Chasing The Crypto Trend: Tron Attempts To Jump On DeFi Bandwagon
Tron founder and CEO Justin Sun was spotted on Twitter today, promoting a decentralized exchange for liquidity pooling akin to Uniswap and other DeFi platforms that have been booming recently.
Is this yet another attempt by the altcoin’s backer to tap into the latest trend, or is this simply meeting market demand with the services that are currently highly sought?
Justin Sun Introduces JustSwap, Aims To Steal Uniswap DeFi Thunder
In the cryptocurrency market, there are often trendsetters, and then there are dozens more that chase that same trend, only to fail at recapturing what caused the initial buzz in the first place.
With how DeFi is currently defying all odds stacked against it by bringing investors enormous returns, it isn’t too surprising to see altcoins playing the “me too” game and adding DeFi like features to their projects.
The latest cryptocurrency to do so appears to be Tron, according to some tweets from frontman Justin Sun.
Sun is hoping that his TRX token moons instead by targeting one of the hottest aspects of the decentralized finance bandwagon: liquidity pooling.
Recently, Uniswap has exploded in popularity, due to crypto insiders speculating on completely worthless tokens and experimenting with free-market finance apps. The risk hasn’t stopped millions of worth of capital from entering these projects via liquidy pools.
Sun was sharing links to a Tron-built version of Uniswap, dubbed, JustSwap. The similarities in the platform and its functionality are strikingly similar, showing just how closely Tron is trying to mimic the same runaway success as the Ethereum-based platform.
Tron Breakout And Bandwagon Hopping Could Lead To New Crypto Uptrend
This isn’t the first time that Sun has pulled a similar “me too” sort of scenario. Months ago, Bitcoin got the world’s first crypto-hashtag Twitter emoji: a simple Bitcoin logo “B”.
Soon after, Crypto.com launched one to celebrate their anniversary, then Binance did the same. Not to be outdone or left behind the trend, Justin Sun was quick to reveal the fourth Twitter emoji, for none other than TRX.
Related Reading | Why Tron’s 20% One-Week Climb Is Just The Start Of Extended Uptrend
TRX is the native cryptocurrency to the Tron blockchain. The token recently started rising as part of the greater crypto tide, but indicators are now supporting a strong uptrend in the future if the altcoin can break out from downtrend resistance.
This latest move to hop onto the DeFi bandwagon could potentially be enough to propel TRX through resistance and cause a larger recovery and rallying the crypto asset fronted by Justin Sun.