Tron’s Innovating Blockchain Technology: Gas-Free Stablecoin Solution
The founder of Tron, Justin Sun, has disclosed that his group is developing a gas-free stablecoin solution to enable peer-to-peer transfers at no cost to anybody. By the end of the fourth quarter, Sun intends to include the stablecoin solution into the Tron blockchain. Ethereum and other public chains that are compatible with the Ethereum Virtual Machine will likely follow suit. He did not, however, go into detail regarding the mechanism’s operation.
Transfers can be made without paying any gas tokens, with the fees being entirely covered by the stablecoins themselves,
Sun
With regard to companies wishing to provide stablecoin services, Sun thinks the gas-free stablecoins might be revolutionary.
Tron Leads the Stablecoin Market Amidst Competition and Innovation
PayPal’s PYUSD, which enables some US-based customers to make free cross-border payments, may face competition from Tron’s solution. On the other hand, after Circle and cryptocurrency exchange Binance abruptly stopped supporting USDC on Tron, Tron may now be more motivated to develop its own solution. Tron is also thinking about developing a layer-2 Bitcoin solution that would facilitate a Tether that is “wrapped,” which might allow billions of dollars to enter the Bitcoin ecosystem.
- Tron is presently leading the peer-to-peer stablecoin transfer market and processes two to three times as many transactions as Ethereum, which is in second place.
- Over $50 billion of Tether’s $112 billion in worth, issued over several blockchains, is held on Tron.
- Tron is bridging USDT and other tokens between Bitcoin and Tron by utilizing already-existing cross-chain protocols.
FAQ
How are Gas-free Stablecoins Different from Traditional Stablecoins?
Gas-free stablecoins allow users to be exempt from gas fees when trading. This is an important difference from traditional stablecoins.
What are the Gas Fees on the Tron and Ethereum Networks?
On the Tron and Ethereum networks, gas fees are the fees paid to perform blockchain transactions. These fees vary depending on the density of the network and the complexity of the transaction.
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