![]() ![]() TRX has recently seen TVL growth by $6 billion in July which is by far due to a revival of investor interest specifically in DeFi.TRON has been the most-supported DeFi smart contracts seen in the past two years. TRON (TRX) continues to gain traction despite the current erratic market movement. ![]() ![]() The post TRON DAO Reserve Welcomes Wintermute as USDD’s Latest Whitelisted Organization appeared first on CryptoPotato. The partnership between the Reserve and Wintermute will see the latter advise the TDR and “make recommendations to enhance, develop, and supply general aid for the USDD network,” the statement said. It has over $5 billion in average daily trading volume, facilitates OTC trading, and provides liquidity for centralized and decentralized exchanges. The company is a large algorithmic trading firm with previous experience with crypto. The press release shared with CryptoPotato informed that Wintermute has become the ninth member and whitelisted institution to mint and burn the USDD stablecoin. The organization behind the stablecoin has made another step towards defending the asset and enhancing its capabilities by partnering with Wintermute. TRON noted that USDD had over $2.3 billion in backing and a market cap of over $700 million as of the end of July. It seems that the moves have helped as USDD reclaimed its lost ground and survived the subsequent market crash. However, the TRON DAO Reserve acted by withdrawing billions of TRX from centralized exchanges and poured billions of dollars into defending the peg. It started losing its dollar parity while TRX also began decreasing in value in June. TRON’s take on the algorithmic stablecoin industry – USDD – also came under fire, at least according to Justin Sun and the team. In a matter of days, its value, as well as the price of the other Terra native coin – Luna – plummeted to virtually zero. The latter has extensive experience with the digital asset universe and operates as an established global algorithmic trading firm.Īlgorithmic stablecoins garnered people’s attention a few months back when Terra’s UST lost its peg against the dollar and literally burst into flames. In order to continue strengthening its algorithmic stablecoin USDD, the TRON DAO Reserve has tapped another institution to mint and burn it as a collaborator – Wintermute. Smart contracts on the TRON network are interoperable with the TRON TRC-20 token standard. TRON operates a Turing-complete virtual machine called the TRON virtual machine or TVM. Notably, TRON is a completely decentralized project that operates through a community decentralized autonomous organization (DAO). To date, TRON hosts the largest circulating supply of USD Tether (USDT) stablecoins, having overtaken the Ethereum network in early 2021. The TRON network incorporates a variety of features that include dApps, smart contracts, and delegated proof-of-stake (PoS) consensus, as well as stablecoin issuance capabilities. The TRON ecosystem includes multiple scalability and adoption projects, such as its dApp sidechain, Sun Network. Originally designed as a decentralized content distribution platform, TRON has expanded in scope and now functions as one of the biggest decentralized application (dApp) blockchains. The TRON network aims to decentralize content-sharing and establish a framework through which future Web3 platforms will operate. TRON is one of the most widely used public blockchains online, with 100 million users and a cumulative total of over 3.4 billion transactions. ![]()
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