DeFi Boost: Tron (TRX) Teams Up With BitGo

The DeFi movement is gaining more and more popularity with each passing day.

Not too long ago, it’s been revealed that the total value locked in decentralized finance (DeFi) has surpassed $11 billion, according to DeFi analytics platform DeFi Pulse, says the online publication the Daily Hodl. 

More than that, there are some pretty massive profit opportunities for the DeFi projects – for example, Yearn.finance – which are attracting a lot of investors to this great market with massive potential.

Tron acknowledges the DeFi potential – teaming up with BitGo

Tron is another entity that recognized the massive opportunities that the industry has to offer and via the partnership with BitGo Bitcoin and Ethereum, owners to easily enter the new sector.

Tron and BitGo released an official announcement that revealed the fact that investors can “use wrapped Bitcoin (wBTC) and wrapped Ethereum as TRC-20 tokens on the TRON blockchain. BitGo will act as a custody service provider for Bitcoin and Ethereum users, opening up numerous new use cases.”

This also includes collateral for stablecoins, loans on DEXes, transactions, and flexible smart contracts in the Tron ecosystem.

Tron users will not encounter high fees as the ones in Ethereum

Justin Sun, the founder of Tron and CEO of BitTorrent, made sure to highlight the fact that Tron users will not encounter high fees such as the ones in the Ethereum ecosystem.

“Everyone may now use their BTC/ETH to enjoy all the benefits of the TRON DeFi ecosystem without the high gas fees on Ethereum! JustSwap, a Uniswap alike service on TRON, has achieved $100 million 24-hour volumes since its start and represents TRON’s strong and growing DeFi ecosystem,” he said.

Mike Belshe, CEO of BitGo, is also confident about further expansion. Here’s what he had to say as quoted by Crypto News Flash:

“Our new strategic alliance with TRON creates even greater opportunities for users to expand to other chains and tokenize their BTC on the TRON dApp ecosystem, while transacting at a lower cost and faster speed.”

In other recent news, there’s a new report from The Verge that keeps casting a terrible light on Justin Sun. Sun is accused of bribery, lies, fraud, and more.

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