TRON DAO has announced the launch of a $10 million incentive fund in light of recent events to support Terra developers migrating to the TRON ecosystem, including TRON’s EVM compatible cross-chain solution BitTorrent Chain (BTTC), which helps facilitate the seamless transfer of assets across mainstream public chains, including TRON, Ethereum, and BNB Chain.
The $10 million incentive fund will be granted to Terra developers and users to encourage the transition to and expansion within the TRON/BTTC ecosystem. It will incentivize developers on project integration and users on staking rewards. The migration will allow the Terra community to recuperate from the collapse and continue their innovation. More details on accessing the fund and eligibility will come soon.
Despite the volatile market conditions, the TRON ecosystem has continued to thrive on the heels of the launch of Decentralized USD (USDD), a decentralized algorithmic stablecoin launched collaboratively by the TRON DAO Reserve and top-tier mainstream blockchain institutions. USDD is pegged to the US Dollar (USD) through TRX and maintains its price stability algorithmically under the guidance of the TRON DAO Reserve.
The TRON DAO Reserve has announced several premier blockchain institutions such as Alameda Research, Amber Group, Poloniex, ANKR, Mirana, and most recently, Multichain as Members and Whitelisted Institutions to mint USDD, the total supply of which has surpassed $310 million as of May 18. With more names yet to be announced in the coming weeks.
The TRON DAO Reserve has increased its diversified reserve assets to include $82,341,872 worth of BTC, $181,643,872 worth of TRX, and $295,200,000 worth of USDT, among others, as of May 16. Over the past week, there has been an enormous increase in TRC-20 USDC issuance, pushing the total supply to over $2 billion, making TRON the third-largest blockchain to host USDC.
USDD was created to develop a modern decentralized financial system on the blockchain. The TRON DAO Reserve strives to safeguard the global blockchain industry and crypto market with long-term institutional-grade commitments.
The highly anticipated Season 2 of the TRON Grand Hackathon 2022 kicked off on Monday, May 16. The total prize pool has now been doubled to $1 million due to the overwhelming interest from the community after the success of Season 1.
The Hackathon will also support the top track winners with various resources, including potential funding opportunities from the TRON and BTTC Ecosystem Fund, liquidity provision, and integration with partner exchanges. The Hackathon Season 2 submissions end on Monday, July 25.
As the market resumes to transform and evolve, TRON DAO has continued to advocate for decentralizing the Internet via blockchain technology and will continue to support all those who desire to BUILD and create a more decentralized future.
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