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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.

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.

Tron [TRX] Eyes $0.07 Level After Almost 3 Yrs

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Tron, [TRX], saw a major breakthrough last weekend amidst market-wide pullback. It rose to the 21st-position on the leaderboard after weeks of struggle to lift its price up. It rose by more than 30% over the past week which facilitated in steering clear of several crucial resistance levels by the crypto-asset.

The latest surge was accompanied by Hollywood Actress Lindsay Lohan’s endorsement, as well Tron Foundation publishing its own NFT standard details over the week.

Over the last 24-hours, Tron [TRX] was up by 7.31% which catapulted its price to $0.064. At the time of writing, the cryptocurrency held a market cap of $4.63 billion and a 24-hour trading volume of $2.404 billion.

Tron [TRX] Daily Price Chart:

TRX 1

Tron’s price was currently in a highly volatile phase following the price movement. Despite forming a multi-year high, the crypto-asset was still below its ATH established during the bull run of early 2018.

The rising price candles were was supported by the 50 and 100 daily moving averages which were also sloping up Further validating the presence of bulls was the fact that the 100 DMA [Blue] continue to lay low and was well below the 50 DMA [Pink] as well as the TRX candlesticks.

Super Bullish Technicals

TRX2 1

The Chaikin Money Flow was in a positive territory above zero depicting an inflow of capital into the coin market.

The OBV also indicated the steadily growing demand behind TRX since its drop in late Feb. It has been trending higher since which would aid in the token’s recovery towards previously established high and possibly closer to breaking to a new ATH this season.

The RSI also rose closer to the overbought zone indicating a rising sentiment of buying pressure in the TRX market as the price rose.

The above charts depicted that bulls have an edge in Tron’s price and a significant room for further highs. In which case, $0.072 and $0.080 were found to be immediate resistance levels. However, this positive assumption could be negated if TRX turns down and breaks below the moving averages. Such a move could drop the crypto-asset to target its nearest support levels of $0.05 and $0.045 respectively.

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.

Did Justin Sun Just Bid $2M On Jack Dorsey’s First Tweet NFT?

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Yes, he did!

The concept of non-fungible tokens or NFTs might seem daunting, but they are the rage all over the cryptocurrency realm. The fandom is all agog at how rapidly NFTs are slowly going mainstream.

Owing to this, several well-known players were FOMOing as the craze showed no signs of slowing down. Today, we are talking about none other than Tron Foundation’s Justin Sun! He has updated his bet on Twitter CEO Jack Dorsey’s first-ever tweet, not once, not twice, not even thrice, but four times!

Dorsey’s NFT

For the uninitiated, Dorsey had listed the tweet for sale on the Ethereum based Valuables NFT marketplace on the 6th of March. While many hopped onto the train, the latest being the Silicon Valley billionaire who made a grand entry to the scene, it was actually Justin Sun whose highest bid stole the show.

The young crypto mogul first placed a bid of half a million dollars. Hours after which he updated it to $700k, then $1 million on the same day, then finally rising his bets all the way to a whopping $2 million for the piece.

The back-to-back tweets was enough to let the cryptocurrency community know that he really really wanted Dorsey’s NFT which reads “just setting up my twttr”.

Joining in the weekend buzz was Mike Novogratz, the CEO of Galaxy Investment Partners who went on to tweet that,

“Say what you want about Justin Sun, but the kid has gumption. And a lot of balls.”

The tech entrepreneur and Tron founder is now the highest bidder after this extravagant splurge of $2 million on the NFT. But this is not his first wild investment. Sun had previously placed a record-breaking $4.5 million bid to Warren Buffett’s Glide Foundation.

He had also donated $50k in Bitcoin to Anthony Pompliano’s Barstool Fund, and being the “big-mouthed” that he is, Sun wasted no time to tweet about it.

NFTs take the center stage

Digital art, collectibles, and virtual real estate have taken over the cryptocurrency industry by storm.

Celebrities, especially from the music industry, has been the early adopter of the space. Be it, Mike Shinoda, Snoop Dogg, Lil Yachty, Carl Cox, or Soulja Boy, the NFT market has emerged as a strong contender.

Tron Foundation Urges NY Federal Judge To Dismiss ICO Lawsuit

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The Tron Foundation has requested a New York federal judge dismiss, what it called a “fatally flawed” class-action lawsuit that alleged securities violations through the China-based blockchain platform’s 2017 initial coin offering [ICO].

Tron’s ICO was conducted from the 24th of August to the 2nd of September, 2017. The foundation had reportedly secured $70 million from its native TRX token.

On April 3 when the lawsuit was filed, 10 other lawsuits were also filed in the New York Southern District Court against issuers and cryptocurrency exchanges. All of them alleged there was a distribution of unregistered securities.

Three years later, in April 2020 multiple lawsuits were filed against the issuers and cryptocurrency exchanges. In a particular lawsuit, the plaintiffs’ Alexander Clifford and Chase William brought a class action against Tron Foundation, its Co-founder and CEO Justin Sun, and Zhiqiang [Lucien] Chen. This stated, that the defendants in question allegedly promoted, offered, and sold TRON’s securities, ‘TRX’ tokens, throughout the United States, in violation of federal and state securities laws.

“Although TRON described the TRX tokens as something other than securities, they were securities. This was not clear to a reasonable investor at purchase, however, and would not have been reasonably apparent until, at the earliest, April 3, 2019, when the SEC released a detailed “Framework” to analyze digital assets, indicating that TRX and other similar digital tokens are “investment contracts” and therefore securities under Section 2 of the Securities Act of 1933.”

According to the latest motion filed by the foundation, it claimed that the case does not have any connection to New York while stressing that the lead plaintiffs, Colin Hardin, David Muhammad, and Chase Williams did not even engage in Tron’s ICO. Furthermore, the motion also pointed out that the suit was filed by the three plaintiffs nearly two years after the completion of the offering.

Tron’s motion asserted that three of the plaintiffs purchased their TRX tokens via Binance, which happens to be a secondary exchange to the offerings. Hence, it contended that the foundation should be dismissed since the underlying law does not cover deals done through secondary exchanges.

The latest motion filed by the defendants also argued that it does not have any control over plaintiffs’ decision to purchase TRX.

While rubbishing claims of being misleading and deceptive, Tron also stated,

“This claim was not even pleaded in the original complaint, and it is nothing but a litigation afterthought”

Tron Foundation Announces Opening BTC-TRX LP Mining Pool on SUN Network

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Justin Sun-owned Tron Network has been making headlines in recent days. In the latest development for the Tron ecosystem, the foundation announced the issuance of a total of 1000 Tron-based BTC on the Tron network. The total market cap has reportedly surpassed $10,692,382.

The Founder of the Tron [TRX] blockchain and CEO of BitTorrent [BTT], Justin Sun tweeted

“Issued by JUST Foundation, TRC20-BTC is another masterpiece of TRON-based crypto-asset following the miracle of TRC20-USDT whose total supply has exceeded over 4 billion. All BTC holders may issue TRC20-BTC.”

The Tron-based BTC was whitelisted on the DeFi protocol, JustSwap on the 5th of October. Following this, the foundation further revealed a 14-day LP mining pool for BTC-TRX on Sun.io. The official blog post announced the initiation of a 14-day 1x BTC-TRX LP mining on the same day.

Tron Foundation

Touted as a “masterpiece”, TRC20-BTC is issued by JUST Foundation. It is the DeFi euphoria that has given rise to synthetic assets and as Bitcoin on Ethereum gets traction, the Tron foundation has been spearheading its own Bitcoin-pegged synthetic asset on the Tron Blockchain.

Tron has been making several notable strides to bolster its DeFi efforts. Sun had first teased the launch of synthetic Bitcoin on the Tron blockchain in August this year. The Tron Foundation announced working with top-tier digital payments processor BitGo to introduce tokenized Bitcoins and Etherereum on the Tron blockchain, a month later.

In terms of DeFi, Tron claimes to have an edge primarily due to the crucial factors such as high scalability and low fees offered by the blockchain as compared to its competitor, Ethereum whose perennial problem of network congestion is far from fading away.

Sun has never shied away from admitting that he wanted to build viable infrastructure and cloning Ethereum’s DeFi protocols on the Tron blockchain. Talking about the launch of JustSwap during the recent LA Blockchain Summit, he had asserted,

“We are creating the same kind of DeFi ecosystem as Ethereum. All the Ethereum network products, you can see the same version of Tron products. For example, the MakerDAO on Tron is called JustStable, created by the JUST team. And UniSwap is called JustSwap.”

Tron Foundation Announces HT Staking; HT/TRX LP Mining on SUN

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The most anticipated DeFi mining collaboration of the Tron ecosystem in 2020 has begun. The Tron Foundation first revealed this when it announced the staking of the HT and HT / TRX LP liquidity mining native token of Huobi Global on SUN.io.

Huobi revealed the opening of SUN deposits on 10 September 2020 by Huobi Inno Hub, shortly after which the trading and withdrawal of the coin was also initiated. It eventually launched a “Stake HT to Mine SUN” campaign aimed at releasing SUN tokens to reward HT users for participating in mining.

 

On 22 September, the Tron Foundation announced the entry of Huobi Token [HT] in the Official SUN.IO Observation List. And the cryptocurrency exchange Huobi Global issued the HT TRC-20 on the TRON blockchain. Shortly after the review, SUN began  HT staking and LP liquidity mining on sun.io

 

Along the same line, Tron Foundation had previously stated,

“The open-minded SUN mining pool community selects premium assets from across the globe to form mining pools. Candidates vary from TRC10/20 to non-TRC10/20 assets. The SUN community will cooperate with JUST team and major exchanges to implement cross-chain bridge, bringing forth the unprecedented unity among global crypto communities.”

The much-awaited launch of SUN community self-governance will enable the community to be fully governed by users who will vote with SUN for setting up new mining pools. The SUN token will then subsequently become a “transit center” within the DeFi space on Tron and will act as a cross-chain channel between TRON and external assets.

SUN- “a living demonstration in the coalescence of encryption with the artistic expression”

SUN is more than just TRON’s first ‘meme’ coin. It is a “social experiment” that is focused on the development of Tron’s DeFi ecosystem and is designed as the “quintessential Bitcoin equivalent” on Tron blockchain as it features no VC investments, PE investments, pre-mining nor reserve for the team, and boasts to be fully operated by the community through its open-source smart contract, thus inheriting Bitcoin’s trait of absolute fair distribution. SUN further improvises on how governance needs to be carried out in a bid to achieve a full-fledged self-governance of the SUN community.

A quick primer: SUN Genesis started mining on 2 September, and according to the Foundation’s open letter to the community, the blockchain-based company hopes that the coin will become a nexus for community-builders to collaborate on the Tron ecosystem. Besides, the SUN token also aims to drive the adoption of cryptocurrencies and will enable its holders to discuss, vote, and help implement unique proposals on the Tron ecosystem.

The letter by the foundation also read,

“We respect and appreciate crypto culture featuring humor and self-mockery, which is a critical source of power that continuously drives the spirited adoption of cryptocurrency.”

Tron’s New DeFi Instrument JustSwap Breaks 6M in Total Volume in Less Than 24 Hours

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Justin Sun formally launched JustSwap on August 18th at a live stream event introduced JustSwap to JUST (JST) and Tron ecosystem users. JustSwap, the first exchange token protocol on Tron (TRX), is expected to open the Tron blockchain users to the DeFi world, a space that has seen a splendid rise over the past year. Released in testnet beta, the new protocol will be powered by Tron-based oracle AlphaLink.

A quick primer: JustSwap essentially enables its users to make exchanges instantaneously between any TRC-20 token, thus, making system pricing as well as several other operations seamless.

Meanwhile, it will act as a decentralized cryptocurrency exchange protocol for the purpose of attracting users through low latency, fast transactions, and periodic liquidity rewards. In addition, the new instrument will be part of the JUST lending/borrowing system built around USDJ stablecoin.

In another update, JustSwap’s official Twitter handle revealed that the total volume broke 6 million in less than 24-hours after the launch. In an open letter, Tron Foundation CEO, Justin Sun stated,

“TRON and Just team are going All-In on the DeFi ecosystem. We will not back down until we see the decentralized financial revolution end in triumph.” He further added

“I have faith that as long as we race against time and keep upgrading our products, JustSwap will one day become the powerhouse of 100x cryptos and TRON will build a DeFi protocol that parallels Ethereum’s.”

DeFi has swept across the cryptocurrency industry, and Tron’s exploration of space is crucial, given that it is one of the largest blockchain networks in the industry.

JustSwap will give users the opportunity to earn transaction fees by becoming a liquidity provider and ensure that they receive trading costs and mining rewards. This, in turn, will encourage more holders of TRX and TRC20 to use JustSwap instead of regular crypto-exchanges charged for trading fees.

It is no secret that Ethereum has been facing inflation issues with its rising Gas fees as a result of severe conjestion in the blockchain. This could prove an opportune time for Tron’s JustSwap to enable its users to participate in the open financial market place as the DeFi craze continued to brew in the backdrop.

JustSwap is said to have flooded with the fake tokens of the popular projects following the launch. The fake token filtering feature has yet to be integrated into the platform. Justin Sun has assured in the open letter that this feature will be added soon, he said in the open letter

“JustSwap team will crack down on fake tokens by reviewing each and every token in the dropdown list, making sure those which get on to the list are fully legit., In parallel, a report channel for fake tokens will be opened ([email protected]) and any identified fake token will be immediately delisted”

Tron Lawsuit Could Have Drastic Implications on it’s Future

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Tron ex-employees filed a lawsuit against the foundation on the basis of claims of labor law violation and toxic working environment. This follows in a long line of controversies plaguing the company for the past few years. When it’s not social media lash back against Tron founder Justin Sun, then it’s critics usually targeting the firm’s philosophy for “Hype first, product second”

The legal suit accused Tron founder Justin Sun and a business associate for harassing and firing two employees. A move they deemed only as payback after the employees objected to management practices and implementation of technology.

Lukasz Juraszek, 28 and Richard Hall, 50 outlined in a 70-page document, how they’ve had to put up with escalating hostilities. Meanwhile, the toxic work environment would, later on, culminate in their termination. Both have been in the development team of BitTorrent. A file-sharing service that partnered with Tron Foundation following a $120 million sales in 2018. 

The suit names Tron foundation’s 29 year old head Justin Sun and 37 year old head of engineering Cong Li as defendants. Note that the lawsuit was made public last week. Despite the fact that the claims are unproven, the legal suit could have a lasting impact on the future of Tron. The 70-page document claims that sun berated Richard Hall with derogatory remarks into pressuring him to fast track BitTorrent software releases. 

On several other occasions, Juraszek pointed out that Sun had allegedly slapped Cong Li and didn’t get disciplined.  Even when it was evident that Li had physically harassed a manager with whom he’d allegedly verbally attacked in person and during group chat confrontations.  The document highlights that he saw two pairs of shoes through the conference room door. A sight that was followed by a loud commotion, as well as what seemed like a “hand strike, a slap or something”

After opening the door to leave the conference room, Li noted that the manager’s eyes were glossy and his eyes red. 

Moreover, the suit highlighted ethical dilemmas confronting cryptocurrency workspaces. The lawsuit highlighted what seemed like working on value-neutral technology that criminals can use to break the law.  Richard Hall noted risks of third parties hosting copyright-infringing content as well as child pornography. Hall added that Sun and Li showed no care about his proposal for retaining lawyers, who would review Tron Foundation’s BitTorrent updates.

Meanwhile, the lawsuit is pursuing $15 million worth of damages and government action, on the grounds of labor law violation, discrimination, wrongful termination, hostile work conditions, and emotional distress. A December submission to the court by Tron Foundation, Justin Sun and Cong Li contested to the motivation behind the charges, factual substance and jurisdictions. The lawsuit noted that : 

“Cong Li summarily dismissed these concerns, stated that he had discussed these concerns with Justin Sun; and that no legal review would be done,” 

What Happens After The Lawsuit

A further statement by a Tron spokesperson pointed out that Sun and Li were not able to discuss the details of pending litigation.

“but what we can tell you is that our customers, employees and the TRON community are extremely important to us.”

Nevertheless, it appears that the blockchain company turned a blind eye on an allegedly important detail of illicit activity taking place on the BitTorrent BTFS file sharing service. The lawsuit is likely than never attract regulatory scrutiny towards the Tron BitTorrent file sharing service.

While the plaintiffs only want compensation for the alleged work environment hostility; they also accused Sun of misrepresenting himself as an aspirational, “whiz kid” -; a protege of Alibaba founder Jack Ma. Whereas he engages in illicit activity and manipulation of Tron (TRX) for personal gains. 

The suit cites that an employer has not the right of coercing an employee into unlawful directions. And neither the right to discharge the employee should they refuse to follow an unlawful order.

It would seem a strong case against the foundation had it enough backing. In fact, Sun refuted all the allegations. Possibly, Hall and Juraszek might have to present a stronger accusation to convince the court. 

Tron had a rather uphill performance last year following its drop from position seven to thirteen. The coin currently sits at number 12. Analysts believe that last year would have been a wonderful year for Tron, had it not been for Sun’s media ruse.

The current accusations sit in a long line of scandals plaguing Tron Founder Justin Sun. Nonetheless, the price seems unbaffled by the happenings and optimist TRX fans still hope for the better. Especially given the blockchain’s announcement as the most active dApp ecosystem.