Tron has come alive, rising from 2 cent to about 4 cent in the past few days with the coin now nearing a $3 billion market cap.
It has stood out a bit recently because it has been bucking a trend. While most cryptos are red today for example, this is up 8%.
Why? Ethereum fees is probably the main answer, coupled with copy pasta as tron now tries to claim they can do defi too.
Justswap for example is their version of Uniswap with it looking kind of the same, but with very different tokens.
Now they adding a new token, Sun. You put trx in there, and you get sun tokens. It’s value? Ecosystem docking. That means? Well we’ve asked in quite a few places, but have not received a response yet.
The ‘whitepaper‘ is barren, with this project sounding like they just rushed to get out a meme coin and for now only the meme name is finished. The rest make up as you go along.
Does it matter? Now that’s the question and maybe it is the biggest question of the moment because a lot of people see a lot of opportunity, but eth is so congested to the point a lot of people can’t grab it.
Would thus just copy paste the current ethereum defi ecosystem onto trx work? You’d think a better question is why haven’t they done it already.
Presumably even for CTRL V you need people that know what they doing, so by the time they done with their copy pasta, who knows where eth will be.
Yet when bitcoin fees skyrocketed, its market share dropped considerably, much of it going to eth.
However, its price rose and it was from about $400 to $20,000, so bitcoiners didn’t care too much except for those that left to other coins.
With CTRL V being very cheap and free in this space, it’s not clear whether cryptonians would care much either about whether they’re making money on a decentralized network or a semi-decentralized one as long as they’re making money.
So meme token or not, they may well be capturing some value that eth is leaving on the table, with competition to be expected as ethereum miners apparently have no intention of increasing capacity.