Justin Sun, the founder of Tron Network, is known within the blockchain community to use PR tactics to generate buzz and attention. Whether it’s wanted or unwanted attention, it reflects on TRON or BitTorrent’s overall price, which he purchased for $136 and is currently valued at over $4.95 billion.
In 2021, TRX surged past its previous all-time high set in 2018. TRX rallied by 26.24% before another rally of 5.98%, reaching a new high of $0.1398. Currently, TRX is ranked 17th with a market cap of $7.8 billion. Bittorrent, along with TRON, has gained momentum in the crypto space; some wonder whether it’s just a new way of promotion or if the networks are seeing the implementation of new developments.
Recent developments in the TRON Network
TRON Network is a blockchain platform that seeks to change entertainment and media practices. It uses smart contracts similar to Ethereum but differs in protocols and governance. Recent developments in the blockchain created new opportunities for TRON to distance itself from Ethereum, the limitations of which Justin Sun has always been highly vocal about.
DeFi’s are new developments in the blockchain space which have shifted market perception. Justin Sun is an avid early adopter and has reinforced his position time and time again. His involvement with DeFi precedes the 2020 boom.
In 2020 JustSwap was released, a decentralized finance protocol built on the TRON network. Sun has been vocal about going “all in on DeFi,” becoming increasingly involved in upcoming projects such as Uniswap. However, Sun has invested more into Ethereum DeFi projects, leaving JustSwap somewhat high and dry. Data shows Sun has invested over $1.6 billion in DeFi projects alone.
A giant leap into NFT’s
Recently, TRON announced the development of NFT funds on the network after Sun addressed the TRON Foundation in a letter. He emphasized the growing market and a trend that appears to be long lasting. Unlike other NFT funds, TRON aims to create a bridge between artists and blockchains; however, it will accept higher-priced pieces only. TRON follows the 80-20 rule, where only higher-priced items generate sales; they aim to list art pieces at no lower than $1 million in value.
Justin Sun has been on an NFT shopping spree himself. Sun narrowly missed out during Beeple’s first NFT auction at Christie’s due to a bug in the system which didn’t allow him to increase his bid to $70 million; he was outbid by 0.3%. Nonetheless, Sun purchased Beeple’s Ocean Frost for $6 million in the following auction. He recently added a Picasso and a Warhol to his NFT collection. He noted that the purchases had been made by the JUST NFT fund and will be part of the catalog in the near future.
Linsday Lohan is the latest Hollywood artist to join the NFT mania. She will release her NFT collection on the TRON Network marketplace. Other known celebrities such as Tyga and Soulja Boy will host their NFT sales through the TRON network.
TRON is becoming an alternative to the NFT marketplace, given its lower fees and faster transaction times. The number of transactions has surpassed transactions on the Ethereum network. Justin Sun highlighted that it’s “nearly impossible to launch new projects on Ethereum” due to high costs and low speed. The TRON founder continues to make a strong case against Ethereum and believes TRON is the clear favorite in the future of the NFT market.
On the Flipside
- Sun and TRON are promoting their network through social media influencers or YouTubers without disclosing it as paid advertising.
- TRX price increase could be correlated with the fact that BTT also increased in price, and investors made the connection that Sun owns both.
- Justin Sun invested more into Ethereum DeFI projects than his own network’s swap protocol and is accused of aiding pump and dumps for quick profits.
Is it all due to Justin Sun?
The platform has developed new functions that, according to the coin’s price, have had a positive effect. The TRON Foundation announced in a blog post they successfully conducted the first token burn as it entered a “deflation era.” Such an improvement will decrease the number of tokens on the market, resulting in a price increase. Moreso, TRON announced TUSD would be available on both the BTT and TRON networks to increase JustSwap usage.
Despite the upcoming announcement of new developments, Justin Sun’s social media engagement is shining the light on their own projects, and the community is gaining support. Whilst BTT has been surging, the social media sentiment regarding TRON and Sun has also increased. Despite Justin Sun’s somewhat controversial antics, he’s making it work for TRON.
The avid blockchain millionaire has always done things his way. From PR tactics which involved having lunch with Warren Buffet who does not believe in the value of crypto, to using influencers to promote TRON, he’s made his mark on the crypto community. The TRON Network is living up to its potential and the hype generated by Sun. Indeed, with the new deflation era, TRX could become more valuable in the future.