We interviewed the Tron DAO team to get an inside scoop into what they have been working on and how they are accelerating the adoption of blockchain technology in Asian markets.
What is Tron DAO and what does it hope to accomplish for Web3?
TRON is a decentralized autonomous organization (DAO) governed by its community. It is also the first major public chain selected to be the national blockchain infrastructure of a sovereign country. Furthermore, TRON has been endorsed by CCRI as one of the most environmentally friendly blockchains. In addition, pertinent to the current industry moment, TRON has proven to be the Noah’s Ark of the crypto market, offering rescue and assistance to users and companies in dire times. Receiving such acclaim and gathering such accolades has not proven to be a distraction of any sort, however, as TRON has remained true to its founding mission, which is to decentralize the Internet.
Decentralization is also the guiding principle for Web3. TRON has been pulling out all the stops to create the decentralized ecosystem that will spur the growth of Web3. TRON’s commitment to pursue regulatory compliance is evident. For example, it has been recognized as the national blockchain of Dominica, and TRON-based tokens such as TRX and USDD have been granted statutory status as legal tender in Dominica.
In parallel, TRON has been steadily expanding its ecosystem of decentralized projects, which now span lending, staking, trading, liquidity pools, and stablecoins. We look to build TRON into a mainstream financial ecosystem that can serve as the infrastructure and underlying blockchain of the metaverse and Web3, ultimately benefiting the 8 billion people worldwide with our secure, efficient, and cost-effective services.
What are the differentiating features of Tron and how does it differ from other projects with a similar mission?
In my view, all platform and project teams think alike when it comes to contributing to the growth of the crypto industry. Their paths and methodologies may vary but they have a common destination: Web3. Looking back at 2022, it was a year characterized by crypto meltdowns. TRON has shown it is an established public chain with remarkable resilience. According to Messari’s State of TRON Q3 2022 report, TRON showed a trend-bucking rise in its TVL despite the bearish market, which included sliding TVLs across major public chains. TRON ended the year ranked second among all blockchain networks globally. On top of that, TRON’s over 140 million user base and the prosperous stablecoin ecosystem both consistently catalyzed its growth.
While sustaining a healthy operation, TRON also provides access to educational resources on blockchain technology with a focus on industry development. In November 2022, TRON DAO successfully held the “Hacker House” event at Harvard University and kicked off TRON Academy. It is a program aimed at acquiring more talent for the growth of the industry. Up until now, TRON Academy has entered into collaboration with seven prestigious universities including Cornell University, Boston University, Princeton University, University of Michigan, and the University of Texas at Austin. Furthermore, with the hope to empower elite startups that share the vision of decentralization, TRON launched TRON DAO Ventures (TDV) late last year to assist in their development through profound investment and strategic optimization.
For non-crypto natives, what does Tron DAO plan to bring to the user experience of crypto, and what will be its main applications?
First, users should be aware that the crypto market contains risks, and they should learn about risks extensively. Users should frequently pay attention to the latest trends. TRON has published a series of tutorials and guides on its website and social media accounts as a reliable source of information for new users. Additionally, media outlets such as Decrypt offer TRON-related educational resources in a dedicated column. No matter whether you are a crypto newcomer or veteran, you will find useful information there.
TRON is built upon a robust blockchain network. So it is able to deliver a secure and speedy trading service at a low cost, which explains why it remains attractive to blockchain users. In addition, TRON is constantly improving its product lineup to meet various user needs. For example, TRON has launched two major stablecoins last year to assist in user adoption and engagement. USDD is pegged to the US dollar, is decentralized and over-collateralized, and is available on multiple blockchains. The other one, TCNH, is pegged to the offshore Chinese Yuan.
And let’s not forget TRC-20 USDT, which is the most used stablecoin in the crypto space. It is widely acclaimed for its openness, transparency, low handling fees, instant delivery, and has extended the benefits of blockchain to numerous users around the globe. To date, TRC-20 USDT is held by over 16 million accounts with a daily transfer volume of over $7.5 billion.
It won’t be long before we see a wider adoption and greater accessibility to Web3 and the metaverse. Easy accessibility will be the key for the crypto industry to reach the next stage. Positioned as the builder of the decentralized metaverse, TRON’s goal in the next stage is to convert more regular users into participants in Web3 and citizens of the metaverse.
Can you introduce your team to the readers? What relevant experience they have and what projects have inspired them in their designs?
We have an awesome team with passion, creativity, and vision. The team had remarkable achievements in the Web3 sphere and millennials are at the core of this young and feisty team.
TRON is a major Web3 builder. It has a global team that provides secure and efficient crypto services across many markets. TRON always prioritizes the interests of its users. TRON’s developer team releases regular product updates to safeguard users’ assets. The operation team also values users’ feedback and promptly responds to their needs and questions. With cross-functional efforts, TRON has established a solid operating system. The diverse and inclusive team also facilitates TRON’s further advancements.
We are currently subjected to a bear market during which faith and commitment are more valued than ever. I would like to take this opportunity to thank our team for their trust and support. I also want to thank everyone who worked for TRON and the crypto industry. We are all in this together to weather this crypto winter. I believe that what we have done to survive the crypto bear market will help us thrive in the coming bull run.
What parts of the Tron DAO roadmap is the team most excited for?
Web3 and the metaverse. The Internet is transitioning into the Web3 era, which is the foundation of the metaverse. With Web3, the existing internet ecosystem will be significantly improved in terms of equal access, openness, and security. Web3 also enables a full transformation into the metaverse.
Going forward, we will encourage more users to embrace the metaverse. We are working on a DID system, which is a metaverse capable of housing all eight billion people on earth. It is expected that the number of users in this decentralized metaverse will exceed 100 million in 2024. TRON has been committed to building strategic partnerships with sovereign states such as Dominica and autonomous regions for the adoption of blockchain technologies.
Decentralized Identity (DID) will be at the center of the next blockchain boom. Huobi, TRON, and the government of Dominica have initiated collaboration in this field. DID is a great tool to make personal identity and finance more accessible. A digital identity speaks not only to the citizenship of a sovereign state but also that of the metaverse. I believe that with TRON’s persistent effort in building the decentralized metaverse, more sovereign states will embrace the metaverse while more users will become residents of the metaverse via TRON’s infrastructure.
Where do you see Tron DAO in 5 years? What would a mass-adoption look like for Tron?
As we mentioned, TRON is now the first major public chain that has reached an agreement with sovereign countries to jointly develop blockchain infrastructure. Dominica took the first move and this is just the beginning. We are hoping that these key alliances with sovereign countries will set the trend to join TRON and to build a decentralized metaverse together. We aim to serve eight billion metaverse citizens globally in the future.
I can’t predict the exact time when Web3 and the metaverse will boom as it depends on how much effort the industry is putting as a whole. But one thing that I’m sure of is that TRON will go all out to build the infrastructure of Web3 and the metaverse.
TRON will also increase its support for developers in the TRON ecosystem. TRON will guide users to shape a more prosperous and dynamic decentralized ecosystem. We are working to increase adoption of TRON in the financial sector and hope it gradually becomes the next generation of the global settlement layer. The robust stablecoin ecosystem of TRON should play a significant role hence making TRON a top choice for more stablecoin issuers.
How does the Tron DAO architecture differ from other blockchains? Why was this approach chosen?
As the fastest-growing and most popular public chain, TRON strikes a strong balance between decentralization, security, and scalability. In terms of the underlying architecture, TRON adopts the advancement of the PoS mechanism—the Delegated Proof of Stake consensus (DPoS) mechanism, where 27 community-chosen Super Representatives (SRs) bookkeep for TRON. This maximizes the level of decentralization of TRON while achieving a high throughput.
TRON chose DPoS because it is environmentally friendly and sustainable. PoW and PoS are the two most commonly used consensus mechanisms but each have their respective limitations. PoW consumes massive amounts of electricity to power the network and the devices used for PoW mining eventually become electronic waste that causes further damage to the environment. PoS consumes less computing energy but still can affect the climate according to reports.
A study by Crypto Carbon Ratings Institute (CCRI) concluded that TRON adopted the best feasible solution. TRON has the lowest electricity consumption and carbon footprint compared to its peers according to the report. The DPoS mechanism adopted by TRON helps to reduce carbon footprint and minimize the energy consumption to power the network. It takes environmental protection into account in the burgeoning blockchain industry and demonstrates TRON’s commitment to building a better future.In December 2021, TRON and BitTorrent launched the BitTorrent Chain (BTTC), which is the industry’s first scalable heterogeneous cross-chain interoperability protocol. Layer 1 of the TRON protocol was positioned as a global settlement layer while emerging applications can be migrated to BTTC, which is a Layer 2 scaling and cross-chain solution. The BTTC ecosystem has since flourished.
What is the primary use case of the Tron token?
TRX, a TRON protocol-based mainnet token issued by TRON, is the native cryptocurrency for transactions on the TRON blockchain. It powers on-chain transactions and applications in the entire TRON ecosystem and plays a crucial role in the governance of the TRON network.
Rewards on the network are mostly distributed in TRX. Users can stake TRX for resources and TRON Power that represents the votes on TRON. TRX also functions as a bridge for all TRC-standard tokens. Usage also encompasses NFT trading, collateral for DeFi lending, and others.
Since its launch in 2017, TRX has been widely used on TRON for token issuance participation, TRON Power acquisition, online transfers through TRON ATMs, etc. It is also used for traveling, shopping, and other financial transactions as a settlement currency.
Why should users stake Tron and what benefits should they expect outside of normal staking rewards?
By staking TRX on TRON, users can obtain resources such as energy and bandwidth, which give them access to the benefits and rewards offered by projects of the ecosystem. TRX can also be used outside the TRON ecosystem for traveling, shopping, and other financial transactions as a settlement currency. Additionally, projects like APENFT can airdrop free tokens to TRX holders every month.
TRX has proven its functionality and trustworthiness as a settlement currency by being one of the most reliable mainstream cryptos in the bear market of 2022. It has become a lonestar against the market downturn with a market cap close to the top ten cryptocurrencies in the industry. TRX is one of the few deflationary tokens with more than 11 billion TRX burned in 2022 alone, which exceeds 10% of the token’s genesis supply. The circulating supply of TRX is bound to be further reduced as the numbers of transactions and accounts on TRON grow. As TRON’s dApp ecosystem expands, it creates more direct value for all TRX holders.
It is also worth noting that TRX was granted statutory status as legal tender of the Commonwealth of Dominica in October 2022 to help the government build a local digital currency trading system. TRX holders will become digital citizens of this country. I believe this is a new trend in the blockchain world that will grow in time.
The year 2022 was marked by numerous black swan events for the cryptocurrency industry, including the liquidation of various crypto companies, the dramatic fall of LUNA and FTX, and the interest rate hikes implemented by the Federal Reserve, which all contributed to widespread panic and uncertainty in the crypto market. The remarkable growth in TRON’s total value locked (TVL) despite bearish market conditions is a testament to users’ trust in the platform’s ability to safeguard their assets. With a proven track record of five years without any security breaches, TRON’s network offers a reliable source of confidence for our users.
The TRON network’s high throughput, scalability, and availability have continued to drive projects within its ecosystem, contributing to the significant growth in its TVL. In addition to its continued efforts in areas such as DeFi, NFTs, GameFi, stablecoins, and cross-chain solutions, TRON has also begun exploring new areas like the metaverse, Web3, and decentralized identity (DID) in 2022. The constantly expanding and innovative ecosystem has offered TRON a steady influx of new users even in the bearish market, showing no signs of slowing down.
The launch of USDD, the world’s first decentralized over-collateralized stablecoin issued on TRON, is a good case. Its unmatched collateral rate and support from the TRON DAO Reserve make it the safest decentralized stablecoin available, injecting a dose of vitality into the underperforming market with attractive returns. As of the end of 2022, USDD had achieved a market capitalization surpassing $700 million and a collateral rate of over 200%, earning its place among the top 10 stablecoins globally. Moreover, the introduction of CNHT and TCNH, two stablecoins pegged to offshore Chinese Yuan, on TRON has created a more diversified landscape for stablecoins and improved user access.
The crypto community holds the belief that bear markets provide an ideal opportunity for platforms to bolster technological capabilities. This principle holds true for TRON, a well-established public chain that has pushed through during both bull and bear markets. TRON is always on the way to innovating and developing a robust DeFi and stablecoin ecosystem, regardless of market conditions, which enhances the trust of its users. The high user engagement on the TRON network during the bear market is a clear indication of the platform’s value and utility. As users stay on the platform, it is expected that the total value locked (TVL) on TRON will also increase.
Reflecting back on 2022, what were some of Tron’s biggest achievements?
In 2022, the crypto industry faced a mix of hope and challenges. In this turbulent landscape, TRON’s ability to adapt and innovate attained numerous impressive feats.
The number of TRON users surpassed 100 million in mid 2022, which is a significant milestone. Additionally, the cumulative number of transactions and the total value of on-chain transfers on TRON reached record levels. In terms of DeFi, the total stablecoin supply on TRON was ranked second globally and its total value locked (TVL) surpassed BNB Chain, which is now second only to Ethereum. Furthermore, TRON DAO has been a leader in organizational innovation and has evolved into probably the largest DAO in the world, according to Forbes. In the same year, TRX got listed on major regulated exchanges in the United States, Thailand, Mexico, and Japan. This further accelerates the platform’s global expansion and compliance efforts.
Throughout 2022, TRON has been actively working to bring about the development and arrival of a decentralized metaverse. By promoting global financial inclusion, TRON helped countries like Dominica open new opportunities in the Web3 space and became a leader in building metaverse-based digital nations. This also outlines a new potential metaverse experience for the earth’s 8 billion people.
What was the thinking behind the Tron DAO, as opposed to other structures you could have chosen?
Decentralized Autonomous Organizations (DAOs) represent the idea of jointly creating, building, governing, and sharing among users. Unlike traditional companies, DAOs operate with a fully decentralized system. It allows anyone to join or leave at any time by giving all members equal power within the organization. DAOs are expected to become the norm in the future and change the way society functions.
TRON is a Web3 pioneer that has achieved full decentralization. It was upgraded to TRON DAO as early as December 2021, which is now probably the largest DAO in the world, according to Forbes. At TRON DAO, all rules are transparent and every TRX holder is a “stakeholder”. TRON DAO’s expansion has also significantly contributed to the growth of the TRON ecosystem.
TRON DAO is dedicated to its mission of decentralizing the web by using advanced blockchain technology and its thriving ecosystem has demonstrated the dedication to this mission. As of now, TRON DAO boasts over 140 million users and on-chain crypto assets worth over $50 billion. It handles 8 million transactions every day with an average daily trading volume of close to $10 billion. Moreover, TRON was able to maintain 100% growth despite the bear market of 2022. Its growing user base and cost-effectiveness are also strengthening financial inclusion for the blockchain space. We are convinced that TRON DAO will not only revolutionize the crypto ecosystem but also create new possibilities in other areas.
Are there any exciting updates, announcements, or partnerships coming up in the immediate future that you can disclose today?
I hope the blockchain industry will be revitalized in 2023 with faster adoption of new technologies. TRON will be investing further in areas like DID and stablecoin and I’m particularly bullish on the Asian markets.
I also want to throw in a plug here—the TRON Grand Hackathon, a.k.a HackaTRON, is making a comeback in 2023 for a brand new season 4. TRON hosted three successful seasons in 2022 with an increasingly bigger prize pool each season. Season 3 has attracted a lot of top university students through the TRON Academy. TRON is not only offering hefty rewards for the winners but also providing support for quality projects with all the necessary resources to see them succeed.
Where is the best place for the community to interact with you?
Community is the cornerstone that drives the development of most blockchain projects, and we at TRON know that a fair, open, and innovative community is essential for our growth. That’s why we completed full decentralization and became a community-governed DAO in 2021. The decentralized TRON DAO community is now truly powered by the integration of the TRON team and builders within the ecosystem. Each node plays a unique role and contributes to the ecosystem in its own way. And as a member of the TRON protocol community, I will continue to be active and give full support to TRON’s decentralization efforts.
Members of the TRON DAO community come from all over the world and communicate through platforms like Twitter, Telegram, and Discord. We also provide documentation to help developers get started with TRON in the hopes that more and more talented developers will join the TRON ecosystem to promote a paradigm shift in blockchain technology and create a world-class underlying blockchain network. Also, whether you are a fan, user, or community member of TRON, be sure to check out my personal Twitter account and Telegram channel. As a “heavy tweeter” with nearly 3.5 million followers, I post big news and industry trends first on my personal Twitter account @justinsunTRON. My official Telegram channel is live too. Subscribe to the channel and you will stay up-to-date on all my latest news, including recent speeches, industry insights, personal plans, and diplomatic activities.
Why is Staking Rewards the best partner for your project?
It goes without saying that staking is a crucial part of DeFi. Staking Rewards is an excellent website that makes it easier for users to find the best protocols and staking service providers. It provides users with trusted data, research, and tools all in one place. It allows them to view and compare statistics from different projects. TRON is thrilled to be working with the Staking Rewards team to deliver well-founded content and advance the mass adoption of DeFi and blockchain.
In the future, TRON DAO and Staking Rewards will explore the new frontiers of staking and boost a healthy staking ecosystem to better serve users. At TRON, we will make steady progress and strive to lead the blockchain industry forward.