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Tag: Tron

  • Stablecoins Value Dip in Recent Bull Market: Sixdegree Research

    Stablecoins Value Dip in Recent Bull Market: Sixdegree Research

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    According to research by Sixdegree, stablecoins have not seen a significant increase in value during the recent bull market.

    Their current total value is $129.5 billion, slightly lower than the $139 billion recorded in December 2022.

    Ethereum vs. Tron in 2023

    This trend can be attributed to the contrasting developments on two major blockchain platforms: Ethereum and Tron.

    The former has seen a substantial decline in its stablecoin value, dropping by 34% since 2022 to the current number of $69.4 billion. In contrast, the value of stablecoins in Tron has surged by  57.7% during the same period.

    Delving deeper into Ethereum’s stablecoin dynamics, the distribution of these assets reveals some interesting patterns.

    Half of the stablecoins on Ethereum are held in personal wallets, with 30% in centralized exchanges (CEXes) and only 5.5% in decentralized finance (DeFi) protocols. This represents a significant shift from the peak of January 2022, when DeFi protocols held about 25% of Ethereum’s stablecoins.

    The leading stablecoins on Ethereum, namely USDT, USDC, and DAI, have also experienced diverse trends. USDT has remained relatively stable with a 23% increase, whereas USDC and DAI have seen decreases of 47% and 30%, respectively.

    In contrast, Tron’s market dynamics offer a different narrative. Around 30% of its stablecoins are in CEXes, 0.2% in DeFi protocols, and the majority, approximately 70%, are held in personal wallets. This distribution suggests a distinct user behavior on Tron, leaning more towards personal wallet storage, unlike Ethereum.

    TRON’s Stablecoin Market Thrives in 2023

    In 2023, the value of stablecoins on the TRON network experienced a notable surge attributed to various factors.

    One key driver was the expanding user base of TRON, with approximately 40% of the 5 million weekly stablecoin users opting for TRON in the first half of 2023. This preference led to substantial transaction volumes, reaching $70 billion every week.

    This surge is particularly notable in emerging markets, such as Latin American countries, where TRON’s low transaction costs and high speeds are appealing, especially in regions with high inflation rates like Argentina.

    TRON has also become a significant player in the DeFi and stablecoin sectors, with over $8 billion in its DeFi ecosystem and a substantial increase in stablecoin issuance.

    Lastly, the cost and efficiency benefits of using it, such as lower transaction fees, have drawn users to TRON, making it the leading blockchain for stablecoin transfers.

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    Wayne Jones

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  • Justin Sun gives new ultimatum to Poloniex hackers

    Justin Sun gives new ultimatum to Poloniex hackers

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    Tron founder Justin Sun has increased the white hat bounty, offering the Poloniex hackers a $10 million reward if they return the stolen funds, adding that the team has already unmasked their identity.

    In an on-chain message to the hackers, Justin Sun gave them until Nov. 25 to return the stolen funds, as law enforcement from the United States, Russia, and China were already involved. According to Sun, the assets “have been marked for tracking and cannot be used, adding that “financial counterparties will be frozen.”

    Cryptocurrency exchange Poloniex suffered an attack on Nov. 10, on its hot wallets, resulting in the loss of over $120 million in various crypto assets on the Ethereum, Bitcoin, and Tron networks. 

    Sun said that the team would make full reimbursement, and offered a five percent white hat bounty to the attackers. This gives them a seven-day ultimatum to refund the stolen assets, which elapsed on Nov. 17.

    Sun’s latest message, meanwhile, warned that police forces in the U.S., Russia, and China would take action if the hacker refused to cooperate. With a fresh deadline and an increased bounty reward, it remains to be seen if the attackers will eventually return the funds. 

    Meanwhile, Poloniex announced on Nov. 17, that the crypto exchange is looking to resume withdrawal and deposit services in the coming week, stating that the firm will provide “further announcement regarding the specific resumption time.”

    Poloniex was acquired by Circle in 2018. Sun, along with a group of investors, bought into the company back in 2019.


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    Anthonia Isichei

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