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Justin Sun

Tron [TRX] ETN debuts on Europe’s biggest Stock Exchange

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Justin Sun-led Tron Foundation announced Tron’s [TRX] exchange-traded product has officially debuted on Xetra, which happens to be the electronic trading platform of Europe’s biggest Deutsche Börse German stock exchange. The new product is an exchange-traded note [ETN] dubbed ‘VanEck Vectors Tron ETN [VTRX]’ and is set to expand its foothold across Zurich, Paris, and Amsterdam.

This is s major breakthrough for TRX who’s an addition to the list that represents the third such mainstream crypto to have landed their ETN on the world-renowned fund management company after Bitcoin [BTC] and Ethereum [ETH].

Announcing the same, the foundation stated,

“The successful listing of VTRX, on the heels of Bitcoin and Ethereum, is a fresh testimony to Tron’s robust crypto ecosystem and its successful drive to expand its global roadmap. It is also a significant milestone in Tron’s effort to keep up with the evolving regulatory environment.”

Why Tron?

VanEck has been one of the first asset managers to submit a Bitcoin ETF application to the US Securities and Exchange Commission [SEC]. Since then, it has launched several products. Last year, VanEck rolled out one of the world’s first Bitcoin ETNs [VBTC]. Next came Ethereum ETN [VETH] in 2021. The latest move of listing VTRX after launching BTC and ETH indicates TRX increasing “market recognition” as a prominent blockchain platform across the world.

Martijn Rozemuller, CEO at VanEck Europe, admitted that while Ethereum continues to lead the pack, younger platforms such as Tron provide additional advantages in the form of lower transaction costs or faster processes. Hence, adding these assets to an investor increases the diversification while reducing the overall risk, added the exec.

What does TRX ETN entail?

With TRX ETN, investors in the region will have a regulation option to invest in cryptocurrency. Xetra provides access to Europe’s largest ETF exchange. Another upside for the users is that there is no need to worry about wallets and encryption keys while trading ETN on stock exchanges. Additionally, investors can enjoy significantly lower risks of settlement to the central clearing systems.

According to the foundation overseeing the development of TRX, the listing will aid in reducing the gap between the crypto ecosystem and mainstream financial markets in Europe and will strengthen TRX’s position.

NFT social platform announces strategic investment from Tron Foundation

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DeFine, a social NFT platform announced receiving a strategic investment from the Tron Foundation. The fund secured by the platform will be used primarily to develop products, NFT multi-chain ecosystem expansion, and the exploration of NFT-Fi and Metaverse. According to the official announcement, DeFine is one of the first non-fungible token platforms to raise investment from the Justin Sun-led foundation.

The platform tweeted,

“We are excited to announce that DeFine became one of the first NFT platforms that has received a strategic investment from Tron Foundation. We will work together to develop the First NFT marketplace in the TRON ecosystem”

As per the latest deal, the Tron Foundation is essentially participating in this investment as a strategic partner, wherein the two entities join forces to develop the first-ever non-fungible token marketplace in the Tron ecosystem and release auctions in the near future.

The latest news comes just a few weeks after, DeFine and Tron formed a strategic partnership. The main objective behind the integration of DeFine on the Tron network was to provide access to users and creators across the world to utilize the platform that is cost and time-efficient. Besides, DeFine also plans to explore bringing its unique non-fungible token-based social profile system to the Tron ecosystem.

Tron’s tryst with NFT ecosystem

The craze behind the non-fungible tokens appears to be in full swing and the Tron founder Justin Sun is no less than an avid fan of the thriving industry. The Chinese wunderkind had recently launched the JUST NFT fund in a bid to mint the world’s top artists on the blockchain.

While commenting on the launch of his very own non-fungible token platform, Sun had earlier said that he believes that the value of the art market is set by the leading artists and works, and only the artists at the very top of the pyramid can hold and grow their value over time.

Additionally, in March this year, the Tron Foundation had launched TRC-721, the first NFT-based standard. Shortly after this, the organization revealed that it was working on revamping BTFS, the biggest system of distributed storage in the world, to generate a robust infrastructure for delivering artworks as NFT collections on the blockchain network.

China’s Weibo app bans Justin Sun and 9 other accounts related to crypto

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China has been going hard on the crypto industry. While the country began laying all its focus on the development of its central bank digital currency [CBDC], the digital yuan, it slowly started sidelining the crypto-verse. The Chinese government took down an array of crypto platforms operating in the country. Now, prominent social media platform Weibo went on to block over 10 accounts that were related to crypto.

Social media has a massive impact on the lives of people. China seemed to be well aware of this and therefore it made sure to eliminate crypto from influencing its citizens.

Prominent crypto journalist, Colin Wu revealed the same through Twitter. Initially, Wu noted that the founder of the Tron Foundation, Justin Sun’s Weibo account was blocked. This was then followed by another tweet which read,

“China Weibo has launched a new round of banned accounts. In addition to Justin Sun, more than 10 accounts involving cryptocurrencies with a total of millions of followers have been blocked.”

China continues to block crypto-related accounts

While this is the country’s latest move, it had banned the popular crypto exchange, Binance back in July this year. The Asian country went on to abruptly ban the platform. The mobile app, as well as the website, became inaccessible to Chinese citizens.

Back in July, Wu shared a tweet noting that several users in Beijing were unable to access the exchange’s website as the Binance APP was blocked in the country. This further required users to use a VPN to log into their accounts. However, this was later shunned off as Binance noted that it was due to technical issues and the exchange had solved the block situation.

The crypto mining situation in the country took several hits. An array of mining platforms had to exit the region in order to survive. The latest news from the country proved that China was going full hostile on crypto.

Tron strikes strategic deal to source valuable NFT in the global marketplace

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Tron has formed a strategic partnership with the NFT social platform called DeFine last week. The latest integration will explore the Tron ecosystem and enable all creators including artists, musicians, influencers, gamers, and athletes to engage and interact with their fanbase with digital assets such as non-fungible tokens and social/fan tokens.

Users and creators across the world will now be able to leverage Tron’s network which facilitates high transaction speed and minimal fees. According to the official press release, DeFine is all set to work with the blockchain network Tron as well as blockchain enterprise, APENFT for the purpose of sourcing valuable NFTs in the global marketplace.

DeFine also plans to utilize the network’s high throughput, high scalability, and high availability for all Decentralized Applications [DApps] of the TRX ecosystem. The platform also aims to position its unique social profile system to the TRX ecosystem with the strategic partnership.

Tron plans to take NFT space to new heights

Since launching the first NFT standard TRC-721, the Justin Sun-led blockchain network has made several notable strides in the territory that has been raging with billions of dollars. One of the main objectives behind the network’s jump to the NFT space was to streamline comprehensive and efficient infrastructure to convert artworks as NFTs on the blockchain.

Following the announcement, DeFine highlighted on future possibilities and growth of the two entities involved and went on to state that,

“After the integration with Tron, we will explore providing special badges for the TRX ecosystem users and expand our partnership with the services to provide additional perks for the badge holders. We look forward to the growth of both communities through the integration and partnership with Tron!”

Sun said that he was thrilled to announce the integration of the social NFT platform network and added that he looks forward to seeing the growth of the marketplace as “DeFine and APENFT cooperate to take NFT’s to new heights.”

Tron [TRX] network breaks new record; total transactions surpass 2B

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Amidst a market-wide rout, Tron [TRX] network is slowly creeping up to all-time highs across several metrics. In the latest development, total transaction on the blockchain has surpassed a whopping 2 billion. This was an important milestone for the network which boasts to be cost as well as time-efficient. The tracking website, TronScan’s latest chart on the same demonstrates a steady increase in the transaction figures on the blockchain.

Revealed by Justin Sun, the CEO and Founder of Tron Foundation, his latest regarding the same tweet read,

“According to TronScan, TRON total transactions have exceeded 2 Billion. Boasting over 39 million accounts and 2 billion transactions, TRON is the world’s fastest-growing public chain. Thanks for all the supports from TRONICS”

Total Transactions

In addition to the above milestone, the network’s daily active users have also reached a new all-time high of 5.26 million recently which was an astonishing 500% more than the total users on the Cardano network. It has also broken several other records in recent days, including one that depicted the massive activity among market participants as the bull run appeared to be winding down.

Tron [TRX] fails to steal the show

TRX

The blockchain’s native cryptocurrency token, TRX, on other hand, failed to charm the market. Its tryst as one of the top 20 cryptocurrencies was short-lived as back-to-back corrections pushed the coin further down the list. Once a top 10 crypto by market cap, TRX was positioned as the 25th-largest token by a market cap of $5.18 billion, at the time of writing as it failed to exhibit any impressive price movements this year.

The mid-May crash proved damaging for the digital asset which drove its price to levels last seen in March this year and was currently being traded at $0.072. It was also displaying some weakness which was evidenced by a decline in terms of daily trade volume. Recovery attempts halted as the cryptocurrency continued to remain stuck in a consolidation mode as investors waited for a catalyst.

Tron’s Justin Sun Unveils World’s First Picasso NFT

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NFTs have taken the world by storm. It has become an avenue to introduce the masses to classic artworks. In the latest development, Tron Founder and the CEO of BitTorrent, Justin Sun has launched the world’s first-ever Picasso non-fungible token through a designated fund called JUST NFT Fund.

The ‘Femme Nue Couchee Au Collier‘ is the first painting by the Spanish painter to become an NFT. Sun had earlier purchased the painting at Christie’s auction for $20million to tokenize on the Fund.

The exec’s official tweet announcing the same read,

“I am thrilled to announce that Pablo Picasso’s artwork has been NFTized for the first time ever by JUST NFT Fund.”

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He also revealed that the ownerships of the ‘Femme Nue Couchée Au Collier [Marie-Thérèse]’ have been mapped on the Tron public chain according to the TRC721 standard. Picasso’s artwork will be permanently preserved on the Tron blockchain as well as on BitTorrent File System [BTFS] decentralized storage system.

Sun’s NFT Spree

Sun’s recent purchase also includes American Artist, Andy Warhol’s $2 million, Three Self Portraits [1986] at Christie’s in London during the modern and contemporary evening art sale in March this year. The creation of the fund and the Tron founder’s recent art-buying spree is part of a larger effort to capitalize on the explosion of the flourishing market for non-fungible tokens. 

The funds in question aim to decrease the gap between traditional physical art and the growing popularity of the sector that is touted as a game-changing innovation of blockchain technology in the field of art.

Nonfungible tokens enable the digitized version of any physical artwork to be uploaded to the BitTorrent File System system. This, in turn, gives rise to a corresponding NFT artwork’s BTFS address. According to the foundation, the information is then deployed into the smart contract in conformance with the TRC-721 standard. This is how Tron aims to confirm the uniqueness of the work is by the contract address.

Justin Sun Donates 2M TRX To India’s COVID Relief Fund

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As the COVID crisis in India continues to worsen, the country is receiving support from all around the globe in order to survive this phase.

Justin Sun, the CEO of the cryptocurrency firm Tron, has joined a group of many well-known personalities in the crypto community who have come forward to contribute to a fund created to provide relief to COVID-19 wreaked India.Sun announced donating 2 million TRX [worth approximately $227,980 at the time of writing] to a COVID-19 relief fund for India that was recently set up by Sandeep Nailwal, the Co-founder and Chief Operations Officer of Polygon.

The Tron exec’s tweet read,

“I’m in! I have donated 2 million #TRX to the India Covid relief campaign lead by Sandeep Nailwal. Join me, Vitalik Buterin, Balaji Srinivasan by donating at the addresses below. Please help spread the word. For every RT, I’ll donate another $100 to the fund, up to 100k.”

Sun also asserted that he would contribute another $100, up to $100K for every retweet of his appeal.

TWJ had recently reported that the executive of the scaling platform had urged the global crypto community to help the country ravaged by the second wave of the pandemic as a result of the government’s failure that has led to the deepening crisis.

Nailwal had also stated that he would take full responsibility for transparency, funds usage, as well as regulatory compliance. The funds collected with be deployed for the purchase of oxygen, food, and even cover the cost of vaccines for poor people in the country.

Taking in to consideration, the risky campaign especially under the India law, the Polygon COO had appealed several crypto exchanges in the country to help convert the COVID donations into fiat currency.

Buterin, Srinivasan Donate to India’s COVID Relief Fund

Soon after Nailwal tweeted his intention for a fund for the purpose of COVID relief, Ethereum Co-founder Vitalik Buterin donated more than $600,000 to the campaign. He posted the transfer receipts of 100 ETH and 100 MKR, on the social media platform. Balaji Srinivasan, the former Coinbase CTO and board partner at VC firm Andreessen Horowitz, also reportedly donated $50,000 in ETH and urged others to contribute as well. He also pledged up to $100,000 more.

Tron and DAO Maker Announce Strategic Partnership

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Tron blockchain has announced entering into a strategic partnership with the prominent DeFi-based project DAO Maker. The latest collaboration aims at making all DAO Maker services available on the TRX network. In addition to that, this would also enable Tron projects to interact with the DAO Maker’s multi-investment platform, called DAO Pad.

Tron’s Yet Another Incubator Project

With the latest news,TRON, led by founder CEO Justin Sun, has added another incubator project to its growing ecosystem. DAO Maker will now be able to tap into Tron’s growing community and ecosystem. It is important to note that DAO Maker seeks to expand its footprint beyond the Ethereum [ETH] blockchain and leverage Tron’s low transaction fees and high scaling potential.

Hence, the partnership will facilitate the DAO Maker ecosystem to utilize TRX network’s 100,000+ active daily users to its growing ecosystem.

On the other hand, DAO Maker will enable the development of teams on the TRX blockchain to raise funds through its Strong Holder Offering [SHO].

SHO has been DAO Maker’s one of the most popular products. and is essentially is a fundraising service for public rounds that uses chain analysis, proprietary user activity data sets, as well as evaluation criteria to identify which allocation applicants are well suited for an initiative or a project. These entities also direct the allotment of a project’s most unlocked tokens.

According to the blog, DAO Maker’s community members will also be able to engage in SHO projects that will roll out on the Tron network.

Following the development, Justin Sun, founder of Tron and CEO of BitTorrent was quoted saying,

“We are excited to be partnering with an industry leader like DAO Maker to bring cross-chain community incubation and fundraising to TRX. This partnership is part of TRX’s commitment to its community to expand the functionalities of the blockchain through world class strategic partnerships.”

Over the last several months, Both entities have been making strides in the field of decentralized finance. DAO has made a mark by positioning itself as a prominent launchpad within the DeFi space. Tron, on the other hand, has witnessed the integration and collaboration of several new projects after opening its doors for the decentralized finance community last year.

Tron’s DeFi Ecosystem TVL Surges Past $15 Billion

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Over the past several months, the Tron blockchain has emerged as one of the crucial venues for decentralized finance [DeFi] platforms. The network has hosted several prominent projects since its entry into the decentralized realm.

In yet another milestone, its DeFi sector has hit a new record in the form of total value locked [TVL]. According to the project’s founder and CEO Justin Sun’s latest tweet on the same, TVL Tron’s DeFi ecosystem has surged to an astonishing $15.1 billion as of the 17th of April.

It is important to note that DeFi has taken a backseat in terms of social media discourse and FOMO. However, behind the curtains, the space has been quietly flourishing. Tron, for one, has seen a significant uptick in activity related to it.

The latest data revealed that the total value locked in JustLend, which happens to be Tron’s official lending platform, stood at $2.90 billion. On the other hand, its decentralized trading protocol JustSwap amassed $2.27 billion in TVL figures, The deFi system of USDJ stablecoin on Tron which is called JustStable, raked in $2.48 billion.

Meanwhile, the TRC20 Token Backed 1:1 By Bitcoin, Ethereum, and Litecoin – Just BTC/ETH/LTC, scored a combined TVL of $2.41 billion. Also, Total TRX Frozen, with respect to energy as well as bandwidth, has noted a significant increase and was found to be at $5.032 billion.

Tether on Tron Exceeds Ethereum Amidst Stablecoin Rush

CoinMetrics

In addition to the growing demand in terms of DeFi, the Justin Sun-founded blockchain has observed massive stablecoin demand. So much so that the amount of the world’s largest stablecoin, Tether [USDT] on the Tron blockchain has surpassed that on Ethereum.

On the 14th of April, TRC-20 USDT has reached $24 Billion and this growth was accompanied by high transaction fees on Ethereum that has led investors to look for efficient and cheaper alternatives to lock in gains. Previously, ERC-20 USDT dominated the charts for the major part of 2020. However, the trend changed in the first quarter of 2020.

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.