Tron (TRX) Adopts Chainlink Scale, Nurturing $7B DeFi Economy

• The blockchain abstraction layer Chainlink serves as Tron’s official oracle.
• Tron (TRX) founder Justin Sun uncovered the intricacies of this partnership.
• Boosted by meme coins, Tron’s DeFi system now boasts a $6.9 billion TVL.

Tron DAO, the decentralized autonomous organization powering the EVM-compatible Tron (TRX) blockchain, has embraced Chainlink’s (LINK) data feeds as its official oracle. With this ground-breaking upgrade, Tron’s decentralized finance (DeFi) ecosystem will enjoy an extra security layer and a real-time database for devs to build immense dApps on TRX.

“With dependable, decentralized on-chain market data, Chainlink empowers TRON developers to build the next wave of DeFi applications, helping to shape the decentralized internet,” remarked Chainlink’s Thodoris Karakostas, a managing member at the blockchain connecting enterprise that enabled over $16 trillion in transactions across various chains.

TRX Expands DeFi Ground with Chainlink’s Oracle

Signed in Geneva, Switzerland, this collaboration opens doors for premium crypto pricing data, relying on Chainlink’s data feeds and the gold-standard oracles in Tron’s most popular dApps. Currently, the crypto lending platforms JustLend and JustStable take the lion’s share of the Layer-1’s total value locked (TVL), at $6.9 billion, according to DefiLlama.

Today’s announcement: @trondao has joined Chainlink Scale, adopting Chainlink Data Feeds as TRON’s official oracle. Once upgraded, $6.5B+ in DeFi TVL will be secured by @chainlink , creating opportunities for Chainlink and TRON’s $60B+ in stablecoins and RWA! pic.twitter.com/ArDkMysuMq

— H.E. Justin Sun🌞(hiring) (@justinsuntron) October 31, 2024

Tron’s founder, Justin Sun, happily announced the news on X, emphasizing the rising demand for Real-World Assets (RWAs). Sun’s chain has made substantial progress in the RWA field, helping the Commonwealth of Dominica develop its national blockchain structure. Additionally, Tron’s Layer-1 blockchain has a massive stablecoin market cap of $60.7 billion, generating millions in daily transaction fees.

Is TRX Ready for New All-Time Heights?

While most of the crypto markets turned red on Thursday, Tron’s native TRX altcoin continues to showcase stable price performance. The #10 ranked crypto has been trading in a narrow price channel of $0.162 to $0.17 for the past seven days but still managed to pick up 8% monthly gains. Ultimately, this puts Tron’s TRX altcoin less than 30% away from a new all-time high.

Peaking at $0.2317 almost seven years ago, Tron’s 75% growth over the latest 365-day time frame paints a bright picture for the alternative token, given that large investors continue to classify the altcoin as a long-term investment vehicle and store of value. So far, the whales boosted TRX to $0.1687, as the positive Chaikin Money Flow (CMF) confirms accumulation.

On the Flipside

• Tron Layer-1 chain’s trading volume is currently the lowest in crypto’s TOP 10 by global market capitalization, rotating around $500 million per day.
• A large chunk of Tron’s recent success can be attributed to the rise of TRON meme coins after the launch of the SunPump token launch platform.

Why This Matters

The expanded range of opportunities includes fully functional decentralized applications that can compete in adoption with Web2 services and a dynamic yield on staking for investors.

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