The eleventh largest cryptocurrency by market cap, TRON (TRX), has recently announced plans to launch a decentralized exchange (DEX) on TronScan. According to the new announcement posted by TRON’s CEO, Justin Sun, the team kept its word, and TRON’s first DEX is now live.
— Justin Sun (@justinsuntron) November 15, 2018
The need for decentralized exchanges
TRON’s goal to decentralize the web has caused this project and the team behind it to make multiple large moves, most of which were in 2018. The project already launched a MainNet, transferred all of its tokens, entered numerous partnerships, and has also announced big plans for the future.
However, while TRON managed to remain decentralized, the same cannot be said for most cryptocurrency exchanges. In fact, the centralization of exchanges goes against everything that cryptocurrencies stand for. In the past, cryptocurrencies and blockchain technology were still new and underdeveloped. The need for exchanges appeared, and centralized institutions took over.
In recent years, however, this technology matured enough for decentralized exchanges to start appearing. While still flawed, many investors decided to support them, in hope of reaching true decentralization. Now, TRON joined this move by launching its own DEX.
Tron’s first DEX
Thanks to projects such as several dApps that have already grown popular, as well as TRON’s new DEX, TRX has seen quite an increase in daily trading volume. In fact, it is now rare for this currency to have a volume lower than $100 million per day. It even managed to break the record previously held by Ethereum.
Many have taken this as proof that TRON’s DEX is already quite busy, especially considering that the exchange is currently offering 10 different tokens, all of which are paired with TRX. These include:
The exchange has attracted a lot of attention, and supporters of the listed tokens have taken to trading on TRON’s platform as well. In the meanwhile, Sun has invited the TRX community to come up with additional tokens and projects for the purpose of expanding the TRON ecosystem further.
At the time of writing, cryptocurrencies (TRON included) are experiencing another severe drop that has interrupted the recent period of recovery. Because of this, TRON price has dropped significantly, and the coin has experienced a 14.49% fall in the last 24 hours. It is currently priced at $0.018284, although many believe that this is a short-term incident and that the price will soon grow back up.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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