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The Tron blockchain protocol is expanding its influence, this time, to the Ethereum (ETH) blockchain network. In a recent update shared with his more than 3.6 million followers on Twitter, the protocol's founder Justin Sun said Tron is live on Ethereum by leveraging the BitTorrent Bridge.
#TRON (#TRX) has now expanded its reach by going live on the #Ethereum blockchain by leveraging the #BitTorrent bridge . With the contract address 0x50327c6c5a14dcade707abad2e27eb517df87ab5, #TRX is now fully accessible within the Ethereum ecosystem.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) June 2, 2023
Sun went on to share a public address on the Tron-Ethereum smart contract, reemphasizing the full accessibility of Tron on the pioneering decentralized finance (DeFi) network. The news is a big deal for Tron, whose ecosystem had been relatively close since its inception.
The bridge to Ethereum implies that TRX can now find direct applications on several Ethereum-based DeFi platforms and dApps. The Ethereum protocol is arguably the biggest and more robust hub for DeFi innovations, with many protocols developing compatibility through the Ethereum Virtual Machine Engine (EVM).
Though Tron is bridging to Ethereum using an entirely different route, the underlying purpose will be to tap into the deep liquidity of the latter blockchain protocol. This move has a huge upside for TRX, whose price has largely lagged behind its peers over the past few years.
Godfrey BenjaminAt the time of writing, Tron was changing hands at a price of $0.07647, up by 2.22% over the past 24 hours.
High affinity for Ethereum
While Justin Sun is not making much fuss about the new interoperability Tron has just achieved with Ethereum, other protocols saw it as a very big deal.
Since the start of the year, protocols like Filecoin and EOS have launched their EVM compatible outfits, as both aimed at capitalizing on the robust ecosystem of Ethereum, to the benefits of their users.
There are multiple benefits in developing EVM compatibility with Ethereum as the connecting blockchain can also access additional protocols beyond just Ethereum with similar compatibility.
Arman Shirinyan
Alex Dovbnya
Dan Burgin