TRON Justin Sun Announces Plans For the DeFi Market

During the 2020 Global blockchain Eco-Conference hosted by Alchemy Pay, TRON blockchain founder Justin Sun revealed his plans to venture in Decentralized Finance (DeFi) during a keynote speech titled “The DeFi Boom and TRON’s Road to Advancement”.

Over 30 local and international industry giants participated in this event. Some of the notable personalities from the DeFi space included Jonas Lamis od StakerDAO, Stani Kulechov the founder of AAVE, and Alex Mashinsky of Celsius Network. Firstly, Sun spoke about how the TRON blockchain network has surpassed Ethereum to becomes the most popular and prosperous public blockchain.

He stressed upon the Ethereum blockchain issues of network congestion and higher gas fees. He added that TRON team has been putting an all-out effort to embrace the DeFi transition since the beginning of 2020 and plans ahead to contribute in revitalising the market.

VP of global business and marketing at the Poloniex exchange - Shelley - spoke about their alliance with TRON to strengthen the blockchain ecosystem. She also emphasized about TRON’s commitment to push further growth in the industry.

Speaking at the event, Justing Sun stated that “The next DeFi industry opportunity lies in TRON. 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.”

Last month, Justin Sun also announced some of the important updates to the TRON ecosystem. To rival Ethereum’s UNISWAP platform, TRON will be releasing its own JUSTswap alternative. By the end of August, Sun also pans to launch the USDJ, and JST tokens. Besides, TRON soon plans to introduce its blockchain oracles and accelerate its DeFi developments over the next few months.

So far in 2020, the DeFi market has outperformed the crypto market as DeFi tokens like Chainlink (LINK), MakerDAO, and Compound continue to push the DeFi market to new highs. The DeFi market cap has reached over $15 billion almost doubling in the last two months.

On the other hand, DeFi apps continue to drive major activity on the Ethereum blockchain which is one of the major reasons of congestion. The launch of Ethereum 2.0 will give a further boost for DeFi as the upgrade aims to bring higher efficiency and scalability to the network.

Major businesses and crypto firms are moving towards DeFi as it promises to reconstruct the traditional banking system and make it even more accessible and transparent for the users.