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TRON’s First DEX Goes Live on TronScan

Published

4 years ago

on

TronScan

The eleventh largest cryptocurrency by market cap, TRON (TRX), has recently announced plans to launch a decentralized exchange (DEX) on TronScan. According to the new announcement posted by TRON’s CEO, Justin Sun, the team kept its word, and TRON’s first DEX is now live.

The need for decentralized exchanges

TRON’s goal to decentralize the web has caused this project and the team behind it to make multiple large moves, most of which were in 2018. The project already launched a MainNet, transferred all of its tokens, entered numerous partnerships, and has also announced big plans for the future.

However, while TRON managed to remain decentralized, the same cannot be said for most cryptocurrency exchanges. In fact, the centralization of exchanges goes against everything that cryptocurrencies stand for. In the past, cryptocurrencies and blockchain technology were still new and underdeveloped. The need for exchanges appeared, and centralized institutions took over.

In recent years, however, this technology matured enough for decentralized exchanges to start appearing. While still flawed, many investors decided to support them, in hope of reaching true decentralization. Now, TRON joined this move by launching its own DEX.

Tron’s first DEX

Thanks to projects such as several dApps that have already grown popular, as well as TRON’s new DEX, TRX has seen quite an increase in daily trading volume. In fact, it is now rare for this currency to have a volume lower than $100 million per day. It even managed to break the record previously held by Ethereum.

Many have taken this as proof that TRON’s DEX is already quite busy, especially considering that the exchange is currently offering 10 different tokens, all of which are paired with TRX. These include:

  1. dice/TRX
  2. ton/TRX
  3. IGG/TRX
  4. WIN/TRX
  5. CryptoDivaFund/TRX
  6. TWX/TRX
  7. TronWatchMarket/TRX
  8. SEDD/TRX
  9. CryptoGuyInZA/TRX
  10. CryptoChain/TRX

The exchange has attracted a lot of attention, and supporters of the listed tokens have taken to trading on TRON’s platform as well. In the meanwhile, Sun has invited the TRX community to come up with additional tokens and projects for the purpose of expanding the TRON ecosystem further.

At the time of writing, cryptocurrencies (TRON included) are experiencing another severe drop that has interrupted the recent period of recovery. Because of this, TRON price has dropped significantly, and the coin has experienced a 14.49% fall in the last 24 hours. It is currently priced at $0.018284, although many believe that this is a short-term incident and that the price will soon grow back up.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

XRP Price: All Eyes are on the Supreme Court Amid the SEC vs Ripple Case

Published

2 days ago

on

March 27, 2023

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XRP price has recorded substantial gains in the past week, jumping more than 20% over the period. The altcoin has been among the best-performing cryptocurrencies in the market. XRP’s total market capitalization currently stands at $23.2 billion, ranking it as the 6th largest cryptocurrency after USD Coin and above Cardano. The total volume of the coin traded in the past 24 hours has declined by more than 27%.

Fundamentals

XRP has experienced significant volatility in its market capitalization in recent years, reaching a peak of $140 billion in early 2018 before plunging to under $10 billion in 2019. The coin was designed to be a bridge currency, allowing seamless transactions between different currencies without the need for a traditional financial intermediary.

Even so, XRP faces stiff competition from other altcoins, particularly ones that focus on cross-border payments. Stellar Lumen (XLM) is one of the cryptocurrencies that was created to facilitate cross-border payments. Additionally, traditional financial institutions have also started creating their digital currencies and blockchain solutions, which could potentially compete with XRP.

Over the years, XRP has been adopted by several major institutions including American Express, Standard Chartered, and Santander. Ripple has also partnered with over 300 financial institutions globally to use XRP for cross-border payments. However, even with adoption, the coin still faces regulatory hurdles in several countries including the United States.

XRP price performance has been subdued over the past few years since the

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Altcoins

Dogecoin Price: Buy the Dip or Sell the Rip?

Published

4 days ago

on

March 24, 2023

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Dogecoin price has been range-bound for the past few days as investors weigh up the recent banking crisis on fears that the global economy may be headed into a recession. The meme coin has jumped by more than 3% in the past week and gained 7% in its year-to-date price. Dogecoin ranks as the 8th largest cryptocurrency by market cap after Cardano and before Polygon.

Fundamentals

Dogecoin price was trading in the red on Friday, wiping its gains from Thursday’s trading session. The coin has been under pressure for the past month as many investors seem to be backing out of their investments in the altcoin. Elon Musk, CEO of SpaceX and Tesla recently showed a loss of enthusiasm for the meme-inspired cryptocurrency as he expressed his new interest in AI.

Elon Musk’s tweets have always had a substantial impact on the Dogecoin price. Earlier this month, Musk took to his Twitter to announce that he had lost his interest in crypto and gained a newfound interest in AI. His remarks saw the DOGE price dip by nearly 5%, contributing to the significant decline in the coin’s price this month.

The global crypto market has been holding steady above the crucial $1 trillion level for the past few days. At press time, it was at $1.16 trillion, a 0.31% decrease over the last day. The total crypto market volume slipped by 13.78%. More specifically,…

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Altcoins

Ethereum Price Dips as Markets Digest Latest Fed’s Interest Rate Decision

Published

6 days ago

on

March 22, 2023

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Ethereum price has been hovering around its highest level in 7 months for the past few days amid a boost in the crypto market. ETH has jumped more than 49% in its year-to-date price, increasing 5% in the past week. Ethereum’s total market cap has slipped by more than 3% over the last day, while the total volume of the altcoin traded increased by more than 6%.

Fundamentals

Just like most cryptocurrencies, Ethereum price found support in the recent fiasco in the banking sector. The recent vulnerability in the banking sector pumped liquidity in the global crypto market as investors shifted to other assets such as cryptocurrencies. Bitcoin, the largest cryptocurrency by market cap, saw its price hit its highest level in 9 months, while Ethereum jumped to a 7-month high.

The global crypto market was in the red later on Wednesday as investors chewed on the Fed’s latest interest rate decision. The Federal Open Market Committee (FOMC) announced on Wednesday a 25-basis point hike in the federal funds to 5%, down from 4.75%.

According to a statement by the US Federal Reserve, the FOMC remains highly attentive to inflation risks as it seeks to achieve an inflation rate of 2%in the long run. The Committee also announced that it anticipates additional policy firming to help in attaining a stance of monetary policy to aid in achieving the 2% target.

According to the Fed’s…

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