TRON (TRX) starts DeFi mining collaboration with Huobi

  • TRON and Huobi cooperate to enable mining and delegation of HT token on
  • Amount of Tether (USDT) in TRON blockchain exceeds $5 billion, reveals Justin Sun.

The TRON DeFi sector continues to build partnerships in its attempt to be a competitor for Ethereum’s DeFi. Through his Twitter account, TRON CEO Justin Sun announced that users of the platform will be able to stake and mine the newly issued HT token (TRC-20) from the Global Huobi Exchange. The official announcement states:

Huobi Global Exchange has issued (not minted) a TRC-20 of HT on the TRON blockchain. SUN will begin HT staking and LP liquidity mining on after the review.

In a separate publication, the TRON Foundation provides further details on the cooperation and reveals that “staking mining” of the HT/TRX LP mining pair will begin on 23 September at 14:00 Hong Kong time. The “mining” will last approximately two weeks. The TRON Foundation says:

HT staking mining and HT/TRX LP mining will start on September 23th, 14:00(HKT), with the mining duration being 15 days.

On the platform, 30,000 SUN tokens will be allocated for the HT pool and HT/TRX pool, according to the official announcement. In addition, users will be able to mine 2,000 SUN tokens daily. Therefore, the TRON foundation states that 1,400 SUNs will be allocated for the HT pool and 600 SUNs for the HT/TRX pool. It is expected that the 30,000 SUNs will be mined within a 15-day period by users with HT tokens with the TRC-20 standard. The Foundation warns users with Ethereum-based HT tokens (ERC-20) not to send their tokens to the Tronlink wallet address. The TRON Foundation defines its SUN token as follows:

SUN token is a social experiment dedicated to the development of TRON’s DeFi ecosystem. Designed as the quintessential Bitcoin equivalent on TRON (…). We hope to leverage SUN to promote the vigorous development of TRON’s self-governing DeFi community.

Sun reveals new milestones for TRON

On the other hand, the CEO of TRON also informed the community about the new milestones that the platform has reached in the last week. In addition to the cooperation with Huobi exchange, Sun reported that the amount of stablecoin Tether (USDT) circulating on TRON has exceeded $5 billion. With a supply in excess of $50 billion reported in the second quarter of 2020, the platform still has a relatively small portion compared to Ethereum.

TRON’s CEO also welcomed the fact that the TRON blockchain has exceeded 23 million blocks. As reported by CNF, Sun’s reports on the platform’s progress have been somewhat controversial in recent days. In reporting the number of users on Sept. 19, Sun reported that TRON had 10 billion users, a number that nearly doubles the estimated total world population. Since then, SUN and the TRON Foundation have apologized, but in the crypto community the report has been taken as part of the TRON CEO’s aggressive marketing to promote his platform.

About Author

Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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