Tag: Trxusd

Justin Sun Steps into Politics: Becomes WTO Ambassador for Grenada

by CryptoPotato

Justin Sun is undoubtedly one of the most popular figures in the field of cryptocurrencies. He is best known for founding one of the leading projects – TRON. Now, however, it appears that the young entrepreneur is also getting political.

  • According to a press release shared with CryptoPotato, the Ministry of Foreign Affairs of Grenada has appointed Justin Sun as its new Ambassador for the World Trade Organization (WTO).

  • Sun’s operations will take place from Geneva.

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Prime Minister Dr. Keith Mitchell with H.E. Mr. Justin Sun

  • Grenada is known for being an important member of the Caribbean Community (CARICOM), as well as the Organization of Eastern Caribbean States (OECS) and the CARICOM Single Market Economy (CSME).

  • Speaking on the matter, Sun said:

It is truly an honor to serve as the WTO ambassador for Grenada. I look forward to the opportunity to represent Grenada and work wtih WTO leadership to reinvigorate global trade in various ways, particularly the development of a robust digital economy internationally.

  • It’s also worth noting that Sun might also step down from handling the day-to-day operations at the Tron Foundation.

  • CoinDesk reported earlier today that the founder has said that the Tron Foundation will “dissolve by next year and the three super nodes associated with him will soon retire from Tron’s technical grid.”

  • With this in mind, the Tron Community will be the one electing the 27 super representatives.

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eToro to Delist ADA and TRX for US Customers Citing Regulatory Concerns

by CryptoPotato

Popular Israeli social trading and multi-asset brokerage platform eToro, has recently announced that it will be delisting Cardano (ADA) and Tron (TRX) for users in the United States.

eToro to Delist ADA and TRX on Dec 26

According to an official blog post published on Wednesday by the firm, the new development will take effect starting on Dec. 26. The company cited “business-related considerations in the evolving regulatory environment” as part of its reasoning.

eToro noted that it will gradually withdraw ADA and TRX functionalities from its US-based customers. By Dec. 26, users in the country will no longer be able to open new positions with the two tokens on the platform.

Staking for both crypto assets will be stopped by Dec. 31, and after Jan. 15, 2022, the final staking rewards will be paid to US users in USD.

Not Forcing Users To Sell

US users will still be able to hold any existing ADA and TRX positions securely. They can choose to close those positions whenever they wish and exchange for USD on the eToro platform, as the broker admitted that it will not be forcing anyone to sell their ADA or TRX holdings.

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Additionally, any ADA and TRX holdings in eToro’s Smart Portfolio feature will automatically be converted to open positions in a user’s portfolio, which the user can either decide to continue holding or sell off.

The trading platform pointed out that it will limit the selling of ADA and TRX holdings in the first quarter of 2022. It intends to make the eToro Money crypto wallet compatible with both assets to enable US users to transfer their holdings there.

However, the firm noted that it will not limit sales for at least 30 days after it offers users support for redeeming their ADA and TRX to the eToro Money crypto wallet.

Cardano’s Founder Responds

Shortly after eToro’s announcement, Cardano’s founder, Charles Hoskinson, commented on the matter, disclosing that his team was not informed about any regulatory issues.

“On our side, we had no indication of this from eToro and it’s rather unfortunate that nothing was sent our way. We at least could have better understood their reasons.”

He added that the latest development, however, does not in any way affect ADA’s liquidity and admitted that every exchange has its regulatory thresholds.

“It has no meaningful impact on the liquidity of ADA, billions of dollars turn around every day… it was a relatively small trading market but that is just the nature of the game, liquidity comes and goes… and of course everybody has different regulatory thresholds.”

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VanEck’s Tron (TRX) ETN to Go Live on Euronext Exchange, Said Justin Sun

by CryptoPotato

VanEck continues with its cryptocurrency-related exchange-traded notes in Europe by launching such products tracking the performance of Solana, Tron, and Polkadot on the Xetra Deutsche Borse. Tron’s ETN has gone a step further as it will also go live on Euronext in Paris and Amsterdam, updated the project’s founder.

  • VanEck, the global investment manager, outlined earlier this week that it had three new ETNs launched on Germany’s Xetra exchange – for Solana, Tron, and Polkadot.

  • The company’s portfolio of exchange-traded notes tracking the performance of various digital assets continues to increase.

  • Justin Sun, the CEO of Tron, later updated that VanEck TRX ETN, which has the ticker VTRX, will also be listed on the Euronext stock exchange in Paris and Amsterdam.

  • Sun concluded that “TRX ETN continues to be favored and supported by the global mainstream market.”

  • He believes this is a “crucial” step for the company’s compliance and globalization strategy, and it could also enable investors to purchase the native token “without borders and low thresholds.” VTRX should start trading on September 24th at 9:00 CEST.

  • While VanEck has had success with its ETN listings in Europe, its attempts for an exchange-traded fund in the US have seen little-to-no progress.

  • The company has filed several applications with the SEC to launch a BTC ETF (and other cryptocurrency-focused ETFs). It had to withdraw a few of its earlier filings, while the Securities and Exchange Commission delayed the decision on the latest one earlier this year.

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Justin Sun Explains Spending $500k on EtherRock NFT: It’s Just Like Picasso in 1932

by CryptoPotato

Last month, Justin Sun, the founder of the popular blockchain TRON, purchased one Ether Rock for $500,000 and he believes that the art is like Picasso in 1932.

Ether Rocks is one of the oldest non-fungible token collectibles that started gaining traction earlier this year. The NFT collection was launched in December 2017 and consists of 100 digital rocks that were tokenized on the Ethereum blockchain.

Shortly after they were created, ETHRocks sold for 0.0999 ETH which was worth about $300 at the time. However, four years later, these digital arts are priced between $134,240 and $3 million.

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Sold for half a million USD to Justin Sun. Ether Rock

Sun: It’s Just Like Picasso

Speaking in an interview with Bloomberg Quicktake yesterday, Sun explained why he comfortably spent half a million dollars to purchase a “picture of a rock.” According to him, the money spent now “doesn’t matter at all ” as the digital art will become valuable over time, like Picasso paintings.

“It’s just like Picasso in 1932 – it represents the beginning year of lots of our works. I think all the art collections in the year 2017 represent the beginning of the NFT even though most of the arts might not be understandable by people outside of the cryptocurrency industry, but I believe those NFTs are going to become more precious in the future as long as the industry continues to grow,” he said.

No Whale Advantage

Explaining further, Justin Sun noted that most NFTs are created with fair launch, which makes it hard for founders and whales to get an advantage over small traders before the collectibles are launched like the ETHRocks that started selling for as low as $100 when they were first minted.

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The young crypto tycoon believes that there are lots of good investment opportunities in the crypto industry, even for average traders and that’s why it is important to always be on the frontline.

Meanwhile, EtherRock is not only digital art in Sun’s NFT gallery. The Tron founder recently released the world’s first Picasso NFT after purchasing Picasso’s “Femme nue couchée au collier” for $20 million and Andy Warhol’s “Three self-portraits” in April.

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TRON Partners with E-commerce Platform Shopping.io to Allow Purchases With TRX

by CryptoPotato

Leading cryptocurrency e-commerce platform Shopping.io has continued to onboard several big names in the financial services industry as it makes another landmark move today. This time, it has collaborated with Justin Sun’s blockchain project – TRON.

Shopping.io Integrates TRON

Shopping.io revealed Wednesday that it had completed a partnership deal with TRON, a  popular blockchain project dedicated to building a truly decentralized Internet, to establish its position as a one-stop e-commerce shop for crypto holders.

TRON utilizes peer-to-peer decentralized technology to eliminate middlemen in the supply chain, allowing product developers and content creators to sell directly to consumers. Led by Justin Sun, the blockchain platform has its native token as TRX and is currently among the top 30 coins on CoinMarketCap, with a market cap of around $6 billion.

TRX Holders Can Now Shop With Their Tokens

The press release shared with CryptoPotato explained that a part of the partnership will enable TRX holders to make purchases with their tokens on Shopping.io and several other top e-commerce platforms including Amazon, eBay, Walmart, and Etsy.

Additionally, TRX token holders will receive a 2% discount on all items on their cart when they use the coin to make purchases for two weeks starting from August 25th. 

Commenting on the matter, TRON’s founder, Justin Sun said, “We are thrilled to be partnering with Shopping.io to allow our community to use $TRX on major E-commerce websites like Amazon,eBay, and Etsy. Shopping.io provides users with real-world applications for their portfolio.”

Partnering with Crypto Projects

The e-commerce platform further noted that it is on a mission to partner with all of the top cryptocurrency-related protocols along with other new and exciting projects to make the vision of a mainstream digital asset future more realistic.

Arbel Arif, the CEO and founder of Shopping.io added, “We are so excited to give TRON holders the ability to shop with us! Getting to work with TRON was a huge goal this year as we push to collaborate with every big name in crypto.”

Shopping.io seeks to serve as a bridge between the crypto and e-commerce industries. It also claims to be the only international crypto onboarding platform that allows users to spend their virtual assets on popular e-commerce websites.

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TRON Launches $300 Million Fund for GamiFi Projects

by CryptoPotato

With the increasing interest in blockchain gaming, the popular blockchain platform, TRON, has recently announced the launch of a new $300 million fund dedicated to supporting GameFi projects.

TRON Launches $300M Fund to Support Game Developers

In a press release shared with CryptoPotato, TRON noted that the fund dubbed TRON Arcade was launched in collaboration with the leading NFT project, APENFT, and the DeFi project, WINKLink.

TRON Arcade is geared toward supporting developers to create games using the play-to-earn mechanism, thus building a robust DeFi content and entertainment community in the TRON,  APENFT, and WINKLink ecosystems.

TRON noted that the profound desire of the younger generation to escape reality into the online world via gaming had led to the birth of GameFi, a unique merger between DeFi, NFTs, and gaming.

GameFi allows players to earn rewards while playing their favorite games. Leveraging on users’ interest in various video and mobile games, decentralized platforms allow developers to launch various engaging games that keep players glued to their screens.

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By rewarding gamers with digital assets that can either be used in the real world or used to purchase in-game assets, decentralized platforms drive a massive number of users to themselves.

TRON intends to use this new fund to up its efforts in accomplishing its long-term goal of promoting the mass adoption of blockchain technology and increasing its community of users. According to the release, TRON Arcade will support various GameFi projects within the next three years.

Speaking on the new initiative, TRON’s founder Justin Sun said:

“GameFi is going to be the next big thing that makes the DeFi, NFT, and larger crypto space easy to understand and be involved in. TRON is excited to be partnering with APENFT and WINKLink to build a robust GameFi ecosystem that is accessible to all.”

The blockchain-based gaming market has exploded in recent months and TRON intends to bring this rapidly growing market to mainstream users.

Sun Launches JUST NFT Fund

Meanwhile, in March, the TRON founder doubled down on his NFT-related endeavors by launching a fund dubbed “JUST NFT Fund.”

As reported at the time, the initiative was to bridge the gap between blockchain and top artists who want to create their own non-fungible tokens.

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Justin Sun’s JUST NFT Fund Has Released the First-Ever Picasso NFT

by CryptoPotato

NFT fans will be able to enjoy digital visualizations of Picasso’s work as non-fungible tokens courtesy of Justin Sun’s JUST NFT Fund. This initiative is Sun’s latest attempt to bridge the gap between traditional art and its digital counterparty.

JUST NFT to Introduce Picasso’s Work

To take advantage of the growing demand for non-fungible tokens, Justin Sun, TRON’s founder and BitTorrent’s CEO, introduced a new development last month called JUST NFT Fund. Shortly after, Sun acquired a Picasso painting for $20 million to tokenize it on the Fund.

Earlier today, the team behind the project announced the official launch of the NFT for “The First Collections,” which includes Picasso’s work, in a press release shared with CryptoPotato.

The statement explained that the ownership of the collections is mapped to the TRON chain through the blockchain’s TRC-721 standard. As such, it will be “permanently stored on the TRON public chain and BTFS, which marks the ‘first show’ in history of Picasso’s works on the blockchain.”

This marks JUST NFT Fund’s latest initiative to increase the number of actively engaged users with NFTs.

“I firmly believe that in the next ten years, 50% of the world’s top 100 artists and artworks will be NFTized. The JUST NFT Fund will embrace and strengthen this trend.” – commented Justin Sun.

The growth of the sector is exemplified by the total number of sales worth nearly $600 million, the announcement explained. Additionally, roughly 200,000 pieces of encrypted art have changed hands as of today.

Closing the Gap

The PR outlined the Fund’s intentions to reduce the gap between traditional physical art and the growing in popularity sector of NFT, described as a “major innovation of blockchain technology in the field of art.”

Through NFT, the digital format of any physical artwork can be uploaded to the BTFS system, which generates a corresponding NFT artwork’s BTFS address. The information is then written into the smart contract in accordance with the TRC-721 standard, and “the uniqueness of the work is confirmed by the contract address.”

Starting with “such important works of art” like Picasso’s is “more likely to break through the technology circle and attract full attention in the fields of art, collection, investment, and finance, and then to business in these industries.”

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DAO Maker Brings Its Token Launch Framework to TRON

by CryptoPotato

DAO Maker, whose token sale launchpad has incubated a wave of heavily oversubscribed IDOs, is bringing its model to the TRON network.

A partnership between TRON and DAO Maker will bring the latter’s formula to the blockchain network founded by Justin Sun and now centered around DeFi.

Token launchpads have been one of the biggest growth verticals in DeFi this year, with a host of platforms springing up across various networks, including BSC and Ethereum. TRON has been underserved, however, which is why the arrival of DAO Maker on TRON is noteworthy.

Strong Holders in the Spotlight

One of DAO Maker’s most popular products has been its Strong Holder Offering, which gives ardent supporters the opportunity to acquire tokens for projects they passionately believe in. The goal is to incentivize investors to support projects as they build out their protocol and to reap the rewards from ensuring their long-term adoption and success.

DAO Maker’s TRON incubator intends to become a prominent member of the community. An initial TRON project has already been lined up for DAO Maker, although its name and nature have yet to be disclosed. So far, TRON founder Justin Sun has only spoken in vague terms of the benefits the partnership will bring, stating:

“We are excited to be partnering with an industry leader like DAO Maker to bring cross-chain community incubation and fundraising to TRON. This partnership is part of TRON’s commitment to its community to expand the functionalities of the blockchain through world-class strategic partnerships.”

DAO Maker in the Details

DAO Maker has quietly evolved into one of the leading launchpads within the DeFi landscape, attracting some highly anticipated new projects. Many of these that raise capital via the DAO Pad platform are seeking under $500K, though there are some exceptions: $1M will be raised in CERE Network’s token sale, for instance.

In addition to hosting token sales, DAO Maker offers staking vaults for the DAO token. Stakers can qualify for SHOs and earn additional token rewards.

TRON has been gradually fortifying its DeFi credentials through integrating and partnering with projects that can add core functionality. It has also been growing its NFT capabilities, while the JUST NFT Fund led by Justin Sun has been acquiring digital collectibles by some of the world’s leading artists.

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TRON-Based USDT Hits $24 Billion, More Than the Tether on Ethereum

by CryptoPotato

Roughly two years after adding Tether (USDT) to its blockchain, TRON has reached a significant milestone by outplacing Ethereum as the network with the highest amount of USDT on it. As of now, over half of all the Tether in circulation is on Justin Sun’s brainchild.

TRC-20 USDT Surpasses ERC-20 USDT

CryptoPotato reported back in 2019 the partnership between TRON and Tether – the company behind the largest stablecoin provider.

Launching on TRON came as a diversification for Tether, which was primarily using the Ethereum blockchain at the time (ERC20-based coins).

Two years later, though, the amount of USDT in circulation on ETH is no longer the dominant one. Tether’s transparency webpage reveals that the total authorized USDT on Ethereum is around $23.4 billion.

Simultaneously, the authorized amount of the most widely-used stablecoin on TRON has grown to about $24 billion.

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In other words, the TRON blockchain carries the most significant amount of USDT. With less than $47 billion in USDT (as famously one USDT is supposed to be backed by $1), it means that TRC20-based USDT is responsible for more than half of the entire circulation.

Somewhat expectedly, TRON’s founder Justin Sun was quick to highlight the “historic moment” on its Twitter profile.


In time, Tether also expanded its stablecoin to other networks. As of now, OMNI is the third-largest with over $1.3 trillion, followed by Solana ($190M), EOS ($70M), Liquid ($16.5M), Algorand ($14M), and SLP ($6M).

USDT Transactions on TRON Way Ahead

Months before the described above flippening, the number of TRC20-based USDT transactions surpassed those based on Ethereum.

Data from the popular monitoring resource CoinMetrics shows the progress of the daily transactions ever since TRC20 USDT launched in 2019.

TRC20 USDT Transactions Vs. ERC20 USDT Transactions. Source: CoinMetrics
TRC20 USDT Transactions Vs. ERC20 USDT Transactions. Source: CoinMetrics

As the graph above demonstrates, ERC20 USDT dominated for the majority of the next year and a half. However, the situation changed in early 2021. Perhaps fleeing from the high ETH fees, users started employing the TRON blockchain for more and more USDT transactions.

Consequently, the number of TRC20 USDT transactions has far outgrown those on the Ethereum network by now, which are somewhat declining in the past several months.

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