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Justin Sun

Will Tron Suffer the same fate as LUNA?

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Justin Sun, the founder of Tron, has announced a $2 billion reserve to defend TRX from rising short interest.

Many crypto leaders are announcing plans and measures to counter the cryptocurrency carnage as it intensifies. Do Kwon, the founder of Terra, recently revealed plans to revive the UST stablecoin, but prices have since plummeted.

The TRX network, like UST, debuted USDD a few days ago. After LUNA, Justin Sun believes TRON (TRX) will be the next target. He stated that the funding rate for shoring TRX on the Binance cryptocurrency market has above 100% APR. The Tron DAO Reserve will spend $2 billion to combat the price action in order to avoid the dump.

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During market turbulence, Sun added, the USDD has stayed stable. TRX’s stablecoin now has a total cap of $270 million, while TRX DAO Reserve has a value of $10 billion. With a little deflection, the USDD coin is currently trading at $0.995. He also claimed that TRX’s funding rate on Binance is roughly -0.3448 percent, or -1.0344 percent, or -377.556 percent annual percentage rate.

Tron joins the stablecoin club

Tron DAO’s own $USDD is now accessible on Multichain DEX (previously AnySwap), among PancakeSwap, Uniswap, Ellipsis, and sunSwap, the first to list stablecoin.

Users can now use Multichain services to randomly connect $USDD between BitTorrent, Ethereum, Fantom, and Avalanche platforms.

Nothing will stop the self-acclaimed “Terra Destroyer” and its well-known founder, Justin Sun, from developing and grabbing new crypto niches.

The spread of the $USDD on decentralised exchanges follows in the footsteps of the Tron Foundation, which announced its reformation as Tron DAO in January and stated that it was working “towards the mission of delivering the Global Human Settlement Layer of the future.”

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TRX DAO’s own “revolutionary” stablecoin, $USDD, arose as a result of completing this aim. TRXn DAO, which is backed by TRX and $10 billion in cryptocurrency assets, the specific composition of which is unknown, has also announced a $1 billion extra authorization starting on May 7.

Tron DAO then bought 500 BTC and around 600 million TRX on May 10 in accordance with the intentions, “to defend the overall blockchain sector and crypto market.”

Justin Tron’s DAO amass 600M TRX & 500 BTC echoing Nayib Bukele’s ‘Buy The Dip’

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Justin Tron’s DAO is the latest to join the ‘Buy the dip club’ netting 600 million TRX and 500 BTC worth $45 million and $15 million, respectively, mirroring El Salvador’s recent buy the dip move.

The Tron DAO Reserve took to Twitter to explain that TRX and USD are sailing amidst high market volatility and that its main goal is to “safeguard the overall blockchain industry and crypto market.

Adding it intends to “prevent panic trading caused by financial crises, and mitigate severe and long-term economic downturns.”

Founded in September 2017 by H.E. Justin Sun, the TRX network hosts the largest circulating supply of USD Tether stablecoin across the globe, overtaking USDT on Ethereum since April 2021. The network completed full decentralization in December 2021 and is now a community-governed DAO.

Tron’s stablecoin project launched

Most recently, the algorithmic stable coin USDD was announced on the TRON blockchain, backed by the first-ever crypto reserve for the blockchain industry – TRON DAO Reserve, marking its’s official entry into decentralized stablecoins.

Apart from that, the DAO Reserve plays the role of a lender of last resort to market participants and maintains reserve assets of various blockchains and blockchain-powered financial institutions. It also manages the permissions of USDD as its early custodian.

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On May 5, Tron’s algorithmic stable coin USDD went live and so far, the fiat-pegged token has been listed on a number of decentralized finance [DeFi] protocols.

Two days later, the DAO Reserve announced it has bought 504.6 million TRX to fuel the algorithmic stablecoin.

The project has a number of partners now and USDD is listed on Pancakeswap, Kyberswap, Sunswap, Sun.io, Curve Finance, Uniswap, and Ellipsis.

Tron’s USD stable coin runs in a similar fashion to that of Terra’s UST mechanism, which is backed with Bitcoin and TRX cryptocurrencies. But with Terra’s recent fall from grace and the broken dollar peg spooking the broader market sentiments, it might not look feasible of keeping a stable peg to the dollar.

Previously, The TRON DAO Reserve has announced Alameda Research as the first Member and Whitelisted Institution to mint Decentralized USD [USDD], a fully decentralized stablecoin supported by mathematics and algorithms. 

Verge Accuses Justin Sun of Alleged Insider Trading; Can Sun Prove Otherwise?

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According to a recent investigation published on The Verge, crypto billionaire Justin Sun has been tied to a slew of wrongdoings.

According to the article, Sun, who co-founded Tron and also controls BitTorrent and Poloniex, has broken practically every law in the book since he began his crypto odyssey.

Justin Sun’s long list of controversies

Since 2017, the polarising CEO has been involved in a slew of scandals ranging from tax evasion to market manipulation. Following his expulsion from China due to the Tron ICO, his acts as CEO of BitTorrent and Poloniex in the United States may expose him to legal action.

Sun is described in the blog by Christopher Harland-Dunaway as an escape artist who has always managed to get himself out of legal trouble.

According to the journalist, several former and current employees and official documents confirm these allegations against the Tron founder.

Insider trading is one of the charges made in the report, which claims that Tron’s market-making crew acquired massive tokens after the company made a remarkable public statement.

This pushed up the price, making it easy to sell at a hefty profit. This type of market manipulation is illegal in stock trading and could expose crypto traders to liability.

Former colleagues have also accused him of being overbearing and occasionally directing illicit activities. According to a former employee, when Sun planned to launch the BitTorrent Token, he attempted to escape responsibility by portraying it as a utility token.

As a result, he ordered BitTorrent’s chief compliance officer, David Labhart, to write a paper demonstrating that BTT was a utility token rather than a security. Although Labhart declined to do this, Sun nonetheless launched the token by airdropping it to BitTorrent users.

His crypto exchange, Poloniex, is also accused of unethical and dangerous operations. These include registering in the Seychelles islands to avoid accountability, although the majority of the employees are based in Boston, and reducing the KYC rules.

Justin Sun was also reported to have retrieved about 300 BTC belonging to exchange users through a scheme dubbed “Operation Couch Cushions,” but converted them for his own use by disguising the transaction trace of the currency.

Justin Sun tries to fight back

On the other hand, Sun has denied the majority of the charges made in the report. Poloniex, he claims, is a safe exchange with cutting-edge KYC technology. Poloniex is not registered in Seychelles, and it does not operate in the United States, according to him.

He went on to say that in all of his contacts as Grenada’s ambassador to the World Trade Organization, he adheres to the highest standards. He also suggested that he may take legal action.

Justin Sun Says It’s “Unjust” That Ukraine Excluded Tron From Their Airdrop

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According to different estimates, the government of Ukraine, which has received roughly $33 million in crypto contributions, has just launched an airdrop aimed at its donors.

Some, however, voiced displeasure with the fact that specific contributors appear to be unrewarded for their humanitarian assistance.

Justin Sun, the head of the Tron Foundation, expressed his displeasure revolving around Ukraine’s airdrop. “Answering to the humanitarian appeal from FedorovMykhailo, the TRON community has donated over $1.2M in USDT (TRC20), but now the airdrop ignores them completely. It is just UNFAIR. We need to fix it!”

https://twitter.com/justinsuntron/status/1498966562719473666

From dropping bombs to tokens

Airdrops are hugely popular and widely used community incentive systems in the crypto sphere. Essentially, they allow projects to transfer additional tokens to their communities independently.

In most situations, users must have certain digital assets in their wallets at the moment of a snapchat (essentially a “savepoint” that saves the status of a blockchain at a certain point in time). In the instance of Ukraine, it is unclear what assets the account’s owner wants to airdrop to those who gave cryptocurrency to them.

Sun’s message received with backslashes

The crypto world predictably backlashed Sun’s Twitter message. “This is greater than airdrops” and “not a marketing effort,” according to several users.

Sun has previously been slammed for allegedly attempting to “shill” TRON by interfering in Ukraine’s humanitarian crises and fundraising drives.

“Just f*****g swap on ftx or use a bridge,” Solana Labs co-founder Anatoly Yakovenko said in response to Wood’s request for a DOT address. To put it another way, you may make a donation in crypto that isn’t the crypto you created.

On the other hand, Sun claims that it isn’t about him. “It’s not for me! It is for the fact that over 5,000 individuals have [sic] given to Ukraine in the first place with no expectation of receiving anything in return!”

“Do you realize the folks you’re talking to are currently dodging actual gunfire and ducking genuine bombs??” Ichi, a Twitter user, posted about it. “And you want them to stop doing what they’re doing and give you a fucking airdrop?”

The donations are intended to help the country fend off a well-funded Russian military while relying on its partners for troop assistance. But, for better or worse, the contribution effort, coordinated by Minister of Digital Transformation Mykhailo Fedorov, has sparked a wave of online activity among cryptocurrency users.

Justin Sun bids adieu to Tron Foundation following his new role with WTO

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One of the most prominent faces of the crypto industry, Justin Sun was seen exiting his crypto project.

Sun, the founder of the Tron Foundation created a huge uproar in the crypto market. He managed to surge the popularity of the foundation as well as its native token TRX to a whole different level. Justin Sun’s marketing skills were lauded by many and his recent interest in NFTs was seen making headlines. However, Sun decided that he had to make a move to an entirely distinct industry.

The 31-year-old crypto whiz will be working for the Grenada government as the ambassador to the World Trade Organization [WTO]. Sun would reportedly be leaving Tron Foundation to the TRON token holders.

This undoubtedly came as a shock to many in the crypto community considering Sun’s increased efforts and interest in crypto. However, he affirmed that his departure from Tron didn’t mean that he was fleeing the crypto industry.

Justin Sun in a whole new avatar

While Justin Sun would focus on Grenada, his interest in crypto and blockchain technology will linger. His latest interview is proof that he would continue to work for the crypto industry.

Sun stated,

“Our crypto industry has got into the stage, we really need sovereign states and regulators and international organizations to recognize the potential and the benefits of the blockchain technology.”

Therefore, he hopes to render the pertinence of blockchain tech as well as cryptocurrency in developing nations. Sun further intends to promote new technology development in Grenada.

Furthermore, he pointed out that Caribbean states had immense potential and could even become the next Singapore. The level of freedom acquired in this region conquers the strict regulations imposed by the United States, added.

Additionally, Sun opened up a new Twitter account @HEjustinsun aka “His Excellency Mr. Justin [Yuchen] Sun.”

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Justin Sun bids adieu to Tron Foundation following his new role with WTO 5

Tron Foundation – Endgame?

The Tron Foundation will dissolve by July and Sun has already withdrawn three nodes that he oversees to sustain the Tron network.

While the value of TRX has been deterring over the past couple of months, Sun’s latest move could be harsh on the altcoin, several speculated. During the time of writing, TRX was trading for $0.08497 as its market cap was around $8.66 billion.

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
Tron [TRX] network breaks new record; total transactions surpass 2B 8

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
Tron [TRX] network breaks new record; total transactions surpass 2B 9

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.