Decentralized internet protocol TRON CEO Justin Sun has said the company will build a fund to “rescue” Ethereum and EOS developers from “the collapse” of their platforms

In a tweet, Justin Sun, founder of the TRON blockchain network, revealed his intention to set up a fund to rescue EOS (EOS) and Ethereum (Eth) developers if they switch over their decentralized applications (DApps) to the Tron network.

In the midst of this severe market collapse, which occurred, in large part due to the Bitcoin Cash (BCH) lawsuit, the total market cap of crypto market has fallen below $110 billion. Specifically, today, at the time of writing this article, Bitcoin (BTC) recorded a new 52-week low of $3,300.

Both EOS and Ethereum are seeing losses of over 13%. EOS is the worst performing coin among the two, in the top-10 and also in the top-30 cryptos. EOS [EOS] has plunged against the US dollar by 23.13% and trades at $1.69. Its competitor Ethereum (ETH) has lost 16.64% and was trading at nearly $86 at the time of writing this article, the lowest price point since April 2017.

In terms of DApp, TRON did extremely well, exceeding the DApp volume of Ethereum in mid – November. According to the DApp review, IDEX, the most successful DApp on the Ethereum network has a 24-hour transaction volume of 2450 ETH transactions, while Tronbet has more than 422 million TRX.

To further push the DApp volume on the TRON platform, the foundation launched the $ 1 million competition TRON Accelerator, which would enable developers to build their DApp on TRON.

The DApp ecosystem of TRON will be further boosted by the two-day niTROn Summit in January 2019. On the second day of the summit, the developers will organize a forum to promote the creation of an ecosystem around the blockchain. The forum covers super representatives, the development of apps / intelligent contracts, the development of game engines, public chain research and much more.

Earlier this week, pointing financial difficulty and weak market conditions, ETCDEV, the Ethereum Classic [ETC] development team terminated its operations. The announcement follows a trend of crypto-sector based start-ups closing down shops due to the bearish market.

Also read: Malaysia’s finance regulator and central bank issued a joint press statement in which they confirmed they were “putting in place” legislation on crypto and ICO assets

Source: https://www.cointrust.com/market-news/justin-sun-to-setup-rescue-fund-to-eos-ethereum-developers