The Tron cryptocurrency outperformed on Friday, amid plans for a decentralized algorithmic stablecoin. Tron’s TRX gained 10% in the past 24 hours according to pricing data from CoinGecko. TRX is now the 24th biggest crypto by market cap.
Cryptocurrency Tron TRX is now the 24th biggest crypto by market capitalization, as per CoinGecko.
The cryptocurrency outperformed while popular tokens Bitcoin, ether, dogecoin were trading with cuts. The global crypto market’s value today fell over 2% in the past 24 hours to $1.98 trillion, as per CoinGecko.
Tron network founder Justin Sun announced that the network would be launching a new decentralized algorithmic stablecoin called USDD. “Tron is going to pool its resources to create USDD, a fully decentralized algorithmic stablecoin," Sun said on his blog on Thursday.
USDD will be pegged to TRX and is scheduled to be issued and enter circulation on Tron May 5, he said, adding that it will also be available on Ethereum and BNB Chain through the BTTC cross-chain protocol.
Sun said that the USDD Network will “provide custody service for the $10 [billion] worth of highly liquid assets raised from blockchain industry initiators and use them as an early-stage reserve." The TRON network was founded by H.E. Justin Sun in September 2017 with an aim to accelerate the decentralization of the Internet via blockchain technology and decentralized applications (DApps).
Do Kwon, who has led a group buying up chunks of Bitcoin as reserves for the UST stablecoin, welcomed Tron’s move, saying on Twitter that “decentralized economies deserve decentralized money." Both UST and Terra’s LUNA token have seen significant market-cap gains amid the move to establish the Bitcoin reserves.
Hi @mhtawsif. This is @proteancreator from @ocd (Original Content Decentralized) team 😄. We saw that you already posted your first blog here in Hive! Congratulations and welcome! It's nice that you are already starting to get the hang around posting crypto news but you know what?
The best way to start your journey here in Hive is do an awesome ✨introduction post✨. You can choose on whatever information you would like to share and be creative as you want to be. This will help other Hivers get to know you and be comfortable supporting your works here.
It's also best to subscribe to Communities you like and share your blogs there to have a wider range of audience. Or you can check out the Communities Incubation Program.
Also, letting you know since content on the Hive platform is monetized, using other people’s ideas or images could be considered as an offense and which is also viewed in a serious light on the blockchain. Here is a useful collection of resources about how plagiarism and abuse is viewed and handled on Hive.
If you are looking for tips and information as a Hive newbie, click here: Newbie guide. If you have questions, you can hop into Discord server and we'll gladly answer your questions. Feel free to tag @lovesniper @proteancreator once you have made your awesome ✨introduction post✨! See you around 😉.