The founder of TRON, Justin Sun, will become a project leader at the prestigious Chinese Academy of Governance. The industry speculated that Justin Sun would leave the business to pursue academics. Between June 17th and July 17th, more than 200,000 new users joined JustSwap.
Pursuing the 2017 ICO craze
Smart contract platforms attempted to challenge Ethereum’s dominance. New platforms, on the other hand, are only now making an impression. The TRON foundation’s creation was in 2017 and raised $70 million before China tightened its regulatory measures to prevent scams and network fraud. It demonstrates that TRON has surpassed Ethereum in terms of transactions and network serviceability. It is led by the flamboyant Justin Sun, who previously developed the social platform Peiwo.
Justin Sun embodied the TRON protocol; a network adapted for the creative culture and was famous for his social media antics and ability to make a splash. Among other things, he distinguished himself in the industry by hosting million-dollar lunches with crypto critic Warren Buffet and purchasing Warhol and Picasso NFTs. Nonetheless, despite his social overachievement, Sun has aided TRON in his own channels.
According to reports, Sun will be involved in blockchain research for social governance; however, Chinese journalist Wu Blockchain claims that Sun’s strategy is to improve the rest of his relationships with China, implying that it is a bought title.
Sun has previously demonstrated his ability to compete with western blockchain innovation in the blockchain space. He upright applied every invention into the network, including DeFi and NFT byproducts, and competed with Ethereum on various KPIs.
Despite rumors about his transition from business to scholar, Justin Sun has stated that he has no plans to retire. TRON’s vision of a creator-empowered economy is consistent with what NFTs are currently accomplishing. TRON’s Asian market heritages clash with western investors’ visions and ideals, and Justin Sun dubbed TRON a shitcoin in 2020.
TRON strides after outperforming Ethereum
TRX transactions are nearly 4 to 5 times higher than ETH transactions, according to Coinmetrics, with 100,000 average daily users in 2020. Furthermore, TRON reported over 9.2 million daily transactions, setting a new community high.
TRON’s inner workings incentivize network transactions, but their achievements should have recognition. TRON’s swap platform has produced high-performance metrics because Western discourse differs from the goals of both Asian investors and developers. Polygon, the community’s preferred L2 protocol, grew by only 1%.
TRON-based DeFi platforms account for three of the top seven decentralized exchanges, with Uniswap remaining the lone holdout. TRON’s achievements, as Justin Sun stressed, are frequently overlooked because they keep a low profile, a phrase that contradicts Sun’s social media attitude. While TRON can outperform Polygon and BSC due to their low fees, which are required in today’s market, TRON can’t escape the community stigma.
The protocol enhanced with popular blockchain products, including a growing number of stablecoins. TRON has issued $110 million USDC since its launch, indicating that network activity is increasing. However, despite the network’s rapid growth, the price of TRX has suffered due to a lack of impulses to gather steam, as volume has dropped by half, despite new user onboarding.
TRON protocol: widely used in the Asian market
China’s regulatory pushback has hampered TRX’s ability to regain the allure it had prior to May 2021. Despite its presence in Asia, Sun admits that TRON has a few flaws globally. TRX will almost certainly face the same west vs. east divide, but the crypto community’s mindset easily shifts when money already has its involvement.
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