TronWeekly

Crypto World News

You are here: Home / Archives for Tron foundation

Tron foundation

Tron Foundation and Valkyrie to set up a joint trust

by

Justin Sun led Tron Foundation partnered with Valkyrie investments to launch the Valkyrie Tron trust on September 17, 2021. According to the press release, the latest joint trust is the first of its kind offering by the Tron ecosystem in terms of global institutional-grade funds in recent times. The report stated that it will begin with $55 million in assets under management [AUM] with a plan to register for listing in the US in 2022.

Tron Foundation’s Justin Sun asserted that the ecosystem has emerged as one of the most inclusive blockchains due to the two most important factors- energy-efficient and cost-effective. He added,

“Tron was incepted with a mission to decentralize the Web. TRX is the layer-1 token of the network that powers the entire Tron ecosystem. This is the initial step in its upcoming strategic initiatives to be announced shortly.”

Since its inception, the TRX network has raked in total assets worth $50 million and more than 54 million users globally. Additionally, it houses, Tether, the largest stablecoin by market cap of more than 50% share.

Valkyrie, a US-based digital asset investment firm, had earlier launched crypto trusts that include Bitcoin [BTC], Algorand [ALGO], Polkadot [DOT] besides TRX. The firm is one of a few prominent asset management firms to file for a Bitcoin ETF this year. TRX’s latest joint venture is expected to help it expand into the US market.

On the other hand, TRX has declined significantly over the last 24 hours. TRX was down by 6% and was trading at $0.108 at press time, in response to market-wide sideways price movement.

Tron Foundation’s latest development

The recent development of the foundation partnering with Valkyrie comes days after Gate.io joining the TRX ecosystem. Under this deal that involved integration with the TRC721 standard and BTFS, Gate.io’s decentralized applications [DApps] would become fully compatible with the TRX blockchain.

Additionally. the crypto exchange will partner with APENFT Foundation to release the first on-chain display of the non-fungible token [NFT] work “UNTITLED [KIMPSONS]” by KAWS on September 15.

Tron Foundation partners with Korea’s first multi-chain decentralized NFT wallet

by

NFT space has been soaring higher than ever. Running parallel to this trend, the Tron Foundation has announced completing integration with Korea’s first multi-chain decentralized NFT wallet, Talken. While Tron is yet to release an official statement on the latest partnership, it took Twitter to reveal that as Talken completes the deployment of Tron, the two parties will explore ways to offer the TRX ecosystem users “a special joint NFT with commemorative significance and circulation value.”

The duo will also offer the token holders with additional perks to encourage Talken’s ecosystem development. The Justin Sun-led foundation’s tweet regarding the same read,

“We are pleased to announce that we have reached a strategic partnership with the NFT infrastructure Talken. We will strive to build an NFT world with a wide range of content without borders, jointly provide digital creators and collectors with better tools and services!”

Tron’s strengthening its foothold in the NFT space

The latest development comes after the foundation formed a strategic partnership with the NFT social platform called DeFine in August. As reported by TWJ earlier, the main objective behind the integration was to explore the TRX ecosystem and let all creators including artists, musicians, influencers, gamers, and athletes to engage and interact with their respective fanbase with digital assets such as non-fungible tokens and social/fan tokens.

A few weeks later, the social NFT platform revealed receiving a strategic investment from the Tron Foundation. DeFine had also announced that the capital raised by the platform will be deployed to scale products, NFT multi-chain ecosystem expansion, and the exploration of NFT-Fi and Metaverse.

Tron Foundation has been very vocal about venturing into the NFT marketplace and its ambitious roadmap to expand its footprint across the space. The TRX ecosystem aims to streamline comprehensive and efficient infrastructure to convert artworks as NFTs on the blockchain. In line with this, the blockchain network had previously launched its first-ever non-fungible token standard TRC-721.

NFT social platform announces strategic investment from Tron Foundation

by

DeFine, a social NFT platform announced receiving a strategic investment from the Tron Foundation. The fund secured by the platform will be used primarily to develop products, NFT multi-chain ecosystem expansion, and the exploration of NFT-Fi and Metaverse. According to the official announcement, DeFine is one of the first non-fungible token platforms to raise investment from the Justin Sun-led foundation.

The platform tweeted,

“We are excited to announce that DeFine became one of the first NFT platforms that has received a strategic investment from Tron Foundation. We will work together to develop the First NFT marketplace in the TRON ecosystem”

As per the latest deal, the Tron Foundation is essentially participating in this investment as a strategic partner, wherein the two entities join forces to develop the first-ever non-fungible token marketplace in the Tron ecosystem and release auctions in the near future.

The latest news comes just a few weeks after, DeFine and Tron formed a strategic partnership. The main objective behind the integration of DeFine on the Tron network was to provide access to users and creators across the world to utilize the platform that is cost and time-efficient. Besides, DeFine also plans to explore bringing its unique non-fungible token-based social profile system to the Tron ecosystem.

Tron’s tryst with NFT ecosystem

The craze behind the non-fungible tokens appears to be in full swing and the Tron founder Justin Sun is no less than an avid fan of the thriving industry. The Chinese wunderkind had recently launched the JUST NFT fund in a bid to mint the world’s top artists on the blockchain.

While commenting on the launch of his very own non-fungible token platform, Sun had earlier said that he believes that the value of the art market is set by the leading artists and works, and only the artists at the very top of the pyramid can hold and grow their value over time.

Additionally, in March this year, the Tron Foundation had launched TRC-721, the first NFT-based standard. Shortly after this, the organization revealed that it was working on revamping BTFS, the biggest system of distributed storage in the world, to generate a robust infrastructure for delivering artworks as NFT collections on the blockchain network.

Tron and DAO Maker Announce Strategic Partnership

by

Tron blockchain has announced entering into a strategic partnership with the prominent DeFi-based project DAO Maker. The latest collaboration aims at making all DAO Maker services available on the TRX network. In addition to that, this would also enable Tron projects to interact with the DAO Maker’s multi-investment platform, called DAO Pad.

Tron’s Yet Another Incubator Project

With the latest news,TRON, led by founder CEO Justin Sun, has added another incubator project to its growing ecosystem. DAO Maker will now be able to tap into Tron’s growing community and ecosystem. It is important to note that DAO Maker seeks to expand its footprint beyond the Ethereum [ETH] blockchain and leverage Tron’s low transaction fees and high scaling potential.

Hence, the partnership will facilitate the DAO Maker ecosystem to utilize TRX network’s 100,000+ active daily users to its growing ecosystem.

On the other hand, DAO Maker will enable the development of teams on the TRX blockchain to raise funds through its Strong Holder Offering [SHO].

SHO has been DAO Maker’s one of the most popular products. and is essentially is a fundraising service for public rounds that uses chain analysis, proprietary user activity data sets, as well as evaluation criteria to identify which allocation applicants are well suited for an initiative or a project. These entities also direct the allotment of a project’s most unlocked tokens.

According to the blog, DAO Maker’s community members will also be able to engage in SHO projects that will roll out on the Tron network.

Following the development, Justin Sun, founder of Tron and CEO of BitTorrent was quoted saying,

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

Over the last several months, Both entities have been making strides in the field of decentralized finance. DAO has made a mark by positioning itself as a prominent launchpad within the DeFi space. Tron, on the other hand, has witnessed the integration and collaboration of several new projects after opening its doors for the decentralized finance community last year.

Justin Sun Wins Bid For TIME’s NFT at 117 ETH

by

NFT has taken the world by storm. In yet another development, Tron Founder, Justin Sun announced that he is the winner of TIME Magazine’s iconic “The Computer in Society” cover as a non-fungible token. According to the website, Sun made an offer of 117 ETH around $210 on the Ethereum-powered NFT marketplace called ‘SuperRare’ by artist Boris Artzybasheff, which was accepted by TIME.

Sun is all set to deploy the token in his recently unveiled JUST non-fungible token Fund and issue the cover as a TRC-721 token on the Tron blockchain. His tweet regarding the same read,

“I’m thrilled to announce I’ve won the bid on TIME’s The Computer in Society – April 2nd, 1965 NFT!! This is the first time the computer was mentioned on the cover of TIME! I’ll put the NFT in JUST NFT Fund & issue this on TRC-721 on TRON network.”

For the uninitiated, “The Computer in Society” was the first-ever TIME cover that was dedicated to the computerization of the workplace. It was first published nearly fifty-six years back on the 2nd of April, 1965.

Justin Sun’s Tryst With NFTs

Non-fungible tokens, which are essentially representations of a physical or digital object on the Ethereum [ETH] blockchain, have become one of the hottest trends in the blockchain and crypto markets. This is not the first time Justin Sun has shown his continued interest in non-fungible tokens.

Recently, Sun had launched a fund for top-notch non-fungible token art that will only accept art pieces with a price tag of a minimum of $1 million.

A couple of weeks back, the Tron Founder almost won a record-breaking bidding war for a digital artwork by Beeple in Christie’s Auction. before narrowly missing out. Sun’s $60 million bid was trumped at the last minute when another came in to bet at $60.3 million. Following this stint, Tron Foundation exec won another $6 million Beeple in ‘Green’ NFT Auction.

Tron [TRX] Eyes $0.07 Level After Almost 3 Yrs

by

Tron, [TRX], saw a major breakthrough last weekend amidst market-wide pullback. It rose to the 21st-position on the leaderboard after weeks of struggle to lift its price up. It rose by more than 30% over the past week which facilitated in steering clear of several crucial resistance levels by the crypto-asset.

The latest surge was accompanied by Hollywood Actress Lindsay Lohan’s endorsement, as well Tron Foundation publishing its own NFT standard details over the week.

Over the last 24-hours, Tron [TRX] was up by 7.31% which catapulted its price to $0.064. At the time of writing, the cryptocurrency held a market cap of $4.63 billion and a 24-hour trading volume of $2.404 billion.

Tron [TRX] Daily Price Chart:

TRX 1
Tron [TRX] Eyes $0.07 Level After Almost 3 Yrs 3

Tron’s price was currently in a highly volatile phase following the price movement. Despite forming a multi-year high, the crypto-asset was still below its ATH established during the bull run of early 2018.

The rising price candles were was supported by the 50 and 100 daily moving averages which were also sloping up Further validating the presence of bulls was the fact that the 100 DMA [Blue] continue to lay low and was well below the 50 DMA [Pink] as well as the TRX candlesticks.

Super Bullish Technicals

TRX2 1
Tron [TRX] Eyes $0.07 Level After Almost 3 Yrs 4

The Chaikin Money Flow was in a positive territory above zero depicting an inflow of capital into the coin market.

The OBV also indicated the steadily growing demand behind TRX since its drop in late Feb. It has been trending higher since which would aid in the token’s recovery towards previously established high and possibly closer to breaking to a new ATH this season.

The RSI also rose closer to the overbought zone indicating a rising sentiment of buying pressure in the TRX market as the price rose.

The above charts depicted that bulls have an edge in Tron’s price and a significant room for further highs. In which case, $0.072 and $0.080 were found to be immediate resistance levels. However, this positive assumption could be negated if TRX turns down and breaks below the moving averages. Such a move could drop the crypto-asset to target its nearest support levels of $0.05 and $0.045 respectively.

TVL In Tron’s DeFi Ecosystem Hits $8.5 Billion

by

Tron, the popular blockchain project founded by Justin Sun has made waves in the decentralized finance [DeFi] space shortly after its foray. In the latest development, its Defi realm has hit a new milestone in the form of total value locked [TVL].

According to the project’s founder and CEO’s tweet on the same, TVL in its DeFi ecosystem has climbed all the way to $8.5 Billion.

TRON
TVL In Tron's DeFi Ecosystem Hits $8.5 Billion 6

Tron’s Burgeoning DeFi Ecosystem

Riding on the unstoppable hype of Defi applications, the blockchain platform made its first foray into the industry with a host of products with ‘JUST’ as the prefix. Following are the Tron-based Defi products that contributed to the $8,5 billion TVL in such a short span of time:

JustStable, which happens to be the decentralized finance [DeFI] system of USDJ stablecoin, has amassed $968.9 million

  • The total value locked in Tron’s official lending platform JustLend was found to be $2.14 billion
  • The decentralized trading protocol JustSwap racked up $1.21 billion in TVL figures.
  • In addition, the TRC20 Token Backed 1:1 By Bitcoin, Ethereum, and Litecoin – Just BTC/ETH/LTC, was found to have a combined TVL of $2.16
  • Total TRX Frozen both in terms of energy and bandwidth stood at $2.102 billion.

The Sun-founded ecosystem has managed to add more than $1 billion in terms of TVL in just a period of 2 days. This can be evidenced by the Tron Foundation’s announcement which stated that the total value locked was found to be at $7.3 billion on the 18th of March.

The foundation has been increasing investment into further developing the DeFi realm and hence, the TVL figures on the network have risen substantially since the beginning of the year. But the latest numbers saw an increase of $3.5 billion which stands for a 70% increase since the roll-out of the blockchain Tron’s Century Mining which was launched by the blockchain foundation along with other platforms such as BitTorrent, JUST Foundation, SUN Foundation, and WINk.

Did Justin Sun Just Bid $2M On Jack Dorsey’s First Tweet NFT?

by

Yes, he did!

The concept of non-fungible tokens or NFTs might seem daunting, but they are the rage all over the cryptocurrency realm. The fandom is all agog at how rapidly NFTs are slowly going mainstream.

Owing to this, several well-known players were FOMOing as the craze showed no signs of slowing down. Today, we are talking about none other than Tron Foundation’s Justin Sun! He has updated his bet on Twitter CEO Jack Dorsey’s first-ever tweet, not once, not twice, not even thrice, but four times!

Dorsey’s NFT

For the uninitiated, Dorsey had listed the tweet for sale on the Ethereum based Valuables NFT marketplace on the 6th of March. While many hopped onto the train, the latest being the Silicon Valley billionaire who made a grand entry to the scene, it was actually Justin Sun whose highest bid stole the show.

The young crypto mogul first placed a bid of half a million dollars. Hours after which he updated it to $700k, then $1 million on the same day, then finally rising his bets all the way to a whopping $2 million for the piece.

The back-to-back tweets was enough to let the cryptocurrency community know that he really really wanted Dorsey’s NFT which reads “just setting up my twttr”.

Joining in the weekend buzz was Mike Novogratz, the CEO of Galaxy Investment Partners who went on to tweet that,

“Say what you want about Justin Sun, but the kid has gumption. And a lot of balls.”

The tech entrepreneur and Tron founder is now the highest bidder after this extravagant splurge of $2 million on the NFT. But this is not his first wild investment. Sun had previously placed a record-breaking $4.5 million bid to Warren Buffett’s Glide Foundation.

He had also donated $50k in Bitcoin to Anthony Pompliano’s Barstool Fund, and being the “big-mouthed” that he is, Sun wasted no time to tweet about it.

NFTs take the center stage

Digital art, collectibles, and virtual real estate have taken over the cryptocurrency industry by storm.

Celebrities, especially from the music industry, has been the early adopter of the space. Be it, Mike Shinoda, Snoop Dogg, Lil Yachty, Carl Cox, or Soulja Boy, the NFT market has emerged as a strong contender.

Tron Foundation Urges NY Federal Judge To Dismiss ICO Lawsuit

by

The Tron Foundation has requested a New York federal judge dismiss, what it called a “fatally flawed” class-action lawsuit that alleged securities violations through the China-based blockchain platform’s 2017 initial coin offering [ICO].

Tron’s ICO was conducted from the 24th of August to the 2nd of September, 2017. The foundation had reportedly secured $70 million from its native TRX token.

On April 3 when the lawsuit was filed, 10 other lawsuits were also filed in the New York Southern District Court against issuers and cryptocurrency exchanges. All of them alleged there was a distribution of unregistered securities.

Three years later, in April 2020 multiple lawsuits were filed against the issuers and cryptocurrency exchanges. In a particular lawsuit, the plaintiffs’ Alexander Clifford and Chase William brought a class action against Tron Foundation, its Co-founder and CEO Justin Sun, and Zhiqiang [Lucien] Chen. This stated, that the defendants in question allegedly promoted, offered, and sold TRON’s securities, ‘TRX’ tokens, throughout the United States, in violation of federal and state securities laws.

“Although TRON described the TRX tokens as something other than securities, they were securities. This was not clear to a reasonable investor at purchase, however, and would not have been reasonably apparent until, at the earliest, April 3, 2019, when the SEC released a detailed “Framework” to analyze digital assets, indicating that TRX and other similar digital tokens are “investment contracts” and therefore securities under Section 2 of the Securities Act of 1933.”

According to the latest motion filed by the foundation, it claimed that the case does not have any connection to New York while stressing that the lead plaintiffs, Colin Hardin, David Muhammad, and Chase Williams did not even engage in Tron’s ICO. Furthermore, the motion also pointed out that the suit was filed by the three plaintiffs nearly two years after the completion of the offering.

Tron’s motion asserted that three of the plaintiffs purchased their TRX tokens via Binance, which happens to be a secondary exchange to the offerings. Hence, it contended that the foundation should be dismissed since the underlying law does not cover deals done through secondary exchanges.

The latest motion filed by the defendants also argued that it does not have any control over plaintiffs’ decision to purchase TRX.

While rubbishing claims of being misleading and deceptive, Tron also stated,

“This claim was not even pleaded in the original complaint, and it is nothing but a litigation afterthought”

Tron Foundation Announces Opening BTC-TRX LP Mining Pool on SUN Network

by

Justin Sun-owned Tron Network has been making headlines in recent days. In the latest development for the Tron ecosystem, the foundation announced the issuance of a total of 1000 Tron-based BTC on the Tron network. The total market cap has reportedly surpassed $10,692,382.

The Founder of the Tron [TRX] blockchain and CEO of BitTorrent [BTT], Justin Sun tweeted

“Issued by JUST Foundation, TRC20-BTC is another masterpiece of TRON-based crypto-asset following the miracle of TRC20-USDT whose total supply has exceeded over 4 billion. All BTC holders may issue TRC20-BTC.”

The Tron-based BTC was whitelisted on the DeFi protocol, JustSwap on the 5th of October. Following this, the foundation further revealed a 14-day LP mining pool for BTC-TRX on Sun.io. The official blog post announced the initiation of a 14-day 1x BTC-TRX LP mining on the same day.

Tron Foundation

Touted as a “masterpiece”, TRC20-BTC is issued by JUST Foundation. It is the DeFi euphoria that has given rise to synthetic assets and as Bitcoin on Ethereum gets traction, the Tron foundation has been spearheading its own Bitcoin-pegged synthetic asset on the Tron Blockchain.

Tron has been making several notable strides to bolster its DeFi efforts. Sun had first teased the launch of synthetic Bitcoin on the Tron blockchain in August this year. The Tron Foundation announced working with top-tier digital payments processor BitGo to introduce tokenized Bitcoins and Etherereum on the Tron blockchain, a month later.

In terms of DeFi, Tron claimes to have an edge primarily due to the crucial factors such as high scalability and low fees offered by the blockchain as compared to its competitor, Ethereum whose perennial problem of network congestion is far from fading away.

Sun has never shied away from admitting that he wanted to build viable infrastructure and cloning Ethereum’s DeFi protocols on the Tron blockchain. Talking about the launch of JustSwap during the recent LA Blockchain Summit, he had asserted,

“We are creating the same kind of DeFi ecosystem as Ethereum. All the Ethereum network products, you can see the same version of Tron products. For example, the MakerDAO on Tron is called JustStable, created by the JUST team. And UniSwap is called JustSwap.”