Cryptocurrency

Tether (USDT) Acceptance Receives Another Boost; Will Now Be Backed by Crypto Exchange FlashDex

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Yesterday, Justin Sun, the founder of TRON made an announcement on Twitter wherein he revealed that going forth TRC 20 based- USDT will be backed by the decentralized crypto exchange- FlashDex.

FlashDex is a TRON based decentralized crypto exchange, which with the help of smart contracts takes care of users’ orders and various assets. It does so without the participation of transfers between users and the exchange. The crypto exchange was developed and launched by a joint effort of Tether Ltd. and the TRON developers.

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Earlier this month, the TRON team released their dApps report. The report covered the important developments in the decentralized application ecosystem. As of now, on the TRON network, there are more than 2.3 million TRON accounts, and there are around two hundred forty-six various types of decentralized applications that have by far been released on the platform. Currently, there are around 71 decentralized applications that are related to gambling. Here is an excerpt from the report-

“The third dApp is a Decentralized Exchange (DEX) developed on TRON called FlashDEX. According to its official information, FlashDEX will support the TRC 20 standard token USDT-TRON released by TRON and Tether. The DEX will support the airdrop plan for USDT- TRON holders.”

More on decentralized applications on TRON-

As per the report, there are about 54 decentralized gaming applications (among the gaming dApps, the ‘TRON Bird’ is among the most played games), 86 high-risk dApps, 14 dApps that are related to the crypto exchange. The user-base of the platform seems to quite active too, with the reported 70K active users every 24 hours. This naturally leads to active transactions which account to be 750,000 every 24 hours, as well as five hundred nineteen smart contracts.

The report also revealed that the FlashDEX platform administers the customers’ orders as well as ‘freezes the assets’ through a default way with the help of smart contracts. This frees the traders and other users of the platform from manually doing any operations, as the contracts take care of the process.

Controversial partnership-

On the other front, Justin Sun was recently found announcing about the partnership of Tron Foundation with the professional football club of Great Britain- Liverpool. Sun’s tweet accompanied a video of the logo of TRON Foundation and Liverpool, in which there was an invitation from Liverpool to TRON.

To the surprise of everyone, one of the spokespeople from Liverpool rather denied any reports related to the partnership. The football club rather confirmed that there are no such plans of forming any partnership with Tron Foundation as of yet.

Sun, on the other hand, couldn’t provide any strong evidence about the partnership, the details about the collaboration. Despite the controversy and the confusion, the CEO of TRON is still on his stance. Sun went ahead and promised to reveal more details about the collaboration soon.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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