A few weeks after spinning out from Circle, Poloniex has acquired the first TRON-based decentralized exchange, TRXMarket. Also described ‘the top DEX in the Tron ecosystem,’ TRX.Market offers trading of TRC20 tokens – which are similar to the idea of ERC20 tokens.
The team behind TRX.Market, which rebranded to Poloni DEX, will continue to work based out of Malta under the umbrella of Poloniex, currently the 74th largest crypto exchange in the world by trading volume, according to Coinmarketcap data.
Non-custodial exchanges like Poloni DEX will also be an option for the Poloniex community, and the company expects to become quite popular as the environment allows for a higher degree of anonymity and security.
By going straight to Poloni DEX at poloniex.org, users looking for decentralized trading services can execute all transactions via TRX smart contracts that are stored on the blockchain. Of note, TRX.Market is registered in the Cayman Islands, making it well-positioned in terms of compliance and regulation.
Tron Foundation’s Justin Sun took to his twitter handle to speak about how the takeover will be essential for benefiting the entire ecosystem of Tron. The tweet reads:
2020 Global Market Outlook: How the “Known Unknowns” Can Affect CurrenciesGo to article >>
— Justin Sun (@justinsuntron) ٢٧ نوفمبر ٢٠١٩
He also added in a statement: “This acquisition means a lot for the TRON ecosystem. It’s not only a move to expand the DeFi ecosystem, but also represents a starting point of TRON receiving recognition from world-leading exchanges. And TRC20-USDT also serves as a perfect solution for decentralized trading platforms to simplify the deposit and withdrawal process.”
A spokesperson for Poloniex also commented: “It’s hard to imagine all these accomplishments TRON has made within just one year. On top of all that, TRON frees its users of transfer fees and transaction delays, which is DeFi-friendly. I think we have every reason to choose TRON as our underlying infrastructure over other public chains who are slow progressing and charge ridiculously high transfer fees. We need to be responsible for all our users.”
The move reflects how Circle’s decision to unload Poloniex allows the exchange to introduce features or list crypto assets that might be problematic under US regulations or require substantial spending to ensure compliance.
It also confirms rumors that Justin Sun is leading the anonymous Asian investment group that’s now backing Poloniex, though TRON founder played down his role in the deal.
With the rising limitations of the centralized crypto exchanges, many old blockchain players are now developing decentralized platforms to cope up with the market competition. Major players have earlier launched native decentralized platforms and were joined by many market counterparts.