Why TRON (TRX) Is Up 6% Today
KEY POINTS
- The registration is still open for TRON's incentivized blockchain competition, bringing in fresh talent from the Web3 world.
- Although TRON's stablecoin USDD slipped under its dollar mark, the stablecoin has not been depegged and TRON is keeping a close watch.
Exciting things afoot for TRON (TRX) show why the coin is performing well in the uncertain crypto market.
TRON (TRX) is up 6% today, at a price of $0.067961 and a 24-hour trading volume of $770,927,536, according to CoinMarketCap. There are several factors influencing TRON's bullish moment. These include the start of the TRON Grand Hackathon 2022 and the launch of the USDD stablecoin.
Hackathon
TRON has just started its second Grand Hackathon, an event designed to create opportunities for new, talented developers, designers, and entrepreneurs to "make their mark" while helping to advance the development of Web3 and the blockchain ecosystem. As more of the general public becomes exposed to the realm of decentralized finance, TRON seeks to create a place for more people at the blockchain table. The Hackathon allows participants to build smart contracts and DApps, and even convert applications to be used on different blockchain platforms. Those who enter can choose to build their application on one of TRON's four tracks: the Web3 Track, DeFi Track, GameFi Track, or NFT Track. On the loftier tracks, prizes worth up to $60,000 are available to the winners, with $1,000,000 total in prizes being awarded. Registration is still open until July 25, and over 1,300 participants have already signed up.
USDD Stablecoin
TRON has also recently launched its USDD stablecoin, but on June 13 it slipped below its dollar peg. This may have some investors concerned, especially in the wake of the Terra LUNA stablecoin debacle last month. But when asked about depegging, TRON Dao Reserve responded on Twitter by saying, "Is USDD depegged?... No. USDD is a decentralized stablecoin that depends on an on-chain mechanism & collateralized assets, unlike centralized stablecoin e.x. USDC, which is attached to USD in a very close spread by banking mint and redemption." They went on to say, "Certain % of volatility is unavoidable. Currently, the market volatility rate is within +- 3%, an acceptable range. We will watch the market very closely and act accordingly." The company cited the extreme market conditions for the reason behind the volatility, but perhaps users will be comforted to know that USDD was not depegged, nor did it lose all of its value.
If you are looking for places to buy TRON or USDD, check out our list of cryptocurrency exchanges and apps.
Our Research Expert
Katie Clinebell is a freelance content creator and digital marketing strategist for FinTech, blockchain, and crypto brands. She has created award-winning campaigns for Snapple and Tai Pei Frozen Asian Food and received an Adobe Academic Achievement Award for content about Olympic athletes.
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