USDT-TRON Now Supported by BitForex
According to a recent tweet by TRON Foundation, USDT-TRON is now supported by BitForex.
— TRON Foundation (@Tronfoundation) April 8, 2019
This is the latest addition to the set of cryptocurrency exchanges which support the cryptocurrency.
Also Read: USDT-TRON Now Supported by MathWallet
TRON Foundation recently announced incentive plans for early USDT-TRON adopters.
In the official Medium article pertaining to the announcement, the team said:
“Since June 25, 2018 when TRON launched its MainNet, it has been running smoothly and stably for over 260 days by 27 community members; TRON’s ecosystem is constantly expanding, with hundreds of DAPPs on the TRON network; TRON has become one of the largest decentralized networks in the world. In order to give back to the community members, and celebrate the cooperation between Tether and TRON, on March 21, Singapore time, TRON announced a total of $20 million incentive plan, to encourage users to convert their USDT holdings into USDT-TRON, so that they can enjoy a faster, more economic and more concrete payment experience.”
Talking about the partnership with USDT, the team said:
“In early March, TRON has announced its partnership with Tether to issue USDT that anchors the USD with the rate of 1:1, which will help TRON greatly elevate its existing decentralized applications (DApps) ecosystem, improve overall value storage, and increase Decentralized Exchange (DEX) liquidity. It also makes the blockchain more accessible to enterprise-level partners and institutional investors.”
Talking about how USDT-TRON is different from the existing stablecoins, the team said:
“The existing stablecoins are mainly stablecoins designed for added liquidity by exchanges, which are single-use, slow in transfer and expensive to transfer. Following the issuance of USDT-TRON, users will be able to enjoy a stablecoin with fast transfer and zero transaction fee. USDT-TRON enables the interoperability with TRON-based protocols and Decentralised Applications (DApps) while allowing users to transact and exchange fiat pegged currencies across the TRON Network.”
Talking about the benefits of this new cryptocurrency, the team said:
“The issuance of USDT-TRON will also further enhance the development of the TRON DAPP ecosystem. The stablecoin will allow users to access the DAPP ecosystem with a more familiar USD concept, and therefore mitigates the effects of price fluctuations, providing a better cash-in/cash-out and risk-avoiding method for DAPPs and enabling scalable application of DAPPs.”
Justin Sun, the Founder of TRON Foundation and CEO of BitTorrent said:
“USDT-TRON will firstly bring more users to the industry because it is easier for those who are unfamiliar with digital currency to understand and accept. As a result, more people will take notice of TRON, and the whole industry will benefit. We believe that with a faster, more economic and concrete stablecoin payment experience, more ordinary people will start to pay attention and use DAPPs. In addition, we will offer attractive incentives for early adopters, totalling the equivalent of 100 million RMB, to get existing USDT holders to transition to TRC20-based USDT and advance the potential of decentralized finance.”
Talking about the plans for the incentives, the team said:
“From April 30 to August 7, TRON will work with world’s leading digital asset exchanges Huobi, OKEx, etc. to incentivize people who convert USDT-Omni into USDT-TRON by offering attractive interest rates paid without fees in USDT-TRON. This incentive plan will continue until the beginning of August. Token holders will receive airdrop bonus on a daily basis with up to 20% annualized bonus rate.”
Here’s the incentive program:
The program would last for a duration of a hundred days with interest rates up to 20 percent. The best part of the whole ordeal is that it is totally free of cost so the users don’t have to pay anything to get the rewards. Moreover, the prize pool is gigantic with a total amount of 20 million USD (without any cap on how much users would win).