TRON DAO Joins Chainlink Scale Program and Adopts Its Data Feeds to Further Enhance Web3 Space

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As a seasoned analyst with over two decades of experience in the tech and finance industries, I find the strategic integration between TRON DAO and Chainlink quite intriguing. My personal journey has taken me through various market cycles, and I’ve seen firsthand how partnerships like this can significantly impact the trajectory of projects in the blockchain space.

TRON DAO, a community-driven decentralized organization focusing on mainstream adoption of TRX through sustainable advancements, has revealed a strategic collaboration with Chainlink to boost its web3 ecosystem. By enrolling in Chainlink’s Scale program, all future web3 developments on the Tron network will rely exclusively on Chainlink data feeds as their official oracle data supplier.

Consequently, the Tron Decentralized Autonomous Organization (DAO) will deactivate the Chainlink Oracle, making it no longer responsible for providing data across the entire Tron blockchain.

In essence, Chainlink’s data feeds are set to enhance the security of the JustLend lending platform and JusStables CDP. These platforms, with TVL (Total Value Locked) amounting to approximately $4.5 billion for JustLend and $1.7 billion for JusStables CDP, will be utilizing Chainlink’s data feeds.

Thodoris Karakostas, Head of Blockchain Partnerships at Chainlink Labs, pointed out that by providing dependable, precise, and decentralized market data directly on the blockchain, the Chainlink network will provide TRON ecosystem developers with more power to develop cutting-edge DeFi applications, thereby pushing forward the development of a fully decentralized internet.

As Sam Elfarra, Community Representative at TRON DAO explains, developers working in the realm of DeFi on the Tron platform now have the ability to construct large-scale projects with robust data security, thanks to the Chainlink Scale program. In the meantime, the Chainlink ecosystem will be shouldered by the Tron network for certain operating expenses related to its oracle networks. Once the integrated programs are fully functional, they will be sustained primarily through user fees.

Elfarra pointed out that Chainlink’s exceptional security and dependability make it the ideal selection as TRON’s primary oracle service. With this collaboration, we can devote ourselves to expanding our platform and boosting widespread acceptance within the blockchain sector.

Impact on Chainlink and Tron Markets

The Tron network has expanded significantly to become a significant player within the web3 landscape, hosting approximately 2.28 million active addresses on a daily basis. At the time this report was compiled, the total value locked (TVL) in the Tron ecosystem exceeded $6.9 billion, and the market capitalization of its stablecoins surpassed $60 billion.

Under the leadership of Justin Sun, the Tron network is poised to challenge Ethereum‘s position as the dominant force in smart contracts. With a fully diluted market cap of approximately $14.6 billion and a daily trading volume of roughly $434 million, this large-cap altcoin could potentially take over the lead role. As of now, Ethereum has a market cap of around $317 billion, a 24-hour volatility of 1.2%, and a 24-hour trading volume of $20.32 billion.

It’s important to point out that the Tron network boasts over 268 million user accounts, and these accounts have processed a total of approximately 8.8 billion transactions since it first began operation.

Conversely, the Ethereum network boasts approximately 107 million users and has executed a staggering 2.5 billion transactions thus far.

In the future, it’s expected that Chainlink will gain advantages from its connection with the Tron network due to increased adoption of LINK. This mid-tier cryptocurrency, with a total valuation of roughly $12 billion and daily trading volumes averaging around $468 million, appears poised for a surge as a result of Bitcoin‘s positive impact on the crypto market.

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2024-10-31 14:35