Blockchain.com has announced the listing of TRX on its platform. With this listing, the users of the platform can now send, receive and swap the cryptocurrency.
In an email sent by the company, they announced that TRX is their latest listing and described it as,
“an open-source blockchain network that supports smart contracts, dApps, and a token ecosystem called TRC-20.”
Similar To Ethereum in Many Ways
They highlighted that the network’s native token is called Tronix (TRX). It is the basic unit used in transacting on the Tron blockchain.
The network is similar in many ways to Ethereum even though the former is a better known blockchain in terms of value and applications that are built on it. Tron has been successful as a platform that has attracted many game-fi projects.
• Why TRX is getting attention?
• What are the use cases?
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According to the email, the digital currency is used for payments and has been integrated with several payment gateways enabling people to make transactions with it using their bank cards.
Another use case of the platform is that its first layer is designed for tokens to be built on it (TRC-20). These tokens can be purchased using Tronix, the internal currency of the Tron ecosystem.
Tron DAO Controls Governance
The governance structure of the Tron ecosystem is designed to enable a decentralized autonomous organization to vote on the policy direction of Tron. To participate in the voting process, a TRX holder would have their TRX assets frozen within the ecosystem. This confers voting rights on the owner of the asset.
The Blockchain.com team also announced that they view TRX as a viable alternative to Ethereum. They highlighted that they hold this view due to the low fees associated with transactions made on the Tron network. According to the team, this is thanks to the low and no fee for outbound transactions.
The Blockchain.com team stated that another merit of the Tron network is that its newly launched stablecoin, USDD has held its peg to the USD since it was issued in June. This is especially significant, considering that this was at a time that another prominent algorithmic stablecoin, UST, lost its peg to the dollar, this is remarkable.
Growing Use Case for Tron
The Blockchain.com team highlighted that Tron has gained “incredible traction” recently with over 110 million users on the platform and more than 3.8 billion transactions executed by the network.
Blockchain.com users can also earn rewards by staking TRX in their Blockchain.com wallet, the update says.
Interested in TRX? You can now send, receive and swap it in the Blockchain.com Wallet. You can also earn up to 8% in annual rewards by transferring as little as $1 of TRX to a Rewards Account.