Poloniex has announced the acquisition of TRXMarket on November 27, 2019, and has since converted the name of the largest decentralized exchange on the TRON ecosystem to Poloni DEX.
The progress came shortly after TRON’s Justin Sun and some others invested in Poloniex Exchange with some noteworthy investment fund.
Poloniex, a reputable digital currency exchange, will now be in charge of TRXMarket, and Poloniex users seeking to make use of a decentralized exchange can have easy access toPoloni DEX or visit Poloniex web and select from the many decentralized trading platforms.
Poloniex has been one of the top 3 digital currency exchanges. The popular exchange is looking to expand its decentralized trading ecosystem in its bid to offer its users with diversified trading options. And so, the platform decided to acquire TRXMarket after lots of research.
The newly acquired decentralized exchange perfects transaction through the TRX smart contracts that are transparently and safely stored on the blockchain.
TRXMarket users do not need private keys to perfectly make payment as users’ private assets are “securely isolated” from the exchange.
TRXMarket is one of the most used DEX on TRON Network, the exchange is among the 127 TRON Super Representatives. Aside from that, on average, it records a 7-day transaction volume of $30 million, the blog post by Poloniex has claimed.
Data from DApp Review indicates that TRXMarket is among the top 10 DApps by transaction volume.
On why Poloniex decided to operate its DEX on the TRON Network, a spokesman for the exchange said Poloniex recognized the rate of expansion of the TRON ecosystem, under the leadership of founder Justin Sun.
The spokesman said in just a year, the total number of accounts on TRON Chain has gone beyond 4.1 million while the daily average number of transactions stays around a million, securing a place among the top three public chains in the DAapp ecosystem.
“I think we have every reason to choose TRON as our underlying infrastructure over other public chains who are slow progressing and charge ridiculously high transfer fees”, the spoke man concluded.