In this post. A series of transactions burned TRC-20 BTC and likely took 60K real coins out of JustLend.
TRON is preparing to float a new native version of #WBTC .
After the launch of cbBTC, wrapped versions of #BTC are starting new competition.
The powerful #TRON whale took 60,000 TRON bitcoins (BTCT) out of JustLend, freeing up $3.6 billion in potential liquidity. TRON-based wrapped tokens were burned, presumably freeing up collateral for the main bitcoin network.
A new bitcoin (BTC) whale left TRON's JustLend; JustLend's wrapped BTCs were burned and BTCs were redeemed from smart contracts; several tranches of TRC-20BTC were sent to black hole addresses; and a new tranche of TRC-20BTC was sent to a black hole address.
In 2022, a deposit of 60,000 BTC worth $624 million was made. Upon issuance, BTC was worth $3.77 billion. The move also raises questions about the potential use of the 60,000 newly unlocked coins: according to the TRON #blockchain , the same amount was apparently burned, but there is not enough data on the movement of the deposit on the bitcoin blockchain.
The most likely suspect in the transaction immediately after the transfer was TRON co-founder Justin Sun. Sun was an influential whale in several protocols and influenced the TRON ecosystem by posting liquidity. The unlocking and burning occurred without warning in a series of 1,000 BTC tranches; Sun has stated his willingness to accept WBTC as a TRON native asset, but has not confirmed his involvement.
JustLend has continued to lose BTC since peaking in March and currently has 78.16K BTC; JustLend claims to have blocked $3.54B on a credit basis; BTC can be used as protocol collateral while generating passive income.
Despite the large amount of value blocked, JustLend reports a small number of transactions and a few hundred daily users, based on DappRadar data.
BTC as a TRC-20 token is currently used primarily in the DeFi space of the TRON network.
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