- Tron chief spoke about DeFi at the LA Blockchain Summit
- He encouraged users and developers to migrate to the Tron Blockchain
- Tron is consciously trying to replicate Ethereum’s DeFi ecosystem
Tron News Today – Tron’s creator and CEO, Justin Sun, has consistently made a case that Ethereum’s users and developers should make the switch to the Tron network. Recently he has made such a claim again. He did this while speaking at the LA Blockchain Summit. Sun remarked that the Tron network is a better Blockchain for DeFi apps (a technology that predominantly lives on the Ethereum network). Sun says Tron is better. Sun said:
“We are creating a similar type of DeFi ecosystem as Ethereum. You can see the same version of products of Ethereum’s network products on Tron. Take an example, MakerDAO on Tron is known as JustStable, which is created by JUST’s team. UniSwap is known as JustSwap on Tron.”
Tron’s Recent Success in DeFi is Due to Better Scalability
Sun claims that the success of the above-mentioned projects is Tron’s low-cost transactions and superior scalability. He claims that these factors make Tron the suite of DeFi tools (from interest-bearing accounts to collateralized loans) accessible to DeFi devotees and all potential users around the world. Tron’s whitepaper proposes that the Blockchain’s delegated-proof-of-stake (PoS) system can complete 2,000 transactions per second. This decimates Ethereum’s estimated 15 transactions per second.
However, Tron’s whitepaper has recently come under scrutiny for plagiarization. This has rendered Tron’s balance of security and speed in doubt. However, despite this controversy, Justin Sun is approaching DeFi in a similar way to that of Ether. Tron is doing this by lifting its popular aspects. Additionally, apart from Tron’s versions of Uniswap and MakerDAO, Sun pointed to the Tron counterparts for Aave, YFI, and Compound. Which are three DeFi products that leverage Ethereum.
Sun Thinks This Tactic Might Work
Looking at things from a marketing perspective, you will see that Sun’s Ethereum metaphors make sense. As opposed to creating a new vocabulary, Sun is pointing to different examples of the products currently in use. Again, the sentiment tracks no matter the level of its accuracy. He is calling on users who want the great things about the Ethereum network without having to wait due to longer transaction periods or the high transaction fees to shift to Tron. Whether the new recommendations will become moot when the long-awaited Ethereum 2.0 upgrade is finally released, remains to be seen.
In any case, the Tron chief downplayed concerns that it will have any such impact. According to Sun:
Developers don’t need to wait for the launch of ETH 2.0. I don’t know when they are going to accomplish it. So instead of waiting, you can just move to the Tron network.”
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.