Tron Announces Distribution of Ecosystem Fund, TRX Rebounds

Updated:

Tron (TRX) has announced the disbursement of its famous $1,111,111,111 ecosystem fund, which they revealed in November 2021. Tron established the fund over a decade ago to incentivize the growth and development of the network ecosystem.

Tron has remained true to its support of the decentralization of the Internet via blockchain technology. Since achieving total decentralization last December, the TRON DAO ecosystem has progressed significantly with fast speeds, scalability, and low costs. As of yesterday, the platform had over 89 million users on the network, over 3 billion completed transactions, and over $8 billion in total value locked (TVL).

The first beneficiaries of the ecosystem fund were Sun V2.0 and JustLend, who received $24.9 million as liquidity mining rewards collectively. That said, another $150 million will be distributed as mining and staking rewards through several other competitive projects in the ecosystem.

Furthermore, $600 million will go into the expansion of the DeFi landscape through investment in an array of unique and innovative DeFi projects on the Tron network.

DeFi continues to hold a critical position in The cryptocurrency industry as it allows financial services to operate in an open, accessible, and transparent digital form.

Key Tron Levels to Watch — April 29

Despite the broader weakness in the crypto market on Friday, TRX has traded against the grain as it tapped a new weekly high above the $0.0700 top. However, it appears that bulls lack the composure to sustain this rally as the cryptocurrency falls back to the $0.0650 support.

TRXUSD – 4-Hour Chart on Binance. Source: TradingView.

With the recent surge and rejection, TRX has lighted up a descending trendline, which is acting on the price to retest the $0.0600 low. Regardless, I anticipate a bullish rebound to the $0.0700 top over the coming days and a possible break towards the $0.07500 top. In the meantime, a bearish continuation below $0.0620 is highly unlikely.

Meanwhile, my resistance levels are $0.0680, $0.0700, and $0.0720, and my support levels are $0.0650, $0.0620, and $0.0600.

Total Market Capitalization: $1.78 trillion

Tron Market Capitalization: $6.7 billion

Tron Dominance: 0.37%

Market Rank: #22

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.