Synthetic Bitcoin is live on Tron blockchain and it can be exchanged on “real” BTC via Poloniex

Synthetic asset classes like Bitcoin on Ethereum are becoming more popular amid the ongoing decentralized financial (DeFi) market. Now Tron Blockchain, the second most popular dApps protocol after Ethereum, has launched its own token-copy-Bitcoin.

First 2,000 bitcoins printed on the Tron Blockchain

Blockchain Founder Tron and CEO of BitTorrent (BTT), Justin Sun, announced that Bitcoin-pegged synthetic assets exist on the Tron Blockchain. In a recent tweet, Sun shared a link to the new asset’s token in the Tronscan network explorer.

As of today, 2,000 Bitcoins have been printed on the Tron Blockchain. In real terms, this brings Bitcoin’s liquidity on Tron up to $ 21.4 million.

Sun has been teasing the launch of the synthetic Bitcoin asset on the Tron Blockchain since August of this year. On September 24, it was announced that the Tron Foundation is working with leading digital payment processing company BitGo to introduce Bitcoin and Ethers encrypted on the Tron blockchain.

This move perfectly matches Justin Sun’s ambition to become the “tycoon” of the DeFi market by 2020. On August 3, at AMA with Nischal Setty, co-founder, and CEO of leading Bitcoin exchange India WazirX, Sun emphasized Tron attaches great importance to competition in this segment:

“I believe that in 2020, the biggest keyword for TRON is DeFi.”

The key question to the liquidity of “Bitcoin-on-Tron” is the opportunity to exchange “real” Bitcoins for synthetic Bitcoin assets. Sun has announced that this type of cross-chain swap will be available on the Poloniex exchange.

Furthermore, Sun invited all exchanges interested in similar opportunities to contact him directly. Hence, DeFi working on Tron could soon be saturated with Bitcoin liquidity.

Even though “encryption” solutions for Bitcoin and Ethereum are not new to the cryptocurrency segment, its popularity has skyrocketed in 2020. For example, so far, the Ethereum Blockchain has attracted over 100,000 BTC. This index rose by 5,000% by 2020: a year ago, the number of “Bitcoin on Ethereum” was less than 2,000 Bitcoin.

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