After that TRON undertakes many initiatives in recent months. This will stimulate its own DeFi sector. Justin Sun is now announcing another major initiative. TRON and BitGo have successfully issued Wrapped Bitcoin (WBTC) and Wrapped Ether (WETH).
TRON concludes a collaboration with the digital asset financial services provider in September 2020. It will launch WETH and WETH on the TRON blockchain. As part of the collaboration, BitGo is the sole custodian of the underlying BTC and ETH. This allows participating merchants to tokenize their assets by hitting Wrapped Bitcoin and Wrapped Ether.
After a few hit tests in December, nearly 100 BTC, or around $ 3.4 million, has now been issued. They are minted as TRC20 WBTC tokens by Alameda Research and CoinList. Alameda also hit 1 WETH. As Coindesk reported, the TRC20 WBTC and WETH were produced by Alameda to meet demand from over-the-counter customers and to test the new product.
Part of the strategy for a growing TRON DeFi sector
Users of Enveloped Bitcoin and Enveloped Ether will be able to use BTC / ETH in a variety of new use cases in the TRON ecosystem in the future. Options should include support for stablecoin warranties. They allow trading on decentralized exchanges (DEX) and facilitate payments.
Justin Sun says this was the “start of a new era” where “the growing TRON community can finally enjoy the unlimited potential of DeFi”.
Last year, BitGo’s first tokenized Bitcoin project, ERC20 WBTC, flourished. It has been a building block of Ethereum’s DeFi boom. The token is now the 13th largest by market cap. It peaked at over 124,000 BTC hit on Ethereum in late November. It remains to be seen if TRON can repeat this success story.
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