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Poloniex announces acquisition of Tron-based decentralized exchange

Arijit Sarkar

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Source: Pixabay

Poloniex, one of the world’s leading crypto-asset exchanges, is in the news after it announced the acquisition of TRXMarket, the first and largest decentralized exchange in the Tron ecosystem. Following this acquisition, TRXMarket has been rebranded to Poloni DEX, a platform that will be operating under the umbrella of the world’s third-largest crypto-exchange by real trading volume.

The news was celebrated by many in the cryptocurrency community, especially by those in the Tron ecosystem. Tron Founder Justin Sun welcomed the news and tweeted,

“Poloniex just acquired TRXMarket & launched Poloni DEX, allowing them to fully integrate w/ TRON & rapidly expand in Asia-Pacific. I’m ecstatic & can’t wait to see more users enjoy instant, free service of #TRON !”

Poloniex’s acquisition of TRXMarket currently involves executing transactions using TRX smart contracts which are stored on the Tron blockchain. Poloniex’s official statement highlighted,

“TRXMarket, one of the 127 TRON Super Representatives, boasts a 7-day transaction volume reaching 30 million and has long been a top ten DApp by transaction volume according to DApp Review.”

According to a spokesperson for Poloniex, the DeFi-friendly TRXMarket was chosen after “months of intensive research” owing to the community’s fast-paced progress and comparatively low transaction fees. The Medium post released by Poloniex added,

“The excellent performance of the TRON public chain coupled with its considerable decentralized trading volume and rich experience in operations is exactly what Poloniex needed to expand its DeFi ecosystem.”

Tron’s Justin Sun, while lauding the news, also claimed that this acquisition is a representation of a “starting point of TRON receiving recognition from world-leading exchanges.” He also highlighted that TRC20-USDT tokens serve as a perfect solution for decentralized trading platforms to simplify the deposit and withdrawal process, which “is bound to become an integral part of all decentralized trading platforms.”

This isn’t the first time Tron’s Justin Sun and Poloniex are in the news, however. A few days ago, Tron’s Founder had conceded that he was among the investors who had invested in the purchase of Poloniex from Circle.

Arijit is a full-time journalist at AMBCrypto, who focuses on the XRP and Ethereum ecosystem. Leveraging over three years of experience in media and Majoring in Computer Science, he covers the technical developments in the crypto ecosystem