Monday, March 20, 2023
NEVERFOMOAGAIN
en English▼
X
ar Arabicen Englishfr Frenchde Germanpt Portugueseru Russianes Spanish
  • PASSIVE INCOME
    • How to Earn Cryptocurrencies for free ?
    • Play Games & apps to earn
  • Reviews
  • BLOCKCHAIN ACADEMY
  • TOP 10
  • News
No Result
View All Result
NEVERFOMOAGAIN
NEVERFOMOAGAIN
en English▼
X
ar Arabicen Englishfr Frenchde Germanpt Portugueseru Russianes Spanish
Home CryptoCurrency News

Tron’s TRX Token Jumps 7% On News of Native Algorithmic Stablecoin

Liam J. Kelly by Liam J. Kelly
April 22, 2022
in CryptoCurrency News
Reading Time: 5 mins read
0
Tron's TRX Token Jumps 7% On News of Native Algorithmic Stablecoin
74
SHARES
1.2k
VIEWS
Share on FacebookShare on TwitterShare on Reddit


You might also like

‘No Intention of Keeping What Is Not Ours,’ Euler Finance Hacker Says

Polygon, Immutable Partner for New zkEVM Ethereum Gaming Network

Coinbase Chief Legal Officer: What FTX Did Was ‘Flat-Out Fraud’

The cryptocurrency underpinning the Tron network has enjoyed a heady boost over the past day. 

According to data pulled from CoinMarketCap, TRX has risen by more than 7% in the last 24 hours. The jump now has the token trading hands at almost $0.07.

Tron was launched in 2017 at the peak of crypto’s then-massive bubble. It sought to resolve many prominent issues facing blockchain networks, including high transaction fees and slow speeds. 

Though it can host various dApps and DeFi projects, the network has never reached the same prominence as similar smart contract platforms such as Ethereum, Solana, Avalanche, and others. 

When checking out the last time TRX hit an all-time high, this lack of traction becomes clearer. It was all the way back in January 2018 when the token reached highs of roughly $0.30. 

Since then, it’s dipped, dived, and recovered, but never reached the same levels. 

Today’s blip does, however, come on the heels of a new announcement. 

Yesterday, Tron’s creator Justin Sun announced the launch of a new algorithmic stablecoin for the network called USDD. 

What is Tron’s USDD?

With Sun’s announcement, Tron is entering the world of algorithmic stablecoins. 

Unlike more traditional fiat-backed stablecoins like Tether’s UST or Circle’s USDC, algorithmic stablecoins are backed by cryptocurrencies and rarely have a centralized entity overseeing their health. 

MakerDAO’s DAI stablecoin is perhaps the oldest example of this variety of stablecoin. To mint DAI, users must deposit a cryptocurrency like Ethereum as collateral.

Another example is the fast-growing UST from the Terra ecosystem. 

Like DAI, UST is also backed by cryptocurrencies. It does, however, have a rather unique “mint-and-burn” technique in which $1 of LUNA, Terra’s native token, is destroyed to mint 1 UST. 

Tron’s USDD appears to mimic this mechanism: Destroy TRX to mint USDD.

What’s more, Sun said that “the TRON DAO Reserve will set its basic risk-free interest rate to 30% per annum.”

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

The best of Decrypt straight to your inbox.

Get the top stories curated daily, weekly roundups & deep dives straight to your inbox.



Source link

Share30Tweet19Share
Liam J. Kelly

Liam J. Kelly

Recommended For You

‘No Intention of Keeping What Is Not Ours,’ Euler Finance Hacker Says

by Jason Nelson
March 20, 2023
0
‘No Intention of Keeping What Is Not Ours,’ Euler Finance Hacker Says

On Monday, the hacker behind last week’s nearly $200 million attack on Euler Finance sent a message to an Ethereum address linked to the DeFi platform, offering to...

Read more

Polygon, Immutable Partner for New zkEVM Ethereum Gaming Network

by Andrew Hayward
March 20, 2023
0
Polygon, Immutable Partner for New zkEVM Ethereum Gaming Network

Polygon and Immutable, both heavyweights in the Ethereum scaling space, are teaming up to create a new network designed specifically for Web3 gaming powered by Polygon’s anticipated zkEVM...

Read more

Coinbase Chief Legal Officer: What FTX Did Was ‘Flat-Out Fraud’

by Andrew Asmakov
March 20, 2023
0
Coinbase Chief Legal Officer: What FTX Did Was ‘Flat-Out Fraud’

Last year’s collapse of the crypto exchange FTX resulted in a tectonic shift for the industry.Undermined confidence in the nascent sector compounded by unprecedented regulatory scrutiny are just...

Read more

New Emails Show FTX Met With FDIC Months Before Its Collapse: Report

by Tim Hakki
March 20, 2023
0
Were You Rekt by FTX? This Website Connects You to Law Enforcement

A series of emails obtained by Protect the Public’s Trust and shared with the Washington Examiner show the now-defunct FTX attempted to curry favor with the FDIC by...

Read more

Bitcoin Soars 30% Over the Week as Global Banks Roil

by Andrew Asmakov
March 20, 2023
0
Bitcoin Soars 30% Over the Week as Global Banks Roil

After smashing through the $28,000 mark on Sunday, Bitcoin (BTC) hit the year’s high of $28,503 on Monday morning before a slight correction to $28,375 at the time...

Read more
Next Post
Binance Recovers $5.8M From $622M Axie Infinity Bridge Theft

Binance Recovers $5.8M From $622M Axie Infinity Bridge Theft

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

fourteen + 13 =

Support Us.

Donate

  • Donate withMetaMask
  • Donate With MetaMask

  • Donate withNano
  • Donate Nano

    Scan to Donate Nano to nano_38oxm7kwnysjeyz1mdcp9d5rrq55wyox3gm9ejeed3uhdieurwe4r3k39ntt

Cloud

#Avoid Crypto Scam #Banano #BAT #Bitcoin #Brave Browser #Coinbase #Coinbase Earn #CoinMarketCap #CoinMarketCap Earn #Counter-Strike: Global Offensive #Crypto App #Cryptocurrency Faucet #Cryptocurrency glossary #Cryptocurrency scam #Crypto redflags #CryptoRoyale #Crypto scam #Cryptos Wallet #Do Your Own Research #DYOR #DYOR Checklist #Earn Cryptocurrencies #Earning while browsing #Earn NFT #Folding@Home #Free cryptocurrencies #Free NFT #Hi Dollar #Just cause 2 #Learn Crypto #LIKE #Low-cap cryptocurrencies #NANO #NFT #PERP #Play to earn #PRE #Princeton University #Redflags #Review #ROY #Top 10 #URUS #xMOON #XMS
NEVERFOMOAGAIN

© 2021 By NEVERFOMOAGAIN - All rights reserved.

Navigate Site

  • Best Play to Earn Crypto games and Apps
  • Contact Us
  • Content licensing
  • Cryptocurrency News
  • Cryptocurrency Rankings
  • Home
  • How to Earn Cryptocurrencies for free ?
  • How to Learn about Crypto and Blockchain ?
  • Legal Information.
  • Privacy policy
  • Reviews
  • Terms & Conditions

Follow Us

No Result
View All Result
  • PASSIVE INCOME
    • How to Earn Cryptocurrencies for free ?
    • Play Games & apps to earn
  • Reviews
  • BLOCKCHAIN ACADEMY
  • TOP 10
  • News

© 2021 By NEVERFOMOAGAIN - All rights reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Go to mobile version