[Recap]Huobi AMA with H.E. Justin Sun!
Huobi Global recently had an AMA event with H.E. Justin Sun, Founder of Tron , and Sydney, Director of ApeNET, to discuss TRX, NFTs, and all things crypto. In this article, we will highlight some of the main points of the AMA for our community members that weren’t able to attend the session.
1. TRX has recently been very active in the market to garner institutions’ support and list on exchanges and has been continuing to strengthen its global presence. Could you please give us a brief update on TRX and share some good news?
Justin Sun: Of course. The first to mention is definitely the listing of TRX/USDC and NFT/USDC trading pairs on Huobi. The listing signifies an endorsement of the TRON ecosystem and further matches the demand of global users. I would like to thank Huobi for its ongoing support.
TRX has achieved a lot since the second half of this year. Institution-wise, TRX was supported by Plisio, a UK payment service provider, as well as Wirex, a digital payment platform. Regarding exchange listings, TRX was listed on BTCBOX, a Japanese exchange. Moreover, OKCoinJapan now supports the TRX Staking service, making it the first Japanese crypto exchange that provides this service. In addition, the Thai trading platform Bitkub has launched a TRX airdrop that lasts about a month.
TRX promotions are out there all the time. Please feel free to learn about them and participate. Of course, TRON has done and will do much more than that. We will explore more use cases and launch a wider variety of promotions in the future. Stay tuned!
2. TRX managed to rise amid the crypto market slump. What is the reason behind this?
Justin Sun: As you mentioned, generally speaking, TRX performed well during the market downturn. I think it comes down to three reasons. First, the institutions and exchanges mentioned earlier expanded the use cases for TRX and optimized the TRX trading experience for users. This is crucial. Second, deflation empowered TRX. On the one hand, the active trading on the TRON blockchain facilitated the TRX burning. On the other hand, USDD is minted by burning TRX. Due to multiple factors, TRX maintained deflation. By far, the total deflation volume of TRX has reached more than 9.6 billion, with a value exceeding $603 million.
Most of all, TRX wouldn’t have come so far without the support of hundreds of millions of users. Believing in TRON and the value of TRX, a large number of users didn’t choose to short TRX but instead decided to keep their TRX holdings. Their commitments made TRX a success today. My special thanks go to those users who have always believed in TRON and TRX. Thank you for your firm choice.
3. Speaking of users, the total number of TRON accounts has exceeded 100 million. How do you feel about such an achievement? What are your future roadmaps for the various ecosystems?
Justin Sun: With the trust of over a hundred million users, TRON must strive forward and become ever more robust to live up to users’ expectations.
Since its establishment in 2017, TRON has prioritized users’ interests and constantly made self-improvements in terms of technology, service, and ecosystem. By far, TRON has established an ecosystem featuring popular spheres such as DeFi, NFT, stablecoin, the metaverse, and cross-chain protocols. As TRON’s ecosystem continues to bloom, users can experience a closed-loop crypto ecosystem on TRON. The thriving ecosystem has brought TRON over 3.8 billion transactions. Furthermore, TRON’s total value locked (TVL) has recently hit $13.7 billion.
While building its closed-loop ecosystem, TRON remains fully aware of its mission as a blockchain practitioner. You may have noticed two recent reports on TRON: “TRON DAO — A Deep Dive Into Decentralization” and “Energy Efficiency and Carbon Footprint of the TRON Blockchain”. The first one illustrates TRON’s efforts to promote the decentralization of the internet, while the second showcases the Crypto Carbon Ratings Institute’s (CCRI) recognition of TRON’s environmental sustainability and eco-friendliness.
Dubbed by CCRI as “One of the Top Eco-friendly Blockchains”, TRON will continue to implement a sustainable development strategy and call for more platforms and projects to devote to the trend of decentralization and promote environmentally-friendly development. TRON will also aim at quality product output to bring the crypto industry a promising future.
4. USDC ranks second among stablecoins in terms of market cap. As the third largest distribution network for USDC, how does TRON see the current stablecoin market? What is TRON’s position?
Justin Sun: Stablecoins are a preferred safe haven for most new users to the crypto world and important infrastructure in the Web3 era. In terms of statistics, the influence of the stablecoin is evident, as its current market cap exceeds $150 billion, accounting for more than 15% of that of the entire crypto market. I believe that as time goes on, its dominance will be further strengthened, and this proportion will continue to rise.
The deployment of TRON in the field of stablecoin can be traced back as early as 2019 when TRON’s launch of TRC20-USDT attracted much public attention. Now, TRON has built a stablecoin fleet consisting of USDT, USDC, TUSD, USDD, and USDJ. Among them are the two largest stablecoins by market value, one compliant stablecoin collateralized by the U.S dollar, and one decentralized, over-collateralized stablecoin. Together, they have cemented TRON’s position as the second largest public chain by stablecoin market cap. Although centralized stablecoins still dominate the market, I believe that with the launch of USDD, a decentralized over-collateralized stablecoin, and a shift in the perception of the market, the value of decentralized stablecoins will become more prominent. Eventually, the centralized and decentralized stablecoins will go hand in hand in the market.
5. Affected by the Federal Reserve’s move to lift interest rate and recent market crashes, the total crypto market cap has skidded below $1 trillion. Will the market continue to crash, or will it rally? What are your suggestions for individual investors to respond to the bear run?
Justin Sun: I believe the market won’t take a nosedive for a long time, but it needs a while to bottom out. Despite the market picking up slightly some time ago, there is a long way ahead for its full recovery. I think the crypto market will go sideways for a while and see an upward spiral in the long run.
Having cash on hand is always important in a bear market. I would recommend investors be prudent instead of laid-back. Investors shall be neither pessimistic nor blindly optimistic about picking the market bottom. Slow down and take your time to learn about the projects and platforms more comprehensively and prudently. Only when you accumulate enough knowledge and resources in the bear market can you succeed in the bull run.