Monday, July 15, 2024
HomeDeFiTRON gives clarification on distribution of $1,111,111,111 ecosystem fund

TRON gives clarification on distribution of $1,111,111,111 ecosystem fund

TRON has issued an explanation about the distribution of its $1,111,111,111 ecosystem fund. Tron unveils a fund in November 2021. Tron clarifies the fund was used to  promote the growth and development of the TRON ecosystem.

Ecosystem fund distribution

Sun V2.0 and JustLend were the first receivers of the ecosystem fund, getting $24.899 million in liquidity mining awards. Another $150 million will be awarded as mining and staking prizes through various different competitive procedures in the ecosystem.

The remaining money i.e. $600 million will be used to widen the DeFi landscape by spending in a diverse variety of unique and creative DeFi initiatives on the TRON network. DeFi remains an important development in the crypto world because it allows financial services to function in an open, available, and transparent digital form.

TRON Grand Hackathon

In another development, TRON DAO has developed the TRON Grand Hackathon to foster the expansion of the TRON and BitTorrent Chain (BTTC) ecosystems all across the Web3, NFT, GameFi, and DeFi sectors. TRON invested $500,000 on Season 1 of the Hackathon and has kept $1 million for Season 2.

TRON DAO

The TRON network was founded in September 2017 by H.E. Justin Sun. TRON DAO ecosystem has thrived with fast speeds, great scalability, and low prices after fully decentralisation in December 2021. TRON is helping towards promotion of decentralisation through blockchain technology and decentralised apps (dApps). TRON has been a long supporter of decentralisation of the Internet using blockchain.

It has continued to provide excellent results since the MainNet debut in May 2018. BitTorrent, a pioneer in decentralised Web3 services, was also integrated into the ecosystem in July 2018.

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