The digital currency world is experiencing rapid growth, with blockchain networks such as TRON making significant strides in expanding their reach. Recently, TRON confirmed that its native cryptocurrency, TRX, has gone live on the Ethereum blockchain through the BitTorrent Bridge. This bridge enables easy transfer of assets between Ethereum Virtual Machine (EVM)–compatible blockchains and TRON, boosting TRX’s liquidity and increasing its use within the DeFi ecosystem.
Currently, Ethereum is the largest DeFi ecosystem, with assets over $80 billion locked in over 800 protocols, while TRON follows in line with $5.61 billion locked into 22 protocols. TRON’s founder, Justin Sun, previously shared that the blockchain network set a new record high in daily transactions, processing nearly 11 million transactions on May 31.
As cryptocurrencies become more widely adopted, countries like Hong Kong are opening up their crypto markets to retail traders. In a significant step for digital asset trading in the region, Hong Kong has begun accepting applications for licenses to operate cryptocurrency trading platforms and exchanges. The move comes after digital asset trading restrictions had been limited to institutional investors and professionals since 2018. This development is expected to allow retail trading in Hong Kong as early as the second half of 2023.
Justin Sun views this greenlighting of digital asset trading for retail investors as a considerable advancement for cryptocurrency in China. He even anticipates that Huobi, a prominent cryptocurrency exchange and one he holds stake in, will obtain 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.
While there is much enthusiasm for the growth and future of the blockchain and digital currency sectors, it’s crucial to approach these developments with a healthy dose of skepticism. As the markets continue to evolve rapidly, investors must remain vigilant and conduct thorough market research before taking part in cryptocurrency investments. It is important to keep in mind that digital asset trading and investments are subject to ongoing market fluctuations and conditions, and that personal opinions or predictions shared by individuals like Justin Sun may not always match reality.
In conclusion, the expansion of TRON’s TRX via the Ethereum blockchain and BitTorrent Bridge, along with Hong Kong’s opening up to retail cryptocurrency trading, are notable developments within the digital currency sphere. Investors and enthusiasts alike should be cautious in their approach to these expanding markets and remain attentive to the ever-evolving landscape.
Source: Coingape
