TRON network reached a supply of 3,000 Wrapped Bitcoin

Written by: Ali Raza
October 12, 2020
  • TRON network recently launched a wrapped version of Bitcoin, BTCTRON.
  • After less than two weeks, TRON's Justin Sun revealed that TRON now has over 3,000 BTC.
  • The coins can be swapped for BTC and vice versa instantly on Poloniex, and then used for yield farming.

Back in early September, TRON founder and CEO, Justin Sun, revealed that Bitcoin will soon arrive at the TRON ecosystem in the form of Wrapped Bitcoin, similar to what MakerDAO did on Ethereum. As many now know, this happened less than a month later, on October 1st, 2020. Now, Sun has shared Bitcoin’s progress within the TRON network, noting a new milestone of 3,000 BTC.

TRON hits a new milestone with BTCTRON

According to Justin Sun’s recent tweet, the TRON ecosystem no has a total supply of 3,000 Bitcoin, all of which are already in circulation.

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More than that, Sun also revealed that there are 838 addresses that are holding TRON’s version of BTC (BTCTRON).

Since its release, less than two full weeks ago, there have been 8,128 transactions that included wrapped BTC, according to the data shared by TRON CEO. Sun also invited users to contact his team if they wish to support BTC.

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How to get BTCTRON and what to do with it

Other than that, Sun also reminded the community that TRON’s version of BTC is available for purchase at Poloniex. The exchange’s users can trade their BTC for BTCTRON with a recently-introduced swap feature.

The benefits of doing this include not having to pay fees for swapping BTC to BTCTRON, and vice versa. There is also no loss through price changes, as BTCTRON’s value is pegged to Bitcoin’s own value in a 1:1 ratio.

Using wrapped Bitcoin allows users to transfer the coin’s value to a much faster TRON network without losing anything in the process. On top of that, this version of BTC can also be used for yield farming, which allows users to make passive income, and grow their wealth on the TRON ecosystem’s DeFi platforms.