Poloniex has added a new base trading pair to its platform. It was seemingly coming for a while now. The addition of TRX as a base market will certainly open up new opportunities.
Experimenting With TRX Trading Pairs
It is not uncommon for cryptocurrency exchanges to create new base markets. For Poloniex, there were four of those in place already. Two are linked to Bitcoin and Ethereum respectively. The others are USD Coin and Tether, two of the dominant stablecoins on the market today.
Most cryptocurrencies can be traded against Bitcoin or Ethereum. The vast majority of them also have stablecoin pairings. This is a common trend among all cryptocurrency exchanges on the market today. Providing something unique is crucial for any trading platform that wants to stand out.
As such, different markets have emerged all over the world. Bitrue, for example, uses Ripple’s XRP as a base pair for most assets. Binance has its Binance Coin pairings. Poloniex, however, has opted for a very different take altogether.
The recent addition of TRON (TRX) as a base pair is very interesting. It creates ample trading opportunities for users who don’t want to convert to Bitcoin or Ethereum first. For now, there are just two TRX-linked markets on the platform.
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One market is TRX-ETH, which makes sense. The other is TRX-XRP, which is not something anyone has done before except for Bitrue. As such, it is always good to see something new come around.
The trading volumes of these pairs is rather interesting. TRX/XRP Is far more popular compared to TRX/ETH. In fact, the XRP market has nearly six times the volume compared to Ethereum. This goes to show that there is some genuine interest in these new trading pairs.
A Logical Development
Many people will see this as a logical development. After all, Poloniex recently received an investment from a group of individuals. Among those people is TRON founder Justin Sun. Ever since, people have been speculating as to how Poloniex will integrate TRON exactly.
By making it a base trading market, an important first step has been taken. Which other markets will be created over time, has not been confirmed. The addition of BitTorent Token (BTT) seems like a logical next step. It is a part of the TRON ecosystem, after all.