Chief executive officer of Tron (TRX) network Justin Sun has announced that the platform is launching a new cross-chain scaling system known as Appollo.
Based on the announcement, Apollo will come in handy for the quick and efficient transfer of assets and data across multiple chains in a secure way.
🎉#TRON is excited to announce the upcoming launch of #TRON Apollo: Interconnecting Blockchains🚀
👉#TRON’s official cross-chain scaling solution, enabling data and asset transfer across multiple chains, with security, openness, and unlimited scalability
🚀More coming soon pic.twitter.com/onFWf5ZND5
— Justin Sun 🅣🌞 (@justinsuntron) April 30, 2021
“TRON is proud to announce the upcoming launch of #TRON Apollo: Interconnecting Blockchains” Sun stated in a tweet.
He added that the scaling solution will improve openness, security, and ensure unlimited scalability.
Rising need for a cross-chain solution in DeFi
The launch of the cross-chain solution by Tron is coming at a period when DeFi has attracted a lot of interest. The sector has blossomed over the past year, and it’s still expanding.
DeFi’s growth can be best illustrated by the total value of Binance Smart Chain (42.6 billion), Tron ($12 billion), and Ethereum ($64 billion).
These blockchains have a rapidly growing number of DeFi users, with a cross-chain scaling system needed to effectively connect the activities on each of the networks.
Additionally, the cross-chain solution will lead to improvements in blockchain interoperability, which will end the “isolation” between networks and their users.
More details about the project to come soon
Tron Foundation stated that more details about the new project will be made available to the public shortly.
The project was initially planned for 2023, but Tron stated that it is far ahead of schedule and Apollo will be launched this year.
It a decentralized platform that offers users the chance to exchange tokens of individual projects launched on the Tron blockchain. The stage, according to the company, is part of its development plans that will last until 2027.