Tag: Tron

Twenty-Two Highlights from TRON’s Historic 2022

by Blockchain News

Geneva, Switzerland, 5th January, 2023, Chainwire

For TRON DAO, 2022 was a year of historic growth. Here are 22 highlights from the fastest growing public blockchain’s record year:

# 22 possibly the world’s biggest DAO

On January 5, TRON announced its restructuring to become a decentralized autonomous organization (DAO). On April 11, Forbes declared that TRON DAO is probably the world’s biggest DAO, as the TRON blockchain now boasts more than 132 million user accounts.

# 21 APENFT Marketplace

On April 15, the APENFT Marketplace launched on the TRON blockchain.

# 20 over 130 digital asset exchanges

TRX is now supported, listed, and traded on over 130 digital asset exchanges, payment systems, and trading platforms, including Binance.US, Meson, Crypto Finance (member of Deutsche Börse Group), Fireblocks, Bitkub, Bitso, DMM Bitcoin, Kraken (TRX futures contracts), Plisio, BTCBOX, Wirex, OKCoin Japan, BitMEX, Blockchain.com, and Guardarian.

# 19 the Enterprise Ethereum Alliance

TRON joined the Enterprise Ethereum Alliance to advance interoperable blockchain integration into daily business operations, focusing mainly in two working groups: Cross-Chain Interoperability and DeFi Risk Assessment, Management, and Accounting (DRAMA).

# 18 expanded collaboration with Huobi 

In October, the TRON founder and current ambassador H.E. Justin Sun was named to Huobi’s Global Advisory Board, and the TRON ecosystem has started more partnerships with the exchange.

# 17 the Peg Stability Module

On August 3, the Peg Stability Module (PSM) was rolled out, which allows users to swap between USDD and other mainstream stablecoins like USDT and USDC at a 1:1 ratio.

# 16 sponsorships

In 2022, TRON was the major sponsor of Consensus, NFT NYC, Mainnet by Messari, Converge by Circle, Binance Blockchain Week in Paris, Smartcon by Chainlink, Token2049, and more. TRON also hosted several VIP in-person afterparties – TRON Whale Night, at Bitcoin 2022, Consensus, and Mainnet.

# 15 the Binance CMC Crypto Top 10 EWI

On October 17, TRX was listed on the Binance CMC Cryptocurrency Top 10 Equal-Weighted Index, which tracks the performance of the top ten digital assets on CoinMarketCap as ranked by market capitalization.

# 14 feel the burn

In 2022, the total amount of TRX burned from various utilities was 11.74 billion, considerably accelerating its deflation.

# 13 TRON Academy

TRON Academy officially launched November 12, when 270+ students from top-tier university blockchain clubs gathered on the Harvard University campus for the “Hacker House” event.

# 12 Travala.com

On August 10, Travala.com, the world’s leading blockchain-based travel booking platform, announced its adoption of USDD and TRX as means of payment.  

# 11 the 2nd largest stablecoin ecosystem 

TRON now has the second-largest total stablecoin circulation, next to Ethereum, with a market cap of $39.5 billion.

# 10 the TRON DAO Ecosystem Fund

TRON DAO launched their Ecosystem Fund with 8 unique programs for funding, including TRON DAO Ventures, which intends to invest in promising blockchain startups.

# 9 the national blockchain of Dominica

On October 7, the Commonwealth of Dominica announced TRON as its national blockchain and authorized seven TRON-based cryptocurrencies as legal tender for everyday use.

# 8 the TRON DAO Reserve

On April 21, the TRON DAO Reserve was established to safeguard the overall blockchain industry and crypto market.

# 7 greater influence

On August 1, Crypto Daily described H.E. Justin Sun as one of the premier leaders in the Web3 era.

# 6 the stablecoin USDD

In May 2022, TRON launched USDD, the first over-collateralized, decentralized stablecoin, which is now held in more than 130,000 wallets. On November 2, Messari released the report “State of USDD Q3 2022.” USDD finished the year with a circulating supply of over 725 million and a collateral ratio of greater than 200%.

# 5 one of the most eco-friendly blockchains

On August 24, in the report titled “Energy Efficiency and Carbon Footprint of the TRON Blockchain” released by the Crypto Carbon Ratings Institute (CCRI), TRON was rated as one of the most eco-friendly blockchains.

# 4 the 4th anniversary of MainNet independence

On May 31, TRON celebrated the fourth anniversary of its MainNet launch.

# 3 three stellar HackaTRONs

Three Seasons of the TRON Grand Hackathon, a.k.a. “HackaTRON,” took place in 2022, with over 2300 total participants and a combined total prize pool of over $2.7 million.

# 2 TVL

According to DefiLlama, by the end of Q3, the Total Value Locked (TVL) on TRON had reached $6.33 billion, up 61% from Q2, surpassing BSC to become the blockchain network with the second-largest TVL worldwide. Messari released its first ever TRX research report on November 5, titled the “State of TRON Q3 2022.”

# 1 from 69 million total TRON user accounts to 132 million

63 million new TRON user accounts were established in 2022. TRON aims to become the primary settlement layer of the global economy. As the global trend-setter in cryptocurrency, TRON is developing an ecosystem infrastructure that will be able to serve every human on the planet.

About TRON DAO

TRON DAO is a community-governed DAO dedicated to accelerating the decentralization of the internet via blockchain technology and dApps.

Founded in September 2017 by H.E. Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized Web3 services boasting over 100 million monthly active users. The TRON network has gained incredible traction in recent years. As of January 2023, it has over 133 million total user accounts on the blockchain, more than 4.5 billion total transactions, and over $9.2 billion in total value locked (TVL), as reported on TRONSCAN. In addition, TRON hosts the largest circulating supply of USD Tether (USDT) stablecoin across the globe, overtaking USDT on Ethereum since April 2021. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. In May 2022, the over-collateralized decentralized stablecoin USDD was launched on the TRON blockchain, backed by the first-ever crypto reserve for the blockchain industry – TRON DAO Reserve, marking TRON’s official entry into decentralized stablecoins. Most recently in October 2022, TRON was designated as the national blockchain for the Commonwealth of Dominica, which is the first time a major public blockchain partnering with a sovereign nation to develop its national blockchain infrastructure. On top of the government’s endorsement to issue Dominica Coin (“DMC”), a blockchain-based fan token to help promote Dominica’s global fanfare, seven existing TRON-based tokens – TRX, BTT, NFT, JST, USDD, USDT, TUSD, have been granted statutory status as authorized digital currency and medium of exchange in the country.

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Hayward Wong
press@tron.network
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Happy Holidays for the TRON Grand Hackathon 2022 Season 3 Winners

by Blockchain News

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The winners of Season 3 of the TRON Grand Hackathon 2022 got an early holiday gift this Friday. The recipients of each of the 107 prizes being distributed for this season’s HackaTRON were announced. There were 1185 participants who formed 272 teams that submitted projects in one of six tracks: Web3, DeFi, NFT, GameFi, Ecosystem, and TRON Academy. 

Season 3 submissions began on September 20 and ended on November 14. The judging period lasted from November 29 to December 12. In addition, a second group was chosen by Hackathon participants who were active in the TRON DAO Forum. That voting period lasted from November 29 to December 4. Then, the winners of both groups were announced on December 16.

The TRON Grand Hackathon 2022 Season 3 winners selected by our judges are: 

Web3

1st Prize (60K): OpenATM

2nd Prize (50K): Journey by Tron Magicians

3rd Prize (40K): Hextopus

4th Prize (30K): JustPush by Team Push

5th Prize (20K): Falt by Renaissance Labs

DeFi

1st Prize (60K): Meson-To by Meson Team

2nd Prize (50K): Bunny Notes by StrawberryChocolateFudge

3rd Prize (40K): Inheritokens by Team Tokinhers

4th Prize (30K): Elk-Finance by Team Elk

5th Prize (20K): goStables by goStables Team

NFT

1st Prize (60K): Lazara

2nd Prize (50K): The TREE Token by The TREE Foundation

3rd Prize (40K): Artbeat by 4thfloor

4th Prize (30K): Fractron

5th Prize (20K): Metastore by Void

GameFi

1st Prize (60K): Galaxy Throne 

2nd Prize (50K): TuruVerse by TuruGlobal

3rd Prize (40K): Trxmini.games

4th Prize (30K): Zombieland by Team Zombie

5th Prize (20K): Mushroom by 0xCatbox

The Ecosystem Track was split into two categories – technical and creative. Ten total Ecosystem winners were selected with five from each category and the same prize structure for both.

Ecosystem (Technical)

1st Prize (15K): WaveData

2nd Prize (12.5K): Tronql

3rd Prize (10K): Paylock

4th Prize (7.5K): GETO.Finance

5th Prize (5K): Interpool by Irruption Lab

Ecosystem (Creative)

1st Prize (15K): B4B.World 

2nd Prize (12.5K): Road Incident Predictor  

3rd Prize (10K): MetaVote Poll by Raph Strategy

4th Prize (7.5K): Xeat by BatamPride

5th Prize (5K): Nature Foretold

All projects whose team members participated in the TRON DAO Forum were eligible to vote in the peer evaluated selection of winners. The TRON Grand Hackathon 2022 Season 3 winners selected by the TRON DAO Forum are:

Web3

1st Prize (10K): TronHub by TronNinjas

2nd Prize (9K): dCloud by cctechmx

3rd Prize (8K): Oracula

4th Prize (7K): TsTron by Sterliakov

5th Prize (6K): Web3-scheduler by tokeniz

DeFi

1st Prize (10K): T-Boost by USTX

2nd Prize (9K): Synergy by based.builders

3rd Prize (8K): Inheritokens by Team Tokinhers

4th Prize (7K): Garble.Money by GoblinLab

5th Prize (6K): TRON unlimited Oracle by RedStone

NFT

1st Prize (10K): Fuzzy Ocean

2nd Prize (9K): Fractron

3rd Prize (8K): Lazara

4th Prize (7K): TBlocks

5th Prize (6K): PalmT by JustRug

GameFi

1st Prize (10K): Turuverse by TuruGlobal

2nd Prize (9K): Trxmini.games

3rd Prize (8K): Zombieland by Team Zombie

4th Prize (7K): Mushroom by OxCatBox

5th Prize (6K): Galaxy Throne

Ecosystem

1st Prize (10K): InterPool by Irruption Lab

2nd Prize (9K): NatureForetold

3rd Prize (8K): MetaVotePoll by Raph Strategy

4th Prize (7K): Snake Bite by Team Hero

5th Prize (6K): Shatranj by Web23

The TRON Academy Track was new this season and involved a face-to-face competition called the “Hacker House.” That portion of the Season 3 HackaTRON was held in person on the campus of Harvard University during the weekend of November 12–13, 2022. Two categories of winners were selected – technical and non-technical. The winners were:

TRON Academy Technical

1st Prize (15K): Pneumatic

2nd Prize (10K): Keystream

3rd Prize (9K): DeForms

4th Prize (8K): GroupBy

5th Prize (7K): Dazzle

1st Runner Up (5K): Groot Club

2nd Runner Up (5K): Level

3rd Runner Up (5K): ECO

Honorable Mention (500): PLedger

Honorable Mention (500): Bountiful

Honorable Mention (500): Fawna

Honorable Mention (500): CRUD

Honorable Mention (500): EduBloc

Honorable Mention (500): EcoRypto

Honorable Mention (500): FoodPrint

Honorable Mention (500): JustPass

Honorable Mention (500): TicketTRON

Honorable Mention (500): Tronify

TRON Academy Non-Technical

1st Prize (2K): LSP (Tron: Legacy)

2nd Prize (1K): SuperSets

3rd Prize (500): Arcus

1st Runner Up (250): DeTrove

2nd Runner Up (250): Axies

3rd Runner Up (250): BWS

4th Runner Up (250): Autonoma

5th Runner Up (250): Imperia

6th Runner Up (250): Compute Allocation

TRON Academy Community Forum Winners

1st Prize (5K): Tronify

2nd Prize (4K): Project PLedger by Muffin

3rd Prize (3K): VooDoo Finance by Elvolution

4th Prize (2K): GreenDAO

5th Prize (1K): StackChain by Team Chain

There were three additional bonus prizes given for Season 3:

  • The Devpost Community Prize of $1,000, which was determined by popular choice voting on Devpost by Devpost community members. 

  • The Project Engagement Prize of $5,000, which was determined by the TRON DAO team based on how well a project engaged on the TRON DAO Forum. 

  • The Community Contributor Prize of $5,000, which was determined by the TRON DAO team based on an individual’s valuable contributions during the hackathon. This prize was distributed in $500 increments to ten individuals who did not win another prize.

    • WINNERS: antonio, constantinpricope201, Deba215, Fabsltsa, H_P, Hirangi, Nana66419, Prince-Onscolo, Simon, strxfinance

On December 20th 2022, TRON DAO leaders will hold their monthly Community Call and this month’s focus is the Hackathon and its winners. It’s a chance to congratulate all of the winners for their hard work and innovative ideas, which made this season’s HackaTRON one the best yet. “From cutting-edge solutions to real-world applications, the projects developed during this Hackathon demonstrated the true potential of blockchain technology,” one TRON DAO team member noted. 

TRON DAO strives to empower blockchain projects in alignment with its vision of building a decentralized web. The TRON Grand Hackathon is one essential approach toward that goal.

CONGRATULATIONS to the winners of the TRON Grand Hackathon 2022 Season 3! Many thanks to all of the participants, judges, and sponsors who made Season 3 of the TRON Grand Hackathon 2022 such a huge success. We can’t wait to see the innovations developed in the 2023 Hackathon.

Stay in the know about the upcoming TRON Grand Hackathon Season 4 in 2023 by following the official social media outlets of TRON DAO on Twitter, Instagram, TikTok, YouTube, LinkedIn, Discord, Reddit, and GitHub. Be sure to subscribe to the Around the Block Podcast for insightful interviews and informative content.

About TRON DAO

TRON DAO is a community-governed DAO dedicated to accelerating the decentralization of the internet via blockchain technology and dApps.

Founded in September 2017 by H.E. Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized Web3 services boasting over 100 million monthly active users. The TRON network has gained incredible traction in recent years. As of December 2022, it has over 129 million total user accounts on the blockchain, more than 4.4 billion total transactions, and over $9.7 billion in total value locked (TVL), as reported on TRONSCAN. In addition, TRON hosts the largest circulating supply of USD Tether (USDT) stablecoin across the globe, overtaking USDT on Ethereum since April 2021. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. In May 2022, the over-collateralized decentralized stablecoin USDD was launched on the TRON blockchain, backed by the first-ever crypto reserve for the blockchain industry – TRON DAO Reserve, marking TRON’s official entry into decentralized stablecoins. Most recently in October 2022, TRON was designated as the national blockchain for the Commonwealth of Dominica, which is the first time a major public blockchain partnering with a sovereign nation to develop its national blockchain infrastructure. On top of the government’s endorsement to issue Dominica Coin (“DMC”), a blockchain-based fan token to help promote Dominica’s global fanfare, seven existing TRON-based tokens – TRX, BTT, NFT, JST, USDD, USDT, TUSD, have been granted statutory status as authorized digital currency and medium of exchange in the country.

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Hayward Wong
press.hackathon@trondao.org
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TRON Academy Announces 7 New Partners and New Activations

by Blockchain News

Geneva, Switzerland, 8th December, 2022, Chainwire

TRON DAO recently launched The TRON Academy initiative to empower young blockchain enthusiasts from top-tier universities around the world. Creators are being welcomed to take advantage of early-stage development opportunities in the TRON ecosystem. Partnerships have been developed with existing blockchain clubs, and coaching support is available for students interested in establishing new clubs on their campuses. 

TRON Academy’s industry-leading curriculum provides a comprehensive blockchain education for the next generation of leaders. Students are encouraged to build blockchain solutions that do more than just provide everyday utility. TRON DAO leaders are also challenging university blockchain clubs to recognize the life-changing opportunities decentralized applications could provide. Instruction is provided that equips and enables developer teams to innovate and actualize new technologies. The hope is that resources will be created that are both essential to a decentralized future as well as enjoyable in a blockchain-based, web3 world. 

Blockchain clubs currently partnering with TRON Academy are thriving across seven university campuses:

  • Cornell Blockchain (Cornell University)

  • Blockchain at UCI (University of California at Irvine)

  • Texas Blockchain (University of Texas at Austin)

  • Boston Hacks (Boston University)

  • Princeton Blockchain Club (Princeton University)

  • Dartmouth Blockchain (Dartmouth University)

  • Michigan Cryptocurrency Investment Club (University of Michigan)

TRON Academy officially launched November 12–13, 2022, as part of the TRON Grand Hackathon 2022 “Hacker House” event on the campus of Harvard University. Over 270 university students formed multiple development teams working all weekend to build decentralized applications (dApps) on TRON and BitTorrent Chain. Winners shared a $100K USD prize pool. The ultimate winners, however, were all the teams who returned to their respective campuses to experience an enriching community with their blockchain clubs.  

On November 29, 2022, a TRON Academy workshop was held at the University of Texas at Austin, hosted by the Texas Blockchain club in collaboration with TRON DAO. A mix of non-technical and technical components of the TRON blockchain were discussed. TRON DAO leaders onboarded UT Austin students into the TRON ecosystem, some for the first time and others as a strategic next step. Students were also mentored to build their first smart contract on the TRON Virtual Machine along with deploying their first dApp. 

Workshops like this one will be held on other university campuses as the TRON Academy program grows. It aims to partner with more and more university blockchain clubs around the world via this intentional, four-pronged approach:

  1. Internship and recruitment opportunities will be available, both with projects in the TRON ecosystem as well as with partners connected to the TRON DAO. 

  2. Community co-development will be in focus, as TRON DAO leaders help with meetups, resources, and hackathons so clubs and teams can continue to attract interested innovators. 

  3. Co-development of crypto projects will also be a priority, as the TRON DAO team offers coaching on strategy and development, connections for pre-seed and seed funding, and collaboration on research papers and projects. 

  4. The TRON Academy endowment fund will assist with the funding of research and development as well as scholarships at partnering universities. 

If you’re interested in learning more about TRON Academy, visit trondao.org. If you desire to apply for a TRON Academy partnership to establish a new blockchain club on your university campus or with your existing blockchain club, submit your application via this TRON Academy form.

About TRON DAO

TRON DAO is a community-governed DAO dedicated to accelerating the decentralization of the internet via blockchain technology and dApps.

Founded in September 2017 by H.E. Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized Web3 services boasting over 100 million monthly active users. The TRON network has gained incredible traction in recent years. As of December 2022, it has over 126 million total user accounts on the blockchain, more than 4.3 billion total transactions, and over $9.5 billion in total value locked (TVL), as reported on TRONSCAN. In addition, TRON hosts the largest circulating supply of USD Tether (USDT) stablecoin across the globe, overtaking USDT on Ethereum since April 2021. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. In May 2022, the over-collateralized decentralized stablecoin USDD was launched on the TRON blockchain, backed by the first-ever crypto reserve for the blockchain industry – TRON DAO Reserve, marking TRON’s official entry into decentralized stablecoins. Most recently in October 2022, TRON was designated as the national blockchain for the Commonwealth of Dominica, which is the first time a major public blockchain partnering with a sovereign nation to develop its national blockchain infrastructure. On top of the government’s endorsement to issue Dominica Coin (“DMC”), a blockchain-based fan token to help promote Dominica’s global fanfare, seven existing TRON-based tokens – TRX, BTT, NFT, JST, USDD, USDT, TUSD, have been granted statutory status as authorized digital currency and medium of exchange in the country.

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Media Contact
Hayward Wong
press@tron.network
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Despite Closed Door, Justin Sun Says He’s Ready to Inject Billions into FTX – Report

by Blockchain News

The distress of FTX Derivatives Exchange and Sam Bankman-Fried’s call for help might be coming off with an impressive turnout as Justin Sun, the founder of the Tron blockchain has revealed his intentions to bail out the firm.

SUN2.jpg

Speaking in an interview with BloombergTV’s Tom Mackenzie, Sun said he is ready to inject billions into FTX. While he pointed out that now is the time for the industry to come together and show solidarity, he said the purported aid will have to come following the conduction of full diligence.

Of all the major leaders in the crypto space, Sun comes off as the major person that has identified with the plight of Bankman-Fried. He unveiled plans to resume withdrawals for TRX, SUN, HT, and other tokens in the Tron Ecosystem. 

This is a relatively rare aid at a time when industry veterans are vocally bailing out on the embattled exchange. Binance, the bigger rival was looking at acquiring the trading platform and aiding it to survive its current liquidity crunch pulled away from the deal after a brief Due Diligence was conducted and indications that FTX might be under investigation by US regulators.

Since Binance pulled away, there has been no apparent aid from the exchange to date, a move that has characterized the broader industry. FTX reportedly asked for help from obviously liquid entities like Tether Holdings Ltd, the blockchain firm that is in charge of issuing the USDT stablecoin. 

As revealed in a tweet from Tether’s CTO, Paolo Ardoino, the stablecoin firm denied the aid for $1 billion from the Bankman-Fried-led exchange.

“Tether does not have any plans to invest or lend money to FTX/Alameda. Full stop,” Ardoino said in the tweet.

It remains unclear why the hash stance was taken by the Tether CTO but it might be as a result of the allegations that Bankman-Fried is always lobbying against industry players and the legal hurdles Tether has faced amongst the regulators now reportedly investigating FTX.

Image source: Shutterstock

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Binance Has Enabled Iranians Transact $8 Billion Despite Sanctions

by Blockchain News

Since 2018, crypto exchange Binance has carried out Iranian transactions worth $8 billion despite being slapped with U.S. sanctions, according to Reuters. 

Reportedly, approximately $7.8 billion has flowed between Nobitex, Iran’s largest crypto exchange, and Binance based on data availed by blockchain analytic firm Chainalysis. 

 

Per the report:

“Three-quarters of the Iranian funds that passed through Binance were in a relatively low-profile cryptocurrency called Tron that gives users an option to conceal their identities.”

The U.S. sanctions are meant to cut off Iran from the global financial system. Nevertheless, Nobitex has devised ways to circumvent them because it encourages its users to utilize Tron, a mid-tier token, for anonymous trading. 

 

Industry data indicated that Binance was the largest crypto exchange for Tron trading. Per the report:

“The total volume of Iranian transactions flowing through Binance is far greater than through any other exchange. After Binance, the next most popular exchange for Nobitex users since 2018 was Seychelles-based KuCoin, which processed $820 million in direct and indirect transactions.”

Apart from Tron, the other cryptocurrencies used in Iranian transactions included Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Tether (USDT), and Litecoin (LTC).

 

The report also disclosed that crypto worth $5 billion was transacted between Binance and Iranian exchanges using intermediary layers. 

 

Binance has reiterated in the past that it does not aid illicit funds based on its transaction monitoring tools. Patrick Hillmann, Binance spokesperson, stated:

“Binance uses transaction monitoring and risk assessments to ensure that any illegal funds are tracked, frozen, recovered and/or returned to their rightful owner.”

Meanwhile, Ziya Sadr, an Iranian Bitcoin advocate, was recently arrested by the nation’s security forces, Blockchain.News reported.

 

Sadr’s arrest came amid widespread anti-government protests following the killing of a 22-year-old Iranian woman Mahsa Amini who died in police custody. Iranian authorities arrested at least 35 journalists in connection with the widespread demonstrations.

Image source: Shutterstock

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TRON’s Founder Justin Sun Could be Real Acquirer of Huobi Global: Sources

by Blockchain News

Justin Sun, founder of Tron, could be the real buyer behind the deal for the acquisition of Huobi Global, according to sources with the matter.

justin sun.jpeg

The information was first disclosed by a Chinese online media outlet of @wublockchain12 on Monday, Oct 10, citing multiple sources with the matter and claiming that Sun is the real investor by offering $1 billion behind the deal.

Yet, no parties confirmed or denied the acquisition at the time of writing.

Justin Sun tweeted on Monday, confirming that he has joined and been appointed as one of the advisors of Huobi Global.”:

“I am very honoured to be appointed as a member of the Global Advisory Board of @HuobiGlobal and work with industry, academic, and policy leaders to help guide and grow this innovative, vibrant, and resilient organization in its latest chapter of global expansion.”

Meanwhile, Sun also added the link Huobi on his cover page Twitter in English-version account.

Among advisors, Ted Chen, CEO of About Capital; Du Jun, co-founder of Huobi Global; Wang Yang, Vice President of the Hong Kong University of Science and Technology, and Leah Wald, CEO of Valkyrie Investments, also joined the advisory board, per the announcement of Huobi Global.

The rumour came after Huobi Global’s transaction announced last Friday that the crypto exchange “has completed the transaction to sell its entire shareholding in Huobi Global to the buyout vehicle managed by a Hong Kong-based About Capital Management (HK) Co., Limited (“About Capital”).” Per the statement, the buyout vehicle of About Capital will control the majority stake in Huobi Global upon completion of the transaction.

With the latest development, About Capital’s move was described as merely “a bridge” for Justin Sun’s acquisition.

Huobi was trading up to $4.4739 at 2:20 pm HKT, up over 5% during the intraday, according to CoinMarkCap.

Image source: Twitter, Shutterstock

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Tron’s Justin Sun Hopes USDD to Become First Stablecoin in “EthereumPOW ecosystem”

by Blockchain News

H.E. Justin Sun, Founder of TRON and investor of Poloniex, a global cryptocurrency exchange, hopes that USDD the stablecoin, would become the first one in the “EthereumPOW ecosystem” after the completion of the Merge. However, Sun reiterated that he supports the fork with the strongest community consensus and the largest hash rate instead of supporting one specific fork.

ETH's the Merge_1200.jpg

As the Ethereum Merge draws near, Poloniex becomes the first crypto exchange to list two potential forked Ethereum (ETH) tokens: ETHW (ETH1) and ETHS(ETH2), on August 7, 2022 with the support of TRON’s underlying blockchain technology in addition to the exchange’s zero-fee trading policy. However, Poloniex remained neutral during the Merge and it will continue to support the community regardless of the results.

The latest announcement of Poloniex is endorsed by H.E. Justin Sun, and he showed his full support for the exchange’s latest advancement on his Twitter account prior to the listing: “Vitalik and EF’s contribution to Ethereum is huge. After the Merge phase is over, Vitalik and EF still lead the development of Ethereum and @Poloniex will continue to support Ethereum projects.

Personally, I have great respect for their work,” Poloniex’s latest announcement drew so much attention in the crypto world that many exchanges, including Gate.io and MEXC, also followed its footstep to launch forked assets.

According to Poloniex, the two forked tokens, ETHW (ETH1) and ETHS (ETH2), which represent Proof-of-Work (PoW) and Proof-of-Stake (PoS) respectively, can be paired up with ETH, USDT, or USDD for trading and they can be swapped with ETH at a one-to-one ratio and vice versa on the platform. In addition, the two newly-listed tokens are powered by TRON, which guarantees more transparent and trustworthy liquidity and circulation, and can also be transferred to other exchanges.

Right now, Ethereum’s consensus layer is PoW which is similar to that of Bitcoin, the largest cryptocurrency by market capitalization, during which miners compete to secure the network by solving complex computational puzzles. However, PoW is known for its high energy costs, and PoS may be able to reduce in the future with the replacement of validators significantly.

Witnessing the ups and downs of the crypto industry for eight years, Sun understood the correlation between active developers and the community and the importance of adoption and sustainability to keep the crypto ecosystem growing. Therefore, Sun is willing to donate some ETHW to the Ethereum community and organize events, including Hackathon and developer competitions alike for a good cause to show solidarity.

Originally dubbed “Ethereum 2.0”, The Merge has been long-awaited since ETH first launched in 2015, but complexities have postponed the upgrade for several years, and the upgrade is expected to have a significant immediate impact on the network’s energy use.

Media contact

Sana Fong

sana.fong@poloniex.com

Image source: Poloniex

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Tron Founder Justin Sun Wants to Spend $5B to Save Distressed Crypto Firms

by Blockchain News

Tron blockchain founder Justin Sun is as empathetic about the current crypto firms that are distressed as he is willing to bail many out.

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While there has been no news of Tron bailing out any crypto firm thus far, Sun said he is willing to commit as much as $5 billion to save distressed crypto outfits.

Sun confirmed the $5 billion funds it is willing to spend on to The Block after he tweeted that he is “friends with everyone and are always ready to serve,” a response to a Twitter user who said firms are forgetting Sun as a deep pocket crypto founder at par with the likes of Changpeng Zhao of Binance and Sam Bankman-Fried of FTX Exchange.

 

According to Sun, quite a number of troubled crypto startups have approached his establishment for help, adding that Tron has tapped the services of an Investment Bank to help in advising the startups to fund. He refused to name the bank it is working with due to the Non-Disclosure Agreement between both parties but said its core interests lie in projects that have a large user base.

“Our interest is platforms with a large user base,” Sun said. “Both CeFi [centralized finance] and DeFi [decentralized finance] platforms.”

Sun also noted that the companies he would be willing to bail out must have what it takes to withstand the rigors of the due diligence process that must be conducted. Sun believes the ongoing onslaught in the digital currency ecosystem is almost over with the targeted build-up of what is now necessary.

“I think currently the de-leverage process is passed the worst time. So we just need to clean it up and move forward. I don’t think [the] market will be super bullish, of course,” he said.

While Binance’s Changpeng Zhao believes not all projects are worth saving, the likes of BlockFi and Voyager Digital have recently received credit facilities from FTX Derivatives Exchange.

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Tron DAO Reserve Buys $50M BTC, TRX

by Blockchain News

Tron DAO Reserve announced through Twitter that it bought $50 million worth of Bitcoin and Tron (TRX) to “safeguard the overall blockchain industry and crypto market.”

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Tron DAO Reserve manages algorithmic stablecoin USDD, which went live on the blockchain on May 5. Earlier in June, Tron announced that it would significantly increase the amount of capital backing USDD after witnessing the collapse of Terra’s algorithmic stablecoin in May, according to The Block.

The Block reported that Tron DAO Reserve has created a reserve comprising cryptocurrencies and other stablecoins amassing to overcollateralise USDD.

The reserve has been guaranteed to be maintained at a minimum of 130% of the total amount of USDD in issuance.

Tron has already begun publishing real-time updates on the collateral ratio on the Tron DAO Reserve website since June 5. The ratio on June 12 was almost 193%.

Since its launch, the USDD decentralised stablecoin was pegged to the US dollar at a ratio of 1:1 through the Tron DAO Reserve in cooperation with top blockchain institutions.

The USDD protocol runs on the TRON network with an initial total supply of 100 million. It has been launched on decentralised exchanges such as Sunswap, Sun.io, Curve, Uniswap, Ellipsis, Pancakeswap, and Kyberswap.

In addition, USDD connects the two blockchains of Ethereum and BNBChain through the BTTC cross-chain protocol and will be integrated into more blockchains in the future. At present, the circulating supply of USDD in these two blockchains is close to 20 million.

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