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Steve Muchoki
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Key Notes
- Tron DAO will tap on Chainlink Oracle data to fuel the growth of its DeFi ecosystem.
- The close collaboration of Chainlink and Tron DAO will have a long lasting bullish impact on the respective native tokens. .
TRON DAO, a community-led decentralized autonomous organization focused on the mainstream adoption of TRX via sustainable developments, has announced a strategic integration with the Chainlink LINK $13.56 24h volatility: 3.8% Market cap: $8.65 B Vol. 24h: $355.47 M network to enhance the future of its web3 ecosystem. As part of the TRON DAO joining the Chainlink Scale program, the Web3 development on the Tron network will solely depend on the Chainlink data feeds as the official oracle data provider.
As a result, the Tron DAO will effectively discontinue the WinkLink Oracle as the data solution provider for the entire TRON blockchain.
Effectively, Chainlink’s data feeds will be used to secure the JustLend lending platform and JusStables CDP, which have a total value locked (TVL) of about $4.5 billion and $1.7 billion respectively.
“…By delivering highly reliable, accurate, and decentralized market data on-chain, the Chainlink network will further empower TRON ecosystem developers to build next-gen DeFi applications and advance the decentralized internet,” Thodoris Karakostas, Head of Blockchain Partnerships at Chainlink Labs, noted.
According to Sam Elfarra, Community Spokesperson at TRON DAO, the DeFi developers on the Tron network can now build scalable projects with reliable data security through the Chainlink Scale program. As for the Chainlink ecosystem, the Tron network will cover certain operating costs of its oracle networks before the integrated programs can fully cater through user fees.
“Chainlink’s unmatched security and reliability made it the clear choice as TRON’s official oracle provider. This integration enables us to focus on scaling our ecosystem and further driving mass adoption in the blockchain industry,” Elfarra noted.
Impact on Chainlink and Tron Markets
The Tron network has grown to a major web3 ecosystem, with more than 2.28 million daily active addresses. As of this report, the Tron ecosystem had a total value locked (TVL) of more than $6.9 billion and a stablecoins market cap of over $60 billion.
Led by Justin Sun, the Tron network is well-positioned to dethrone the Ethereum ETH $1 647 24h volatility: 2.1% Market cap: $198.57 B Vol. 24h: $10.09 B network as the smart contract leader. Moreover, the large-cap altcoin, with a fully diluted valuation of about $14.6 billion and a daily average traded volume of around $434 M.
It is worth noting that the Tron network has more than 268 million accounts, which have facilitated over 8.8 billion transactions since its inception.
On the other hand, the Ethereum network has around 107 million holders and has so far facilitated 2.5 billion transactions.
The Chainlink network will in the long haul benefit from the integration with the Tron network, through LINK adoption. The mid-cap altcoin, with a fully diluted valuation of about $12 billion and a daily average traded volume of around $468 million, has signaled an imminent breakout amid the Bitcoin-led crypto bullish sentiment.
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