- Tron CEO stated officially this Friday about “Poloni Dex”, throwing light on the operation of TRX market by Poloniex.
- Sun claimed that Poloniex has occupied the TRX market although he precisely details about the financial terms.
- Poloniex was initially acquired in 2018 by Circle and the deal stood with $400 million.
Justin Sun, Tron CEO stated officially on this Friday about “Poloni Dex”, throwing light on the operation of the TRX market by Poloniex. The largest decentralized exchange on blockchain network Tron (TRX) to be controlled now by Cryptocurrency exchange Poloniex, the official announcement claims.
The step had been taken a month after Poloniex decided to leave the US focusing on the formation of a new exchange to meet with the regulatory problems in the US, after detaching itself from the owner circle.
Sun claimed that Poloniex has occupied the TRX market although his precise details about the financial terms and other basic agreements were not yet revealed.
The blog post from Poloniex stated that the team has accepted an acquisition offer from Poloniex to maintain the development of TRX Market over the long term and will rebrand with the new name Poloni Dex, becoming a decentralized exchange under Poloniex.” “The official website has now changed to Poloniex.org”
Poloniex ensures that the deal will benefit Tron in the long term.
The blog post says
“The acquisition is bound to be a very significant move for TRON ecosystem, signaling the exchange sectors trust and recognition of TRON”
Established in 2014, Poloniex was initially acquired in 2018 by Circle and the deal stood with $400 million. The exchange was once on the zenith of its growth accounting for 50% of the exchange transactions has deteriorated but Sun believes in the tremendous hidden potential of Poloniex and ensures that it’s concealed potential will be revealed by this acquisition. He is very optimistic about the beneficial effects it would bestow in the time coming. Highlighting the growth potential of the same he says
“I think the exchange is going to grow and that’s why we collaborate with it to have more initiatives”
For now, the acquisition does not seem to be very friendly as the community probes the question about the integration of decentralized exchange and a centralized platform.
Such an acquisition that is changing the basic nature of the decentralized exchange bringing it under a highly centralized company that would enjoy complete control over it does not seems to be very healthy.
This is bound to pull back the people who had a fascination for the exchange due to its decentralized nature and the same is revealed by the data too as it has already lost 1.77% of its value in the last 24 hours. For now, it stands at $0.0159 price value.