TRON’s Justin Sun announces major plans for DeFi market

By: Jinia Shawdagor
Jinia Shawdagor
Jinia is a cryptocurrency and blockchain enthusiast based in Sweden. She loves everything positive, travelling, and extracting joy and happiness from… read more.
on Aug 20, 2020
  • Justin Sun gave the keynote speech at the Global Eco-Conference in Shanghai hosted by Alchemy Pay.
  • He revealed that his platform had a strategy to compete with Ethereum through better DeFi products.
  • The event brought together 30 heavyweights in the industry who spoke to an audience of over 500 people.

Alchemy Pay hosted this year’s Global Blockchain Eco-Conference, where the CEO of TRON, Justin Tron, was the keynote speaker. In his speech dubbed, “The DeFi Boom and TRON’s Road to Advancement”, Sun revealed that the public blockchain had significant plans to bring back life to the DeFi market.

In his keynote speech, Justin stated that,

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

 “The next DeFi industry opportunity lies in TRON.”

He noted that TRON had already surpassed Ethereum to become successful after public blockchain in the industry. He added that TRON has been working on DeFi since the beginning of the year and will revitalize the market by addressing Ethereum’s challenges of high gas fees and congestion. Justin added that,

“I believe that by the end of this year, TRON will advance to become one of the top protocols for DeFi and stand toe-to-toe with Ethereum.”

Global Blockchain Eco-Conference

The event took place on 17 August in Shanghai, China, and brought together 30 heavyweights in the technology space gave a platform for the over 500 audiences to discuss and exchange ideas. Some notable names in the all-star lineup included; Stani Kulechov the founder of AAVE, Alex Mashinsky of Celsius Network, and Jonas Lamis od StakerDAO.

Another notable speaker was Shelley, the VP of global business and marketing at Poloinex, who emphasized the platform’s commitment to growth in the industry. She stated that Poloinex would continue with its alliance with TRON and help strengthen the blockchain’s ecosystem.

TRON’s DeFi projects

TRON is working hard to establish itself as the leader in the DeFi space. Yesterday, the public blockchain launched JUSTswap, which will rival Ethereum’s UNISWAP. Justin Sun also tweeted that yield farming for USDJ, and JST tokens would be launched on 31 August. The platform is optimistic that DeFi development will surpass market expectations in the next three months.

Future of DeFi applications in blockchain

There’s a lot of talk in the cryptocurrency space about Decentralized Finance (DeFi). As the original DeFi applications, Bitcoin and Ethereum continue to dominate the space. A recent publication by Forbes noted that DeFi might dominate the world of finance since it reconstructs the traditional banking system making it more accessible. Dai, which is a popular DeFi app, has over 21,000 users and counting. With major tech companies venturing into DeFi, the future looks bright with major products set to hit the market.

Invest in crypto, stocks, ETFs & more in minutes with our preferred broker, eToro
10/10
67% of retail CFD accounts lose money