Nigel has been in the regulated financial services industry for nearly a decade, has previously owned a financial brokerage and has written many times for sites relating to personal finance and trading.
Price of TRON (TRX) has continued to trade higher in the last couple of days, buoyed by positive news from the SUN genesis mining platform. This is the latest DeFi product launched by the TRON Foundation.
According to the latest information from SUN, there is around 6.7 billion TRX locked in on SUN genesis platform. These are worth around $235 million in today’s market.
“The reason why TRX has rallied so fast is due to how Tron developers have cleverly structured the protocols they are releasing,” said OKCoin, referring to Tron’s growth.
“The yield farming protocols require users to deposit TRX and other Tron-based cryptocurrencies to generate a new coin. This means that those that want that coin but do not own TRX or other Tron-based cryptocurrencies are incentivized to go out on the market, buy those coins, then stake them for a profit,” OKCoin added.
TRX/USD price has gained over 12% this week already as it attempts to recover from a big plunge in price that took place last week.
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