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TRON (TRX)

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. 

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.

Proposal 71: The First Deflationary Token of the top 100 Cryptos

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For many of us in Tron, there was a disturbance in the force when CEO Justin Sun announced proposal 71. To be perfectly honest, this caused havoc for Tron users who were wielded to lower fees but as time progressed we saw the light at the end of the tunnel concerning higher fees.

Proposal 71 doubled the fee amount for transactions on the Tron Network from 20 TRX to 40 TRX. Compared to Ethereum this is still extremely cheap, however, this is the second time a fee increase has been proposed and passed this year! It begs the question: WHY?!

Why would a CEO intentionally raise the price to do business on his Network? The answer is multifaceted and it would help first to understand how Tron works. Tron Network is a Blockchain that operates on a POS (proof of stake) model, unlike BTC which is POW (proof of work). This makes Tron unmineable, and the method for minting new tokens has to be done through the governance of the ecosystem.

Tron has a “Freeze, Vote, Earn” governance that allows for the community to move the ecosystem in a particular direction through what we call proposals. These proposals are created by Super Representatives. When you Freeze TRX you get 2 things in return: Energy, and voting power! You can vote for your SR and get the according to APY as a reward. The TRX generated through this process is the production or minting of new TRX tokens. The energy that you get when TRX is frozen helps to get you FREE transactions on the network! This is a win-win scenario for long-term Tron holders!

The top 27 voted-for candidates on Tron are Super Representatives and make up the governing body of the ecosystem. 18 votes to a proposal mean that it is passed.

Now that you have a general idea of how Tron works, let’s break down how TRX became the first deflationary token of the top 100 coins! As stated above proposal 71 made TRX get higher fees which are paid in TRX. This means more Tron will be burned (removed from the supply) resulting in less production. And in this case, NEGATIVE production! 

This is great for the ecosystem because it gives Tron an edge in the market attracting new investors. A coin’s price is based on Market Cap and Supply, and the higher the market cap the more a token or coin is worth. Lower supply means that buys have a bigger effect on positive price action. This puts TRX on a path for new ATHs and mass adoption. Not only has proposal 71 turned TRX into the first deflationary token, but it also prompted more TRX to be frozen in order to get the energy to cover the cost of transactions. This also implies more buys and fewer sells of TRX. The more Tron that cannot be moved, the more the price will go up as those tokens are unsellable!

In short, the Tron Foundation has done an excellent job with the ecosystem and this is just one of many proposals that show investors the true leadership and vision of Justin Sun and the Super Representatives!

“Article Contributed by KingsDove“

Tron NFT marketplace Uswap amasses prominent street artist Super Buddha

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Non-fungible tokens aka NFTs have an impeccable fervor surrounding them. Networks like Tron, Ethereum, Solana, and several others have opened up marketplaces for the sale of digitized art. This digital metamorphosis has proved to be vastly beneficial for artists. Not only does this give artists exposure but it also ensures that their art gets the recognition that it deserves.

An array of actors, singers, sports personalities, and most importantly artists have been riding the NFT wave. Super Buddha, a street artist from Shanghai decided to enter the ecosystem and bless the world of NFTs. Super Buddha originally hails from Shanghai however, he’s a non-native Chinese artist who has been living in Miami as well.

Super Buddha has been admired by many and has even formulated art for prominent personalities like the legendary boxer, Floyd Mayweather, musicians like Tory Lanez and Swae Lee along with Gianluca Vacchi, who is famous in the business field. The list doesn’t end here, Pope Francis also joined the lineup as Super Buddha is deemed as one of the Pope’s main artists. Super Buddha’s artwork is sought after by many as his work is inspired by an array of artists like Takashi Murakami, Kaws, Basquiat, and others.

The zeal around Super Buddha certainly dates back to his early days in Shanghai where he emerged as one of the first graffiti artists in the region. This was back when graffiti had just entered the Chinese territory and had the officials confused if it was vandalism or just art.

The artist has time and again suggested that the intent of his art focuses on shedding light on consciousness while providing good fortune to everyone. Therefore, elevating the presence of his art in the crypto or NFT space, Super Buddha decided to showcase his art on Tron’s prominent NFT marketplace, Uswap.

Tron’s very own NFT marketplace Uswap to onboard Super Buddha

Uswap entered the Tron network last year during this time. While it emerged as a leading decentralized exchange or DEX, the platform decided to take things up a notch by rolling out an NFT marketplace.

The platform claims to be the first public NFT marketplace on the Tron network. Uswap proclaims to offer NFT related services to users across the globe for just a fraction of the cost on the ETH network.

Tron has always been at the forefront of inducing new trends into its ecosystem. Therefore right when the craze around the NFT space took off, the Tron network decided to join in. NFT marketplaces built on the Tron network would be extensively different from that of the Ethereum network for various reasons. Hefty fee has been a major issue for several individuals, however, the Tron blockchain was designed in such a way that all transactions would be carried out in a cost-efficient manner.

While the platform already hoards multiple collections of collectibles from prominent artists all over the world, Super Buddha would be the latest to join the list. Along with him the work of another leading artist, Ferreristico would also be found on Uswap.

No quick gains for Tron [TRX]; price struggles below $0.1

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October has done little to help Tron’s [TRX] price action. At a global market cap of $2.166 trillion, the charts are flashing green but Tron appeared to be on the verge of exiting the top 30s crypto-assets. It was unable to make a challenge on the $0.1 level and settled below it. It had accumulated weekly gains of 12.53% following which the crypto-asset’s upward momentum stalled. The overall volatility in the coin market is also low.

Over the past 24-hours, Tron [TRX] was up by 4.01% which pushed its price to $0.095. At the time of writing, the crypto-asset recorded a market cap of $6.87 billion and a 24-hour trading volume of $1.37 billion.

Tron [TRX] Daily Price Chart:

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No quick gains for Tron [TRX]; price struggles below $0.1 8

TRX’s price movement was underwhelming and the low trading volume did not help its case. The 50 DMA [Pink] briefly breached the price of candles. However, if TRX manages to climb higher, chances of recovery would increase. On the other hand, the 100 DMA [Blue], and the 200 DMA [Yellow] continued to hover below the candlestick arrangement.

Another cause of concern was its low trading volume as the price entered a consolidation phase.

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No quick gains for Tron [TRX]; price struggles below $0.1 9

The decreasing green closing lines of Awesome Oscillator [AO] depicted a fading bullish momentum in the market. The Chaikin Money Flow [CMF] fell sharply to the negative zone signaling a massive outflow of capital from the coin market. The daily Relative Strength Index [RSI], on the other hand, kept a low-profile even after moving above the 50-median line as sellers continued to dominate the price.

If Tron [TRX] surges past the 50 daily moving average, it could target the immediate resistance of $0.105, a breach of which could bring $0.121, and $0.136 levels at play. The support area of $0.08 is a crucial one. However, an increase in sell pressure could result in a breach of the said level following which TRX could find support at $0.06, and $0.05 regions respectively.

Tron [TRX] struggles to gather strength but user growth remains strong

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Tron [TRX], which was once one of the top crypto-assets, has gradually fallen off the leaderboard. Despite the depreciation in terms of its price, user growth has been steady. Tron Foundation unveiled the semi-annual report of user growth and found a gradual increase in figures over the past seven months.

The total number of accounts on Tron was recorded to be 18.633K in the month of January. At the end of June, the figures stood at over 44.726k, meaning an increase of more than 140%. Even after falling to the 28th spot, user growth has remained pretty unfazed.

Daily sign-ups, on the other hand, fell short. From 68,962 to 146,630 in a seven months span, the figures were up by more than 112%; however, the statistics have reacted strongly to the token’s price action. Daily sign-up figures reached a high of 275,778 in the month of May at the peak of the bull run. Subsequent corrections and FUDs engulfing the market damaged the momentum.

Another important indicator of decent growth was the number of active accounts on the network. Even as the count slashed half from the month of June, at 5.261k, to July at 2.002k, it still rose by around 150% since the beginning of the year.

Tron’s [TRX] price is yet to catch up

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Tron [TRX] struggles to gather strength but user growth remains strong 11

TRX has finally managed to log into some gains this month as the wider crypto market went for a bullish spin. However, it is yet to catch up to its peer tokens in terms of price action after falling behind the likes of Tezos [XTZ], VeChain [VET], and Ethereum Classic [ETC].

After dwelling in the bearish territory, for the most part, TRX noted a minor increase of 0.87% over the past day, which pushed its token to $0.095.

Tron Weekly had earlier reported the official launch of Tron’s [TRX] exchange-traded product on Xetra, which happens to be the electronic trading platform of Europe’s biggest Deutsche Börse German stock exchange. The main objective of the new product, which is an exchange-traded note [ETN] called ‘VanEck Vectors Tron ETN [VTRX],’ was to develop its foothold across Zurich, Paris, and Amsterdam. However, the news failed to bring in positive price action.

Tron [TRX] lacks conviction near $0.1 despite the healthy bounce

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After the severe meltdown triggered by China’s Evergrande, buyers have returned to the Tron [TRX] market. The broader cryptocurrency ecosystem is bouncing upward as well. TRX is yet to reverse its weekly losses of over 15%. Even as there are no clear upward goals, the volatility in the market is picking up suggesting temporary relief.

Tron had suffered two fatal blows which pushed it to the 25th spot. However, over the past 24-hours, TRX yielded an ascent of 7.13% which drove its price to $0.098. At the time of writing, the crypto-asset registered a market cap of $7.04 billion and a 24-hour trading volume of $1.41 billion.

Tron [TRX] Daily Price Chart:

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Tron [TRX] lacks conviction near $0.1 despite the healthy bounce 14

Tron [TRX] bounced from a psychological support area and dodged the upward sloping moving averages. The 50 DMA’s [Pink] attempt to reclaim its foothold above the TRX candles was thwarted by the uptick. The gauge 200 DMA [Yellow] and the 100 DMA [Blue] continued to hover below supporting the price action. The low volume, however, added uncertainty to the progression. Hence, it is unclear if the crypto-asset has made up its mind to climb a new swing high yet.

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Tron [TRX] lacks conviction near $0.1 despite the healthy bounce 15

The technicals demonstrated optimism. The closing red lines of Awesome Oscillator [AO] indicated a weakening bearish momentum in coin market. The Chaikin Money Flow [CMF] also bounced from the zero line in tandem with the price action of the underlying asset depicting an uptick in terms of capital inflow to the market. Even though the Relative Strength Index [RSI] jumped back to the 50-median line, it formed a bearish divergence that could hinder solid resurgence prospects.

If Tron continues to move forward, it could face significant resistance at $0.12. A successful breach could catapult the crypto to target yearly highs of $0.152 and beyond. On the other hand, the support levels were found to be at $0.088, $0.077, and $0.050

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.