostas, who leads blockchain collaborations at Chainlink Labs, Chainlink aims to equip developers within the Tron ecosystem to create Decentralized Finance (DeFi) applications, ultimately contributing to the progress of a decentralized web.
In a recent press statement, Sam Elfarra, representing Tron DAO’s community, expressed similar feelings, stating that they enrolled in the Chainlink Scale initiative with the aim of speeding up the growth of Tron’s decentralized finance (DeFi) sector.
In a recent post on platform X, the creator of Tron, Justin Sun, expressed that this integration could open up possibilities for Chainlink, stablecoins backed by Tron, and real-world assets.
Memecoins drove Tron’s revenue to a new high
In the meantime, Tron’s meme coin ecosystem continues to be a significant income source. The blockchain’s meme coin launchpad SumPump contributed to Tron’s quarterly revenue reaching $151.2 million in Q3 of 2024, according to Messari. This new peak, which represents a 30% increase compared to the previous quarter, is a record high for the company.
From August 12th to September 30th, a total of over 89,000 tokens were issued on SunPump. This surge significantly boosted Tron’s DeFi transactions by approximately 487% in Q3. According to Messari, the activity on SunPump started gaining momentum from August 16th and continued to skyrocket during a two-week period that followed.
In September, there was a significant increase in the number of existing tokens, but fewer than 1,000 new tokens were introduced daily on the memecoin launchpad.
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2024-10-31 13:01