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  4. TRON DAO Launches USDD on Multichain DEX, Deploys $2 Billion to Protect TRX
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TRON DAO Launches USDD on Multichain DEX, Deploys $2 Billion to Protect TRX

Following the highly-anticipated launch of TRON’s algorithmic stablecoin, called “Decentralized USD” or USDD, the Tron DAO has deployed $2 billion to...
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TRON DAO Launches USDD on Multichain DEX, Deploys $2 Billion to Protect TRX TRON DAO Launches USDD on Multichain DEX, Deploys $2 Billion to Protect TRX

Following the highly-anticipated launch of TRON’s algorithmic stablecoin, called “Decentralized USD” or USDD, the Tron DAO has deployed $2 billion to protect Tron’s ecosystem token, TRX.

Tron Launches USDD on Multichain DEX

On May 11, the Tron DAO announced that its own USDD stablecoin had been launched on Multichain DEX (formerly AnySwap) alongside PancakeSwap, Uniswap, Ellipsis, and sunSwap, the first to have listed stablecoin.

The availability of USDD on Multichain DEX means that users can now bridge the stablecoin among the BitTorrent, Ethereum, Fantom, and Avalanche platforms arbitrarily through Multichain services.

Tron DAO Deploys $2 Billion to Protect TRX

Tron’s algorithmic stablecoin, USDD, was expected to major Terra’s UST competitor. However, with the UST losing its peg, causing LUNA to flatten out and sending a shock wave through the entire crypto market, Tron DAO is taking preventive measures.

To protect Tron (TRX) and the self-labeled “Terra destroyer,” the TRON DAO Reserve plans to allocate $2 billion to fight potential attacks against TRX.

Justin Sun, the founder of Tron (TRX), earlier outlined a potential threat to the USDD on Binance. However, he noted that the threat was over in a subsequent tweet, and the USDD has remained “very stable.”

On The Flipside

  • Algorithmic stablecoins have come under intense scrutiny after UST lost its peg, crippling LUNA, and the broader crypto market.

Why You Should Care

With the attack on Terra’s UST successful, the move from TRON DAO to protect its USDD, the next algorithmic stablecoin, which is fast gaining traction, becomes essential.

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01-05-2024 10:45:17 (UTC+7)

EUR/USD

1.0658

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EUR/USD

1.0658

-0.0008 (-0.07%)

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GBP/USD

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-0.0015 (-0.12%)

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USD/JPY

157.91

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AUD/USD

0.6469

-0.0003 (-0.05%)

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USD/CAD

1.3780

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EUR/JPY

168.32

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EUR/CHF

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
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 FTSE 1008,144.13Sell
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 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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RON 95-III24.91025.400
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