TRON (TRX) to Have a Wrapped Version on Solana (SOL), Promises Justin Sun

Justin Sun, the founder of TRON (TRX), announced the token would soon have a wrapped version on Solana (SOL).

Justin Sun, the founder of TRON (TRX), announced that the token would soon be available on Solana (SOL).

TRON (TRX) may soon be launching on Solana, bringing together two of the most active crypto ecosystems. Justin Sun, the founder of TRON, announced the upcoming partnership.

“TRX will be soon on solana. Ready to buy and collaborate with @coinbureau to make a great video about it. Who’s down to join? 🔥”

Sun’s announcement comes just days after he hinted at big developments for TRON. He has yet to mention what types of partnerships will be achieved on Solana. However, Sun has been known to invest in other projects, becoming a key partner and investor.

TRX tokens on Solana could boost demand and open up a new source of liquidity. Solana is home to its own Decentralized Finance (DeFi) sector, which could expand lending and use TRX as a preferred token. TRX is yet to launch on Solana, and any similar tickers on the blockchain are meme coins, which some traders may try to identify.

There are still no details on how TRX will be introduced to Solana – whether through a bridge, as a collateralized derivative, or through other means. The most bullish scenario for TRX envisions even greater growth for the Solana version of the token, as it would tap into a broader community and US-based traders. It remains to be seen what partnerships Sun has prepared for the Solana ecosystem.

Following the news, TRX recovered to $0.22, adding over 4.8% to its rate in the past 24 hours. TRX is one of the more resilient assets, as its supply diminishes following regular token burns. A shift to Solana and a broader user base is seen as a chance for TRX to revisit a higher price range. It last traded above $0.25 in December 2024.

Immediately after the announcement, a new meme token started trading, copying the TRX logo and ticker. The token, named Tron (TRX) Meme Token, reached a high of $0.0006, failing to even reach the price of the original asset. Soon after that, the new token was hit by a rug pull, with its price erasing 99% of its value. Most of the new TRX tokens on Solana turned out to be scams, prepared for a rug pull by the token developers.

In addition to the main TRX token, multiple copycat tokens appeared, also attempting to siphon liquidity from Solana traders. Despite the slowdown, Solana remains a key launchpad for new assets. Among the other tokens launched on Friday was the Baller token, which attempts to capitalize on the recent basketball hype.

TRON ecosystem remains a leader in fee generation

TRON reports activity that makes it one of the busiest chains in terms of user numbers and fee generation. The TRON network generated $275M in monthly fees, according to TokenTerminal data. After paying out its validators, TRON retains around $3M in weekly fees from user transactions.

The TRON network is most widely used to transfer tokens and stablecoins. TRON still carries over $4.55B in Value Locked (TVL), but its DeFi sector has been slowing down throughout 2024. The TRON ecosystem is also disconnected from most other chains and has few bridges and tools for cross-chain liquidity. Gaming, NFT and meme tokens are also separated.

At the same time, Sun is pursuing multiple crypto partnerships in a bid to keep TRON relevant. Sun has previously partnered with Trump’s World Liberty Fi by purchasing $30M of WLFI tokens.

TRON has also partnered with the Wintermute market maker, as well as Wrapped Bitcoin (WBTC), to boost liquidity and valuable reserves on the network. Previously, TRON was viewed with some skepticism on potentially faked volumes or generating synthetic assets without sufficient collateral.

Solana slows down its activities

The outflow of users from Solana continues, and the average count is now at 2.84M per day. TRON surpasses that activity level, reporting over 3.1M daily active users.

Solana’s slowdown is mostly due to outflows from Decentralized Exchange (DEX) activity, as well as new meme token generation on the network. However, Solana and TRON are among the top fee-generating chains, and both have a history of offering relatively low fees.

The slowdown affected the SOL token market price, which slid to $122.15 as the market keeps its bearish trend.