TRON DAO Launches USDD on Multichain DEX, Deploys $2 Billion to Protect TRX -Breaking
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TRON DAO launches USDD on Multichain DEX and deploys $2 billion to protect TRXFollowing 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 for Multichain Dex
Tron DAO declared that their USDD stablecoin was launched on Multichain DEX (formerly AnySwap), alongside PancakeSwap, Ellipsis & sunSwap. This stablecoin is first ever to be listed.
https://t.co/vVT2cM47OG https://t.co/vVT2cM47OG https://t.co/BZyoWXSdeY
— USDD (@usddio) May 11, 2022
Multichain service providers now have the ability to use USDD as a bridge between BitTorrent and Fantom platforms.
Tron DAO deploys $2 billion to protect TRX
Tron’s algorithmic stablecoin, USDD, was expected to major Terra’s UST competitor. Tron DAO has taken preventive steps after the UST lost its peg and caused LUNA’s price to plummet.
To protect Tron (TRX) and the self-labeled “ destroyer,” the TRON DAO Reserve plans to allocate $2 billion to fight potential attacks against TRX.
Justin Sun (founder of Tron) earlier mentioned a possible threat to USDD on Binance. However, he noted that the threat was over in a subsequent tweet, and the USDD has remained “very stable.”
To The Flipside
- Following the loss of its peg by UST, intense scrutiny has been placed on algorithmic stability coins. LUNA cripplingAnd the wider 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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