The head of the TRON Foundation, Justin Sun, has recently spoken about the cryptocurrency’s ecosystem and about the development of decentralized applications (dApps) on it. Sun revealed TRON is looking to launch 2,000 dApps on its blockchain by the end of the year.
The TRON Foundation, an organization focused on the ongoing development of TRON (TRX), one of the largest platforms for building decentralized applications, has argued that price “instability” in the crypto market “creates a lot of skepticism about the long-term prospects of the blockchain industry.”
The organization explained in a blog post, posted on April 17, that “companies and institutional investors are sitting on the sidelines and not [using] blockchain or cryptocurrency as a form of payment because” of the extreme volatility of cryptoasset prices.
TRON-based USDT Will Help Stabilize Crypto Market
The Foundation’s recently published blog post revealed:
[High volatility in cryptocurrency prices] is a big reason why we need stablecoins on the TRON network. By implementing a [TRC-20 based] USDT on [the] TRON blockchain, we’re taking a [huge] step into a world representing stability — and into the world of decentralized finance.
The TRON Foundation’s management also noted that “users in [South] Korea will be able to quickly and efficiently transfer” USDT payments “back to relatives in Israel” or in other countries throughout the world. It added that “consumer electronics [manufacturers] will able to pay Asian suppliers and track the progress of their purchased goods every step of the way.”
More Trading Pairs For USDT Including BTT, TRX
I think of USDT built on [the] TRON blockchain as a win for the blockchain industry and for our community. More people will be able to trade TRX, BitTorrent (BTT), and other TRC-based tokens through the TRC20 based USDT pair, creating liquidity. In turn, liquidity helps build confidence and trust that typically results in greater stability throughout the ecosystem.
As mentioned in the organization’s blog, an “incentive plan to reward holders” of the TRON-based USDT token will be launched, “by airdropping super-attractive APRs over the first 100 days after launch.”
The incentive plan has been introduced in order to help “accelerate the transition from the USDT-Omni product” into a “more robust TRC-20 based USDT offering,” the TRON Foundation’s blog stated. Going on to confirm that the TRON Foundation does not hold any user assets, the distributed ledger technology (DLT) development organization noted the funds are “safe and sound on [blockchain-enabled] exchanges and in individual wallets.”
Explaining why the introduction of the TRON-based USDT will help the cryptoasset ecosystem, Sun said:
As we introduce this new stablecoin, I … firmly believe it will accelerate our push to be the leading platform for developers of dApps. We already have nearly 300 [dApps] on TRON in just a few months, and we aim to get to 2,000 by the end of this year. More people will be able to engage with these dApps as it’s a lot easier for people to understand and use a stablecoin in a consumer-facing use case.