What is Tron? Tron's mission is to build a truly decentralized internet and aims to be the largest blockchain-based operating system in the world, known as the TRON protocol. The TRON protocol will offer high scalability, high availability, and high throughput computing to serve decentralized applications via smart contracts. Ethereum EVM-based smart contracts will be compatible and deployable on the TRON network as such Solidity developers do not have to rewrite their applications.
Reports indicate that the stablecoin a cryptocurrency with extremely low volatility, sometimes used as a means of portfolio diversification. Examples include gold-backed cryptocurrency or fiat-pegged cryptocurrency. USDD fell as low as USD $0.91 on exchanges such as KuCoin, but Sun’s ads and TronDAO managed to get the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. to recover and get close refers to the closing price; similar to the same term used in stock trading. to parity with the US dollar again.
- USDD fell to as low as USD $0.91 in KuCoin.
- Sun announced that TronDAO was prepared for this type of scenario.
- TronDAO added $650 million in USDC to your reserves.
- Price of USDD recovered and is trading above USD $0.98.
What happened with UST and the ecosystem of Earth proved that algorithmic stablecoins are not free from market volatility a statistical measure of dispersion of returns, measured by using the standard deviation or variance between returns from that same security or market index. in times of steep declines, and it seems that something similar has happened to USDD, the dollar-linked cryptocurrency sponsored by the TRON que hoy perdió su paridad con la moneda estadounidense tras la caída en el mercado cripto.
Market an area or arena, online or offline, in which commercial dealings are conducted. downturn also affected USDD
According to various published reports, the token a digital unit designed with utility in mind, providing access and use of a larger crypto economic system. USDD has fallen on some reputable exchanges to as low as USD $0.91 per unit, amid the generalized fall that shook the crypto market, at a time when there was much fear of a tightening of financial conditions, a possible recession and high inflationary levels that shake the U.S. economy.
Although the data published in our section CryptoMarkets reflect a significant drop in the price of USDD to USD $0.975 after midnight, but on exchanges such as KuCoin the stablecoin hit lows near USD $0.91 in its main trading listings.
Among other data we have that USDD recorded a daily trading volume how much cryptocurrency has been traded over a set period, such as the past 24 hours. of over USD $343 million, up 92.5% from the previous trading day. In addition to KuCoin, Other exchanges that also saw high trading volumes include Poloniex y Huobi, where the stablecoin was traded for other such stablecoins such asTether (USDT) y USD Coin a coin can refer to a cryptocurrency that can operate independently or to a single unit of such cryptocurrency. (USDC).
Justin Sun and TronDAO come to the rescue
Following the drop seen in the price of USDD, the team of TronDAO said in a message posted through Twitter which added some USD $650 million in USDC to the reserves.
To safeguard the overall blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. industry and crypto market, TRON DAO decentralized autonomous organization, system of rules that define how a decentralized organization should operate and which actions it should take. Reserve have increased 650,000,000 #USDC supply on #TRON . Currently USDC supply on TRON has reached $2.5 billion.
– TRON DAO Reserve (@trondaoreserve) June 13, 2022
They also indicated on their website that the total outstanding supply of the stablecoin corresponds to about USD $723 million, so they were holding more than USD $2 billion as a counterparty to maintain the value of the digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currency currency is a medium of exchange that defines value. and buy it back in case its price changes further.
For his part, the founder of TRON, Justin Sun, indicated that the short a trading technique in which a trader borrows an asset in order to sell it, with the expectation that the price will continue to decline. In the event that the price does decline, the short seller will then buy the asset at this lower price in order to return it to the lender of the asset, making the difference in profit. funding rate for the token TRX, main support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. of USDD, was one APR of -500%, a rate that suggested a greater influx of people interested in trading the aforementioned cryptocurrencies. He also added that TronDAO was prepared for this scenario and would deploy some $2 billion to combat the downturn.
Widespread fall in the market
The measures announced by Sun y TronDAO seem to have had a positive effect on the price of the digital currency, which subsequently recovered and is now trading at around USD $0.989 per unit, which is no longer that far away from parity with the US dollar.
Let’s take into account an account is essentially a whose purpose is to track the financial activities of a specific asset/ that the transient fall in USDD came at a time when both the crypto market and the stock market sector suffered downward. In the digital currencies sector, most of the exponents recorded falls equal to or greater than 15%, while in the traditional markets, the main financial indices fell by more than 2.8% on the most reputable stock exchanges.
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Version by Angel Di Matteo / DiarioBitcoin
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