The decentralized finance (DeFi) movement which has taken a hold of the cryptocurrency space is set to experience some horizontal growth thanks to a partnership between the TRON and Waves blockchains.
Helped by the interchain oracle and blockchain bridge Gravity, TRON and Waves will join forces to open up their DeFi ecosystems to one another’s set of token holders. Thanks to Gravity’s blockchain agnostic communication protocol, WAVES holders can now access TRON’s TRC20 token architecture and suite of decentralized services. Likewise, TRX holders and developers can now access Waves’ own DeFi ecosystem via seamless token swaps.
Horizontal Barriers to DeFi
The Gravity protocol solves one of the blockchain space’s biggest and most long-standing problems: that of interchain connectivity. TRON’s smart contracts are written in the Solidity programming language, while Waves’ contracts are written using Ride. Until now, this created a natural barrier between the two which made communication impossible.
The growth of the DeFi space in 2020, while explosive, started from a very broad base. Numerous outshoots emerged from various blockchain projects, creating the illusion of a unified ecosystem over what was in reality a fractured and difficult to navigate field.
Now that interchain connectivity is possible between TRON and Waves, the DeFi user base has room to stretch its legs. Developers who were previously limited to one specific programming language can create decentralized applications (dApps) that will reach a broader user base, while combining the best elements of both blockchains.
TRON and Waves Token Listings
Moving forward, all major TRON-based tokens such as TRX, BitTorrent Token (BTT), and JUST (JST) will be available to trade on Waves’ decentralized exchange (DEX) infrastructure. The TRX/USDT pair will also make its way to Waves’ DEXs. With close to $4 billion worth of USDT issued on the TRON blockchain to date, the listing also stands to open up Waves.Exchange to a new user base.
Similarly, TRON’s own selection of DEX services such as PoloniDex and TronTrade will now host major Waves-based tokens such as WAVES, Neutrino Dollar (USDN) and Waves Enterprise (WEST).
TRON founder Justin Sun recently announced the impending launch of JustSwap, the first decentralized token exchange protocol on the TRON blockchain. Users will be able to earn a portion of JustSwap’s fees and mining rewards by providing liquidity to the protocol.
JustSwap will offer a TRON-based alternative to popular DEX protocols like Uniswap, and will hope to capitalize on TRON’s increasing user base, which recently contributed to TRON surpassing 1 billion smart contract triggers.
The recent news that BitTorrent’s software had been installed by 2 billion users worldwide – a remarkable 28% of the population – will also catalyze the spread of TRON’s DeFi network. On August 13, the BitTorrent File System became the official decentralized storage platform for JUST token, opening up TRON-based DeFi to yet another burgeoning internet market.
Now that communication is possible between two previously disparate sections of the cryptocurrency world, Waves also stands to benefit from BitTorrent’s swelling user base.