TRON founder Justin Sun announces Wrapped TRX on Solana
The partnership will benefit both networks
Justin Sun has announced the upcoming launch of TRON (TRX) on Solana via a post on his X (Twitter) account. This announcement comes just days after he hinted at major upcoming developments for TRON without revealing specific details.
It is still unclear how TRX will be integrated into Solana—whether through a bridge, as collateral, or by other means. However, the project has the potential to benefit both ecosystems.
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TRX tokens on Solana could increase demand and provide a new source of liquidity, while DeFi projects on Solana could leverage TRX for lending and collateral. Both blockchains are among the most active in the industry, boasting a combined 6 million daily active users.
Currently, TRON is one of the most utilized networks, generating $275 million in monthly fees, according to TokenTerminal. After validator payouts, TRON retains about $3 million per week.
Partnership amid intensifying competition
Despite its activity, TRON’s ecosystem primarily revolves around Tether (USDT) transactions. As Cryptopolitan notes, TRON lacks bridges and cross-chain liquidity tools, making its ecosystem relatively isolated. This makes new partnerships crucial for Justin Sun to sustain demand and TRX token value.
Following Sun’s announcement, TRX surged 3% and was trading at $0.225 at the time of writing.
TRX price dynamics for 24 hours. Source: CoinMarketCap
Meanwhile, Solana is facing challenges with a declining user base. Daily active users have dropped to 2.84 million, while TRON maintains over 3.1 million daily active users. The slowdown in Solana’s growth is mainly due to decreasing DEX activity and the fading hype around new token launches.
As we wrote, Tron has gained attention from experts in the crypto market and has secured a high market cap. In this article, we take a closer look at Tron and the TRX token. We also consider how the cryptocurrency is performing, and look at whether or not it might be of interest to those looking for new investment opportunities.
According to CoinMarketCap, SOL fell 4% in the past 24 hours and is now trading below $123.
