TRON, one of the largest decentralized autonomous organizations (DAO), has announced an incentive fund of $10 million to support Terra developers migrating to its ecosystem after Terra’s steep fall and a record decline in asset value in the history of decentralized finance (Defi) send tremors across the DeFi market as its Grand Hackathon Season 2, 2022 kicks off.
The incentive will also be extended to developers migrating to TRON’s EVM compatible cross-chain solution BitTorrent Chain (BTTC). BTTC enables seamless transfer of assets within mainstream public chains like TRON, Ethereum, and BNB chains.
With its 12 million users and home to the most-used TRC20-USDT, the TRON network will provide the $10 million incentive to Terra developers and users to encourage them to migrate and facilitate expansion within the TRON/BTTC network. Developers will gain from project integration and users from staking rewards.
The transition to TRON’s network will be an opportunity for the Terra community to recover from the recent shock and continue on the path of innovation. TRON will soon lay out the guidelines required for availing of and using the incentive fund.
Tron’s newly launched USDD grows amidst market volatility
DeFi has been one of the fastest-growing areas in crypto over the past few years. Backers of stable coins like TerraUSD relying on Defi believe that it is essential to proceed with financial transactions without intermediaries such as banks and brokerage firms and this is what TRON is capitalizing on.
🎉Stablecoins have now entered the era of decentralization!
⏰To be issued on May 5, 2022. Stay tuned!🔥🔥🔥 https://t.co/vY8LsQ2iEE
— TRON DAO (@trondao) April 21, 2022
A few days after TRON launched its decentralized algorithmic stable coin USDD, Terra’s USD (UST) almost met with its sad demise. However, all this has failed to deter the TRON ecosystem as it has continued to grow, riding on the recently released USDD launched collaboratively by the TRON DAO Reserve and top-tier mainstream blockchain institutions.
The popularity of USDD is because of TRON’s cross-chain protocol BTTC, which allows USDD to circulate easily on BSC and Ethereum upon its issuance. USDD is the modern decentralized financial system on the blockchain, and the cross-chain protocol has given it a unique edge in chain-agnostic deployment.
🎊The total supply of $USDD has surpassed 500 million within the first month of its launch!🎊
Check more 🔗https://t.co/OTvCuPNMQm
— USDD (@usddio) May 24, 2022
According to the official press release by the TRON network, as BTTC grows, USDD will integrate with more major public chains, affording their users greater convenience and more efficient use of funds. This will power USDD to gain a strong foothold in stable coins as more blockchains enter the race to snatch a share.
Upon its launch, the TRON DAO Reserve has set the risk-free interest rate of USDD to as high as 30 percent. TRC20-USDT also gained popularity in the stablecoin market despite being a latecomer due to its early incentive program that directly rewarded the holder.