Tron Founder Justin Sun Cashing In On DeFi’s Boom With Launch of JUST BTC, LEND & SWAP

He is back!

As people in the crypto community have been expecting, Tron founder and CEO Justin Sun is here to ride the DeFi boom. But no TRX isn’t being turned into a DeFi project, but he’s announcing new plans altogether.

The “marketer” of crypto space who called his creation a “shitcoin” took to Twitter on Friday to share that Tron-based IEO JUST (JST) — which was launched on the Sun acquired Poloniex exchange in early May and then airdropped to TRX holders — will be launching not one or two but three DeFi projects.

“JST will become the core DeFi token of the entire TRON,” said Sun adding this DeFi ecosystem will cover areas in decentralized loans, decentralized trades, and cross-chain.

JUST DeFi team will be launching three new DeFi products. The first one is “JUST Lend” that will allow Tron users to earn interests or borrow assets against collateral.

The second is “JUST Swap,” which is apparently a fully decentralized on-chain protocol for token exchange. The last is “JUST BTC,” a TRC20 token backed 1:1 by Bitcoin.

“We can’t wait to see the series of JUST products’ all-rounded empowerment, community governance, and fully shareable dividend integrated into the TRON DeFi ecosystem,” he said.

Sun warns about a DeFi Project

In separate news, Sun distanced himself and his company from a DeFi project called Oikos (OKS), which is built on Tron.

Earlier this week, Sun said the DeFi project was developed by the community and has “nothing to do with Tron” and himself.

He warned investors against this project, saying the smart contract wasn’t verified. Investors need to be cautious of their investment, and the risk of getting hacked as “Justin Sun would bear no responsibilities,” he said while referring to himself in the third person.

Also, he denies OKS having any relationship with IEO on Poloniex.

“OKS is at its early stage, the risk is very high, we don’t encourage investors to participate/invest in this project,” said Sun.

Oikos has been a popular project among the Chinese crypto community, reports China-based 8btc.com. The token was reportedly listed on Chinese crypto exchange Hoo.com upon Sun’s recommendation and then on MXC exchange that saw OKS surging 4x.

Sun’s announcement resulted in the token briefly crashing 30% in minutes.

Oikos also announced that negotiation with Tron broke down and has now updated its token sale report.

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Author: AnTy

Tron Is Getting Ready for 4.0 While Ethereum 2.0 Is Struggling for A Launch Date

Tron founder and CEO Justin Sun is yet again challenging his nemesis Vitalik Buterin co-founder of Ethereum with the latest announcement.

On May 23, Sun took to Twitter to write three magical words that got both sides to start dissing each other. These three words involved nothing more than “Tron 4.0 is coming.”

Although no details are shared, the fact that Tron is on its way to 4.0 version while Ethereum hasn’t even released 2.0, whose launch date has been delayed numerous times, has the community congratulating Sun.

Start of the Alts rise

Some are ecstatic about this development while others are calling for a pump.

The 16th largest cryptocurrency by market cap is currently trading at $0.150, up 3.44%. So far in 2020, TRX reported gains of just over 11% but is still down 95% from its all-time high.

Meanwhile, the second-largest cryptocurrency is trading at $206, up 2.22%. Down 87% from its peak, Ether has recorded over 58% gains YTD.

Eth 2.0 testnet gaining support

There is also a group that is not feeling Sun’s latest announcement.

“When you try competing with ETH 2.0, so you invent some bogus update for your shitcoin,” wrote Crypto Whale.

Eth 2.0 is still struggling with its launch date which was already rescheduled, after many times for June 2020 but this again is “carefully” optimistic.

This delay involves fixing the bugs, multi-client paradigm, and management problems among other issues.

However, the Ethereum 2.0 testnet Topaz run by Prysmatic Labs is making a lot of progress. Nearly 30,000 validators are now staking over a million ETH, worth more than $200 million.

Although Prysmatic Labs remains a major contributor to the project, controlling 47% of the network, this domination is slowly decreasing, already down from 53% from the beginning of May. Crypto exchanges like OKEx are also becoming validators to stake Eth and keep the testnet running.

Eth 2.0 is a complex upgrade and has been in the works for many years now. This upgrade will make the blockchain more scalable, essential for the network as it is running almost 100% at capacity. The transition from PoW to PoS will also allow users to stake their funds, the first milestone of this phase.

Growing Networks

Amidst the increasing interest in Eth 2.0 testnet, the number of addresses holding more than 100 coins have reached an all-time high of 47,722 on May 21.

Also, the unique Ether addresses are close to reaching 100 million, currently at 98.25 million addresses, as per Etherscan.

Meanwhile, the total number of accounts on the Tron network has surpassed 5.9 million, as per Tronscan. The number of Dapps on the network has also climbed to 763.

“The TRON ecosystem is growing at a steady pace, we welcome more developers and users to join our community,” said Sun about the ongoing developments.

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Author: AnTy

Community In An Uproar as Sun’s Tron Foundation Granted $2M Subsidy from US CARES Act

  • Justin Sun’s TRON foundation has allegedly been awarded $2 million in subsidies, courtesy of the US CARES package.
  • The $2 Trillion act was passed to inject cash flow into the US economy amid global pandemic.

Justin Sun and the TRON Foundation, which he owns, have been thrust into controversy (surprise, surprise.. examples include: here, here, here, here, here, here, and so on) after reports emerged that they received the money from the US stimulus package. This is according to a Chinese WeChat platform post published on Wednesday.

A similar post further discloses that TRON received at least 17 million Yuan, roughly $2.3 million, from the US government’s CARES program. There is also no clause that compels the receivers of the subsidies to pay back at any time. The report indicates that they expect the second batch of subsidies to be disbursed to the TRON foundation soon.

There are still some in the community that believe the PPP loan was awarded to a company that deserves it –

Historic Stimulus Package

The stimulus package act, dubbed CARES, was passed towards the end of March. The package, which totaled $2 trillion was meant to provide immediate cash flow for businesses in the US that were affected by the global pandemic. It is reported to be the biggest slice of the legislation stimulus package in the US ever.

This has drawn massive criticism via social media outlets. A lot of businesses based in the US have faced the uphill struggle in trying to claim the subsidies due to competitive requests (or banks stealing funds).

The Federal Reserve has also come under fire as they came under fire for “rewarding the worst abusers” in a post. A number of Blockchain firms have been rejected by this subsidy program, for example. Bigger firms are allegedly leveraging their close relations with banks to leapfrog other, smaller business applications.

The TRON foundation was not keen to respond to the issue. Ryan Dennis a TRON rep cited that they were unable to comment on the financial matter regarding the private entity.

He, however, emphasized that TRON reputes itself on conducting legal financial practices of the respective jurisdiction they are operating.

TRON’s Presence in the US

TRON migrated its offices to San Francisco after Beijing authorities put a lid of all ICO’s and locally operated crypto exchanges in 2017. This was seen as an attempt to control the financial systems in place.

TRON foundation now boasts of an arsenal of US-based Firms in their fold including BitTorrent and SteemIt located in New York. It also owns live streaming service DLive.

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Author: Lujan Odera

Tron’s Justin Sun Rolls Out MakerDAO Style Stablecoin Platform Called Djed; Copy & Paste?

Justin Sun, the founder of Tron (TRX), announced on March 29 the launch of Djed, a collateralized loans system that has been labeled by many as a plagiarized MakerDAO (MKR) version.

Sun has teased TRX fans with a decentralized stablecoin supposed to be backed by TRX and the BitTorrent Token (BTT) ever since January 16. The Djed name was suggested by Mike McCarthy, a Tron fan who describes himself as a TRX whale. In ancient Egypt, Djed used to mean stability.

Dai’s Concepts Being Borrowed

Live on the Tronscan.org domain, the Djed platform has an interface similar to the Maker Oasisapp, cdp.makerdao.com, votemaker.dao.com and other Maker websites. While modified, it still looks a lot like the Maker’s Single Collateral Dai, as it’s based on the same principle, even if Tron users are going to commit TRX collateral in order to mint USDJ and not Dai. The token governing is JED, not MKR. There’s no need to take a look at the code because the platform resembles Maker a lot.

More Similarities with MakerDAO

As a lending platform, Djed uses Collateralized Debt Positions (CDP). Its users need to pay an interest rate called a Stability Feel on their loan, fee that’s determined through by the Interim Risk Team at Djed. The same terms are included in the MakerDAO features, not to mention the Djed smart contract code clones the Single Collateral Dai. Some name of Djed’s contract calls are DadFab, DaiFab, MomFab and so on, just like in Maker. Furthermore, it has the Sai name after introducing different forms of collateral, name that’s another version of the Dai term and explains why it accepts only TRX as collateral, and not BTT as promised.

Tron Accused of Plagiarism Before

Many other Tron projects have been labelled as plagiarized, with voices saying the entire Tron concept copies Ethereum. There’s also a very recent privacy feature that includes the Zcash (ZEC) code. However, it should be noted Djed is a Tronscan and not a Tron Foundation project. Copying open-source code shouldn’t be considered plagiarism, especially since Tronscan didn’t claim its program to be unique or in-house developed.

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Author: Oana Ularu

Steem Community Accuses Justin Sun of Removing Hive Hard Fork Content On Steemit

  • The STEEM vs Justin Sun beef is heating up as the community complains that the TRON Founder is censoring Hive-relate content on his Steemit platform.
  • As the community plans to hard fork the STEEM blockchain to Hive.io, Sun has called out the community for trying to “violate the private sanctity of users assets” through forking.

STEEM Community calls out censorship on Steemit

The Medium-like decentralized platform, Steemit Inc. is being accused by parts of the STEEM community for censoring content related to the planned hard fork, Hive. Well according to one crypto trader and educator, Girl Gone Crypto, Steemit took down her neutral explanatory video on the planned hard fork on Mar. 20. She explained on Twitter,

The post which has now garnered over 400 social engagements on Twitter seems to have rattled the Hive community. Jon Olson, a Steem community member wrote,

“This is a pretty big deal. And if you ask me, the ENTIRE reason why this community is forking to $HIVE. There should be no doubt now, this is the right move.”

Exchanges in support of the hard fork?

As the community awaits the hard fork, set to happen in some hours, the exchanges are yet to give a unanimous decision on the way forward for the blockchain –similar to the Bitcoin Cash / Bitcoin SV split. Bittrex exchange is expected to take a snapshot of the balances in Steem Dollars (SBD) and Steem (STEEM) and credit holders Hive (HIVE) and Hive dollars (HBD) in a ratio of 1:1. Binance and Huobi will also join in supporting the hard fork to HIVE.

Over the past week, the price SBD has shot up over 150% as users anticipate the hard fork, which will airdrop new tokens to their wallets

Image: Coinstats

Is the community in support of the Hive hard fork?

According to the founder of the second-largest dApp platform on STEEM, Steempeak’s Scott Jarvie, a large part of the community is increasingly showing signs of moving to the new fork, Hive. In a poll conducted between staying on STEEM and moving to Hive, Jarvie explained that a majority of the users showed interest in moving. With over 200 participants commenting on the post, Jarvie deduced that the “community wants out.” He wrote,

“I have read through every post and am hard-pressed to find anyone who doesn’t want to move to Hive. We asked them to be honest and we would make sure they wouldn’t get attacked on comments if they were firm in their resolution to stay on Steem.”

However, there remain Steem supporters who see the current planned hard fork – excluding Sun’s tokens – as a move to steal “hard-earned cash” from investors and violation of the private sanctity of users’ assets. Justin Sun, who has remained rather mum during the hard fork planning, threw a dig at the STEEM community planning the hard fork on Twitter.

“When #Bitcoin invented, the beauty of the cryptos is that no one can take them from you,” Sun wrote “The sanctity of private property is guaranteed by the math and code behind it. Freezing people’s funds violates the basic foundation of cryptocurrency.”

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Author: Lujan Odera

Tron’s Justin Sun Gives Away 1000 BTT ($.53) to FCoin Victims But First Sign-up For Poloniex

You read it right! Tron founder Justin Sun, the guy with all the marketing tactics in his box, is giving away 50 cents “to recover the loss for users.”

He is who doesn’t let any marketing opportunity slide by him. Deadly Coronavirus outbreak, Sun’s “Fighting coronavirus,” and “TRON is on the way!”

American professional basketball player Kobe Bryant’s death and Sun revisits the niTROn 2019 event where he met Bryant. He also announced “a moment of silence in (his) honor during niTROn 2020.” But people didn’t like Sun using the opportunity to promote his business with Dovey Wan, founding partner of Primitive Crypto calling it “completely intolerable for using a legend’s tragic death as a marketing gimmick.”

Now, yet again, Sun managed to draw the ire of people as he announces a campaign to help the crypto exchange FCoin’s victims which is shutting down its doors.

Sun announced on Twitter that he had contacted his crypto exchange Poloniex and decided to launch a campaign. As per this campaign, “All Fcoin users who sign up on Poloniex.com can claim 1000 $BTT.” The current price of the BitTorrent token (BTT) is $0.000543 which means you get 54 cents, that’s right.

FCoin announced its insolvency on Monday but falls short of its liability between 7k to 13k BTC which amounts to $69.3 million and $128.7 million. And Sun knows this as he added,

“Despite the small amount, this is our token of gesture to recover the loss for users of the crypto world!”

But even more absurd than this generous campaign is Sun’s condolences to the FCoin founder Zhang Jian who is Sun’s “close friend, when FCoin very much looks like an exit scam.

“The news of FCoin overwhelmed me with grief. ZhangJian is my close friend. I can relate to the hardships he has gone through creating his business, and I feel extremely sorry for the users’ losses.”

Given the length Sun goes for his marketing tactics, with recently calling TRX a “shitcoin” himself, there isn’t much one can’t expect from him.

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Author: AnTy

Poloniex Exchange Resumes Trading After Rolling Back “12 Minutes” Of Trades

Recently Justin Sun’s purchased exchange, Poloniex, announced a maintenance delay on its trading platform as the exchange faced a bug in the system on Monday, 10th February 2020.

The suspicious bug is however reported to have originated from the development team which caused a number of problems on the platform and forcing the Poloniex maintenance team to shut down the system for about 12 minutes.

In a thread of tweets, the cryptocurrency exchange support team wrote,

While the issue may have aggravated Poloniex critics and some of the exchanges traders who were affected (the report did not give details on volumes that were affected or number of users affected), the exchange seemed to have effectively solved the problem without a fuss.

The exchange has since resumed all services, fully opening both deposits and withdrawals of funds from the platform.

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Author: Lujan Odera

Tron Founder Justin Sun Gives Warren Buffett His First BTC And TRX At $4.5M Dinner

After the event was cancelled for the reason that Sun had kidney stones 6 months ago, TRON’s Justin Sun finally had his dinner with Warren Buffett.

On Thursday, the TRON Foundation made the announcement that Sun dined with CEO and chairman of Berkshire Hathaway, after Buffett suggested a meeting. The event took place at an exclusive country club from Omaha, Buffett’s home city. Sun came with Charlie Lee, the creator of Litecoin, eToro’s CEO Yoni Assia and Chris Lee, Huobi’s CFO. Helen Hai, the head of Binance Charity was present too.

Sun Honored and Grateful for the Dinner

Making a statement after dinner, Sun said he’s honored and grateful to have heard about Buffett’s vision and to be shared some of his wisdom. He also mentioned that he would take his advice when it comes to building a better ecosystem at TRON and conducting blockchain-based businesses or going beyond. However, he didn’t specify anything else about their discussions.

Sun Placed a $4.5 Million Bid for the Dinner

Warren Buffett is known for auctioning a supper he attends each year. The funds of the participants are directed to charity. Sun was the one who placed a record-breaking bid of $4.5 million at the Glide Foundation, back in 2019. While he was supposed to attend the dinner back in July, he had to postpone it for he allegedly had kidney stones. However, a news outlet from China reported the next day that he had to stay in China because authorities in the country were investigating him. He appeared in a live stream video in San Francisco later, so the news that he couldn’t leave China for the dinner may not have been true.

Buffett Is Not a Fan of Crypto

Buffett has never been a fan of crypto and even called Bitcoin (BTC) once a “rat poison squared”. While TRON didn’t make any comment about the discussions held at the famous dinner, Sun said he hopes to build a bridge between traditional and institutional investors, also between crypto and blockchain technology. Warren Buffett’s assistant didn’t comment anything.

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Author: Oana Ularu

Tron Users Call On Founder Justin Sun To Burn TRX Supply As It Crosses Over 1 Billion

Some of the TRON enthusiasts are accusing Justin Sun, TRON’s CEO, of lying about TRX’s fixed amount supply, with Misha Lederman calling on him to keep TRX at below 100 billion.

A few TRON fans have expressed on Twitter their negative feelings about Sun and the deception they think he brought to their community. The total supply of TRX was mentioned in TRON’s white paper to be over 100 billion, with the official TRON website showing now a total supply of 100,002,757,644.08.

Misha Lederman Says Sun Eliminated 1 Billion TRX

In one of his tweets, Misha Lederman, who is BeatzCoin’s CCO, accuses Sun of eliminating 1 billion TRX back in June 2018 for the TRX supply to be kept at under 100 billion. After the implementation of rewards for Super Representatives, TRX started minting even more, which led to an increase in the supply. Lederman has also asked Sun to do another token burn.

Sun is Teasing TRON Fans with the MPC Torch Project

Meanwhile, Justin Sun is continuing to talk about his project that was a complete mystery until today. He has invited all crypto enthusiasts in the world to participate in the MPC Torch, his new privacy protocol. Subscription can be done by email and users should operate a server in order to become contributors. The TRON’S MPC Torch Project will use the Zero-Knowledge Succinct Non-Interactive Argument of Knowledge (zk-SNARKs)-based type of anonymity and already has 20 people joining it, according to GitHub. A special $100 reward will be given to every “privacy pioneer” that comes on board.

The Most Advanced Technology

Justin Sun mentioned the zk-SNARKs type of technology has many times been used for solutions in the Ethereum (ETH) network. Some analysts are saying that such technologies implemented in Ethereum (ETH) permit for payments to take place as rapidly as they do through the VISA system.

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Author: Oana Ularu

Justin Sun Promises Not To Dump 33 Bln TRX And Tron Will Kick Off Buy-Back Program To Boost Price

Tron’s CEO, Justin Sun, kick-started the year by streaming a live telecast on Tron’s newly purchased DLive. He also streamed the telecast on Periscope as well as on YouTube.

In the message, Sun touched on several issues, but what caught the attention of most viewers was his strong stance on not selling their 33 billion TRX stash (worth approx $442M). Justin equally reiterated the company’s initiated launch of the buy-back project to retrieve the circulating TRX from the market, stressing that the coin is undervalued.

Tron Against Selling 33 Billion Worth Of TRX

Contrary to the viewer’s opinions, Justin said that the company doesn’t intend on relinquishing the hold of the 33 billion TRX stash, and doesn’t intend to sell it off to the market anytime soon. The company wants to minimize the circulation of the coins already on the market.

According to him, it would be a careless idea to sell the TRX holdings because such actions could send the price of the coin to the bottom of the chart.

TRX Unable To Grow Despite Massive Investment

Justin said TRX has not been able to meet up to its growth potentials, despite the tech advances and much collaboration the company has made for the asset. But even that will not deter Tron from holding on to the coin. Justin believes that it will be in the best interest of the company to keep hold of the TRX stash and with a plan to buy-back other TRX coins currently in the market. Tron believes that the time for the TRX coin to grow will come because it’s currently underrated.

Buying Back to Reduce TRX in Circulation

According to Tron, the main motive to launch a buy-back TRX is to reduce its amount in circulation. It is based on the theory that reducing the number of TRX in circulation will help to push up the demand, which can also impact a price surge. The whole scenario is based on the law of demand and supply.

Currently, there are too many TRX coins in circulation, which is the reason it has been underrated and remained below the expected price levels. But the buy-back initiative will ultimately reduce its supply, hence, increased demand for the coin as well as a possible increase in its price, Justin stated.

DLive Streaming App Would Provide Better Streaming Services

Justin has also promised the audience that Tron has a huge plan for the DLive streaming app. According to him, Tron plans to offer superior streaming services compared to other major centralized platforms like Periscope, YouTube, and Facebook. He further stated that Tron is working on getting more cryptocurrency influencers to upload their content on DLive.

Justin pointed out that Tron aspires to make DLive the fundamental platform for all cryptocurrency influencers. He welcomes everyone on board, promising not to delete anyone’s content or files, and his plans for the platform have already begun.

The cryptocurrency community’s sentiment seems to be very happy with this newest development, as it will open more doors for influencers and make the crypto business more mainstream.

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Author: Ali Raza