The Tron ecosystem had been working on various developments in the ecosystem, despite Tron’s fall in the market. The coin had managed to gain the tenth position once again; however, it could not maintain it and slipped to the twelfth position, at press time. Tron DApps have been keeping the community highly motivated due to its performance in comparison with EOS and Ethereum [ETH].
This week’s DApp reported that 16 new DApps were added to Tron taking the number of total DApps on Tron to 463. The daily users saw a surge by 20k, while other indexes remained stable. Tron’s Gambling DApps had been popular among the masses and this time again the Gambling DApps were the main contributors in Tron’s performance.
According to DApp review, at press time, Tron managed to register the highest 24-hour volume in USD with $11.115 million, as compared to that of EOS which noted a volume of $9.966 million, followed by Ethereum [ETH] with $7.051 million. Tron’s CEO Justin Sun announced about this achievement in a tweet:
“According to @dapp_review, #TRON #Dapp 24h volume has reached $11.8 M (355M #TRX) which already surpassed that of #ETH and #EOS. #TRON onward.”
The DApp report introduced two new DApps namely, TronFaucet and ToCandy. The first one, TronFaucet, a utility faucet token provides free tokens to the community members. The DApp weekly report read:
“TronFaucet gives out 10,000 sun 9worth 0.01 TRX0 to community members every 10 minutes so that members can try out the basic utility products of TRON, e.g. wallets, exchanges, DApps, etc.”
While ToCandy enables the users to receives candies or the tokens issued by the Tron project. The tokens received by the users via ToCandy could be used to understand and try products made available by the project.
Apart from the DApps, the weekly report highlighted that Tron had launched SunDex, decentralized exchange with features like trading and mining, in its ecosystem. As for the Tron token, it had been falling by 2.75% over the past day and was valued at $0.03239 with a market cap of $2.16 billion. The 24-hour trading volume of the coin was reported to be $650.32 million as it fell by a massive 17.70% over the past week and continued to plunge by 0.23% within an hour.
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ErisX goes all hands on deck to launch a Bitcoin Futures market
ErisX’s CSO, Matt Trudeau, detailed the company’s four important plans for the future, which includes launching a spot market, to secure a Bit License, DCO, and to launch a futures market.
ErisX currently has a DCM contract, which is a Derivative Contract Market that allows ErisX to run a CFTC-regulated futures exchange. However, ErisX aims to get a DCO [Derivatives Organization], which will effectively allow it to run a CFTC-regulated clearinghouse. A clearinghouse would mean that ErisX can take control of the custody of the assets and clear and settled trades.
The CSO explained the benefit of this, stating,
“There is some efficiency for firms like producers [like mining companies]; if they need to hedge their inventory or need liquidity on a spot market, they could do that conveniently on a single platform. “
Trudeau added that from the “post-trade standpoint” and “the collateral management standpoint,” ErisX would have cash, crypto, and the futures, all stored in their clearinghouse. This would boost efficiency since it would be available for all customers under a single platform. The CSO added,
“… so there is some efficiency in terms of managing collateral, if you don’t have assets on multiple platforms, it can all be in our clearinghouse.”
Apart from the aforementioned plans, Trudeau added that the crypto-industry needs to mature more and that ErisX plans to make a significant contribution to that. He added,
“The market is professionalizing and we think that in terms of what institutions are expecting from a trading/custody experience, we will bring some of the solutions to the market and that’s really the foundational pieces that they are looking in order to build their businesses on top of us.”
Apart from ErisX, LedgerX has also received a go-sign from the CFTC to settle Bitcoin Futures in Bitcoins. Other exchanges include Intercontinental Exchange’s Bakkt and Seed CX.
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