Showing posts with label Justin Sun. Show all posts
Showing posts with label Justin Sun. Show all posts

TRON (TRX) News - Tron’s (TRX) DeFi Ecosystem Exceeds $5.7B in Total Value Locked



 

In brief:

  • Total value locked in Tron’s DeFi ecosystem has now exceeded $5.7 Billion
  • Tron’s proposal 51 has increased investors confidence in TRX as the digital asset is now deflationary
  • TRX’s value has more than doubled in value since the beginning of the year

The Tron (TRX) Defi ecosystem has reached a new milestone in the form of total value locked. According to the project’s founder and CEO, Justin Sun, over $5.7 Billion is now locked on the various DeFi protocols on the Tron network. Mr. Sun shared this milestone with the crypto community via the following tweet.

 


 

Tron is Now a Deflationary Asset as a result of Proposal 51

Also worth mentioning is that Tron is now a deflationary asset thanks to the implementation of proposal 51 by the network’s Super Representatives. According to data provided by Tron community member Crypto Petrov, a total of 54 million Tron (TRX) has been burned forever since the proposal was implemented on the 10th of this month. Additionally, 4,906,000,000 TRX is now frozen thus reducing the circulating supply of Tron.

Proposal 51 was implemented by the Tron community to achieve the following.

Increase the current near-minimal fees for bandwidth and energy by 3,5 times in order to encourage higher freezing rate of TRX, diminish low-value transactions (spam txs), increase security, reduce TRX in circulation, and promote the increase of TRX’s value by eventually making TRX a deflationary asset.

Tron’s Value Has More Than Doubled Since the Beginning of the Year

The implementation of Proposal 51 has had a positive effect on the value of Tron (TRX). At the time of writing, TRX is trading at $0.048 after posting a local high of $0.064 on the 19th of this month.

Tron (TRX) opened 2021 at a value of $0.026 which means that it has increased in value by a factor of 1.84x when compared with its current value and by a factor of 2.46x when compared with its recent peak value.

With the new month of March only days away, chances are that Tron (TRX) will retest or exceed the local peak of $0.064 in the days and weeks to follow. However, as with all altcoins, the fate of Tron is very much tied to that of Bitcoin. Therefore, Bitcoin needs to provide the perfect environment for TRX to thrive.

Reef & TRON Work Together to Expand DeFi Space

TRON announced that it will enter into a strategic partnership with Reef, in order to create deeper liquidity options.


TRON announced that it will enter into a strategic partnership with Reef, in order to create deeper liquidity options for anyone who is interested in the DeFi space. While DeFi is growing in popularity, the back end of the system isn’t keeping up.

With this move, Reef users will be able to directly access TRON’s DeFi ecosystem via the Reef platform, which is the first cross-chain operating system that was built on Polkadot.

The simple fact is – while DeFi has exploded in popularity, the infrastructure to make the systems operate is lagging. Ethereum has become an expensive option for anyone who wants to enter the DeFi space, which is one of the issues that TRON and Reef are working to solve.

As a multi-source DeFi aggregation platform, Reef is well placed to take full advantage of TRON’s existing DeFi ecosystem. Reef combines both Centralized Crypto Exchanges (CEXs) and Decentralized Crypto Exchanges (DEXs), to offer its users the best options for trading tokens.

TRON & Reef To Make Transactions Fast and Inexpensive

The level of decentralization that DeFi offers is great from the standpoint of an accessible ecosystem, but from a trader’s perspective, it can be very challenging.

Reef creates a solution for anyone that needs to take a market-level view of the DeFi landscape and make informed decisions when they buy and sell assets.

Denko Mancheski, the CEO of Reef Finance, commented,

“This partnership with TRON is an extension of Reef’s efforts to collaborate with the biggest players of the DeFi world. With the aim of providing curated yield opportunities on leading DeFi platforms all under one roof and establish the platform as the easiest way to get into DeFi…Reef’s users will now be able to seamlessly participate in utilizing the TRON Network and utilize TRON’s rapidly growing DeFi platform, helping usher in mainstream DeFi adoption”

Platforms like Reef will be a vital part of connecting the DeFi ecosystem with exchanges that may offer better liquidity, and also with large investors who act as stand-alone liquidity centers.

Next Generation Liquidity

The ideas behind blockchain are sound, but as platforms like Ethereum have gained a tremendous user base, the flaws in PoW systems have manifested in super high transaction prices. Clearly, this isn’t going to be sustainable, and both Reef and TRON know that better options need to come into the marketplace.

Justin Sun, the founder of TRON, told media,

“We are excited to expand TRON’s DeFi potential by partnering with Reef Finance to bring its smart liquidity aggregator and AI-driven recommendations to the TRON DeFi ecosystem…I truly believe that DeFi is the answer to the flaws in the current financial systems we rely on and this partnership brings us one step closer to lowering the barrier to mass adoption”

Reef not only connects its users to CEX and DEX liquidity, but it also uses a smart AI to help investors get the most from their capital. With these tools, the best deals are found, and capital flows to where it will create the greatest returns.

TRON’s blockchain is far less likely to experience a rise in prices, as it is based on a Delegated Proof-of-Stake (PoS) system. As Ethereum works to upgrade its platform to a Proof-of-Stake (PoS) system, the door is being left open for other platforms to enter the DeFi marketplace, and solve issues like sky-high transaction prices.

Reef and TRON certainly have the ability to innovate how DeFi operates, and also to give investors of every size a way to access an emerging asset class that may be the next frontier in global liquidity.

TRON (TRX) Justin Sun on Memes Clubhouse People Sentiments and Fundamental in Cryptocurrency Space


 

In a recent interview, with Justin Sun when asked about Elon Musk expressing his enthusiasm for Bitcoin (BTC) and how he has talked about Dogecoin, the interviewer also asked how it is possible to see TRON slip out of the top most favored cryptocurrencies by market cap.  Further asked, why do you think it is and how do you get people more enthusiastic about itself.

Justin Sun, expressed that he believes that the meme is very important in the cryptocurrency industry, and that offering cryptocurrency is welcomed by the millennial and the generation Z – the new generation in this kind of situation – he expressed, “I believe meme is the answer.”

Dogecoin, the reason it is loved by Elon Musk, I think definitely it is because, Dogecoin is one of the most famous meme coin in the industry. And, also we have seen a lots of these cryptocurrency, also start to have these kinds of meme on the crypto.

The interviewer asked speaking of meme, we just have the Game Stock Drama, you said at the height of the Game Stock Share price that you would buy 10 million dollar’s worth? Did you do it? Sun replied, we already bought 10 million GME, one million AMC, and one million SORA. And, the game stock price drop and we just have 2 millions left.

Okay, you are going to hold.  Yes, I am going to hold even if I lose money on the GME stock, but I still believe that this is a paradigm shift, between what is going to be the most valued stock in the market.

And, the shift to this kind of a community driven or internet community driven investment is the future.  So, when the interviewer asked if this is the meme culture point that you made right? Sun replied, “Exactly.” He further stated, people make investment decisions based on community and feeling rather than fundamentals?  Exactly, so, and I believe, that these kind of culture and sentiments and also community like driven is also a kind of the fundamentals.

The interviewer asked, speaking on spending money, you spent quite a bit during the famous lunch with Warren Buffet. I was just thinking, at the end of the lunch you gave him a Bitcoin, that is probably his successful investment of 2020. 

Sun replied yes.  He also stated that he gave Warren Buffet originally two advice on why to Buy Bitcoin and Why Buy Tesla?  He stated, he can make 12 times more than what he just gave him.

TRON and Clubhouse

Interviewer stated, so, I wanted to talk about another project that you have taken in the decentralized space.  You are talking about doing a Clubhouse like app, And, I am curious about how a project like that matches with some of the sensitivities that you have seen in China – speech and censorship.  How are you going to pull that off?

Sun replied, definitely, I believe that Clubhouse is very popular in United States right now. And, I believe that Clubhouse is a very revolutionary product. He says they are strangers, but it is referred by your friends, so you can, see their social network connection while of course every country has their regulations.  So, we definitely are going to have these kinds of moderations to have to identify it based on the countries and the different kinds of regulations.  So, for example like the apps go round in several different types of counties, we will also have the server split from the major countries, guarantee the customer privacy, the same time also help us to moderate.

 

TRON (TRX) marginally ahead of Ethereum (ETH) for total USDT usage

 

TRON (TRX) marginally ahead of Ethereum (ETH) for total USDT usage

  • The numbers of USDT transactions on Tron have surpassed the USDT transaction volume on Ethereum.
  • Ethereum still tops Tron in terms of market capitalization but Tron is closing the gap on other metrics.
  • High transaction fees on ETH is driving users towards the adoption of Tron as a more feasible alternative.

Tron (TRX) is evolving as the fastest-growing blockchain for USDT issuance. According to Tron Foundation Chief Executive Officer Justin Sun, over $12.4 billion Tether (USDT) has been issued on the Tron network.

As a result, the number of transaction counts on TRC20-based USDT is now higher than transactions on ERC20-based tokens.

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The latest chart by data aggregator CoinMetrics revealed that Tron had more transactions than bother Bitcoin (BTC) and Ethereum (ETH) combined.

USDT usage on Tron rises steadily

The first-ever issued USDT on the Tron blockchain was 10 USDTR, and it was issued in April 2019. Forward to this moment, the number has increased by several multiple folds.

USDT is also issued on several other chains, including Algorand, EOS, Solana, Liquid, and Bitcoin Cash.

When it comes to market capitalization between Tron and Ethereum, the latter is still far higher. But in terms of stablecoin usage, both are pretty close to each other.

Before 2021, the minted USDT using Ethereum’s ERC20 received the highest transaction. But that has changed now, as Tron has marginally taken the lead this year.

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Transation fees cut down Ethereum’s dominance

The level of Defi usage and application is increasing at an interesting rate. With Ethereum blocks are getting congested with transactions, while users are being chased away with high transaction fees.

As a result of these issues, users are increasingly considering Tron as a better and cheaper alternative.

While Ethereum is larger than Tron by an impressive margin, more users are beginning to take USDT as a more viable option for them.

More users now invest in Tron (TRX) and prefer using the network because it offers extremely low transaction fees

USDT was the first to be created when stablecoins came into existence in 2014. It has grown to become the largest stablecoin in the world. They are very attractive to certain types of investors because they are usually less volatile than other types of tokens since they are pegged against the dollar.