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Justin Sun Wins Bid For TIME’s NFT at 117 ETH

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NFT has taken the world by storm. In yet another development, Tron Founder, Justin Sun announced that he is the winner of TIME Magazine’s iconic “The Computer in Society” cover as a non-fungible token. According to the website, Sun made an offer of 117 ETH around $210 on the Ethereum-powered NFT marketplace called ‘SuperRare’ by artist Boris Artzybasheff, which was accepted by TIME.

Sun is all set to deploy the token in his recently unveiled JUST non-fungible token Fund and issue the cover as a TRC-721 token on the Tron blockchain. His tweet regarding the same read,

“I’m thrilled to announce I’ve won the bid on TIME’s The Computer in Society – April 2nd, 1965 NFT!! This is the first time the computer was mentioned on the cover of TIME! I’ll put the NFT in JUST NFT Fund & issue this on TRC-721 on TRON network.”

For the uninitiated, “The Computer in Society” was the first-ever TIME cover that was dedicated to the computerization of the workplace. It was first published nearly fifty-six years back on the 2nd of April, 1965.

Justin Sun’s Tryst With NFTs

Non-fungible tokens, which are essentially representations of a physical or digital object on the Ethereum [ETH] blockchain, have become one of the hottest trends in the blockchain and crypto markets. This is not the first time Justin Sun has shown his continued interest in non-fungible tokens.

Recently, Sun had launched a fund for top-notch non-fungible token art that will only accept art pieces with a price tag of a minimum of $1 million.

A couple of weeks back, the Tron Founder almost won a record-breaking bidding war for a digital artwork by Beeple in Christie’s Auction. before narrowly missing out. Sun’s $60 million bid was trumped at the last minute when another came in to bet at $60.3 million. Following this stint, Tron Foundation exec won another $6 million Beeple in ‘Green’ NFT Auction.

TVL In Tron’s DeFi Ecosystem Hits $8.5 Billion

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Tron, the popular blockchain project founded by Justin Sun has made waves in the decentralized finance [DeFi] space shortly after its foray. In the latest development, its Defi realm has hit a new milestone in the form of total value locked [TVL].

According to the project’s founder and CEO’s tweet on the same, TVL in its DeFi ecosystem has climbed all the way to $8.5 Billion.

TRON

Tron’s Burgeoning DeFi Ecosystem

Riding on the unstoppable hype of Defi applications, the blockchain platform made its first foray into the industry with a host of products with ‘JUST’ as the prefix. Following are the Tron-based Defi products that contributed to the $8,5 billion TVL in such a short span of time:

JustStable, which happens to be the decentralized finance [DeFI] system of USDJ stablecoin, has amassed $968.9 million

  • The total value locked in Tron’s official lending platform JustLend was found to be $2.14 billion
  • The decentralized trading protocol JustSwap racked up $1.21 billion in TVL figures.
  • In addition, the TRC20 Token Backed 1:1 By Bitcoin, Ethereum, and Litecoin – Just BTC/ETH/LTC, was found to have a combined TVL of $2.16
  • Total TRX Frozen both in terms of energy and bandwidth stood at $2.102 billion.

The Sun-founded ecosystem has managed to add more than $1 billion in terms of TVL in just a period of 2 days. This can be evidenced by the Tron Foundation’s announcement which stated that the total value locked was found to be at $7.3 billion on the 18th of March.

The foundation has been increasing investment into further developing the DeFi realm and hence, the TVL figures on the network have risen substantially since the beginning of the year. But the latest numbers saw an increase of $3.5 billion which stands for a 70% increase since the roll-out of the blockchain Tron’s Century Mining which was launched by the blockchain foundation along with other platforms such as BitTorrent, JUST Foundation, SUN Foundation, and WINk.

Tron-based Tokens SUN and JUST To Get Listed by Yet Another Platform

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Tron-based tokens have become quite popular over the last few months. Thanks to the ongoing demand for decentralized finance [DeFi], Tron Blockchain has emerged as one of the main contenders in a space dominated primarily by Ethereum.

In the latest news, VirgoX, which happens to be a stablecoin focused digital asset trading platform, has announced its plans to list Tron-based SUN token and JUST [JST] and the initiation of trading with SUN/USDT and JST/USDT soon after.

SUN was essentially designed to further the development of DeFi on Tron’s blockchain. It was described as “the quintessential Bitcoin equivalent on TRON,” by the Tron Foundation. In addition, SUN is a voluntary project that runs on Tron’s TRC-20 token standard with a dedicated community administering operations via smart contracts. SUN also became the first token listed on Binance newly-launched Innovation Zone.

JUST [JST], on the other hand, is Just Platform’s Governance Token which was launched in May this year, during the Poloniex LaunchBase [Token Sale]. It is basically a two token system that aims to create a decentralized financial system that offers stablecoin lending and governance mechanisms for users around the globe. In addition to this, JUST was also listed for trading on the digital asset management platform, Bitrue.

Meanwhile, Coinbase Custody also recently announced that it was exploring to support multiple digital assets
such as Tron [TRX] and five popular TRON based tokens which included BitTorrent [BTT], Just [JST], Just Stablecoin [USDJ], WINK [WIN] and Sun Token [SUN]. Considering the fact that Coinbase Custody is a trusted crypto custodian with its core clients being institutional investors, potential listing development is crucial not only for the Tron ecosystem but also for the price of the individual tokens.

Support on Coinbase Custody could eventually open doors for Tron [TRX] and other Tron-based tokens being listed on the leading exchange, Coinbase.

Justin Sun and Tron take CryptoLocally Partnership to the Next Level; USDJ and JUST Token Listed

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The cryptocurrency market has seen steady progress over the last few months, despite the spread of COVID-19. Popular cryptocurrency organizations have reassured users by launching new features and listings that are bound to make the industry more streamlined and wholesome.

In a bid to onboard new users to the Tron ecosystem, Justin Sun, its founder and chief executive officer, has recently announced a new collaboration. On June 16, Sun tweeted that both the JUST coin and the USDJ token were listed in CryptoLocally, a popular crypto exchange.

According to the latest reports, both tokens will be available to buy and sell from anywhere in the world while at the same time they will be available for fiat exchange. Sun and the Tron Foundation have been pushing the envelope for advertising related to both the JUST token and the USDJ stablecoin. Although the launch was conducted with a lot of fanfare, the community was on the fence about the latest update.

While Justin Sun and Tron continued their USDJ promotions, Cryptolocally conducted their own giveaways and events. On June 15, the cryptocurrency exchange announced a JUST giveaway where participants had the chance to win up to USD 500. To enroll in the competition, participants needed to sign up for CryptoLocally.com and then trade USDJ on the platform. Each CryptoLocal trade was calculated as a single point. CryptoLocally has revealed that the competition will continue for a week and is expected to end on June 22nd.

At the end of the competition, three winners will be chosen who will have access to a prize pool of $500. The release from the company stated:

“If any prize or prize notification is returned as undeliverable, if any potential winners reject his/her prize or in the event of noncompliance with these giveaway rules and requirements, such prize will be forfeited and may be awarded to an alternate winner from all remaining eligible entries (time-permitting).  Upon prize forfeiture, no compensation will be given.”

CryptoLocally has been quite busy over the past couple of weeks as the giveaway competition was not the only development in the company’s kitty. The exchange has also partnered with the MEET.ONE wallet to provide customers with a secure and decentralized platform connected to EOS. MEET.ONE functions as a multi chain decentralized wallet which is part of the MEX exchange. Customers will also have access to an AI Grid Trading Bot that will make it easier for them to trade.