Justin Sun's Big Dream
Editor's Note: This article comes fromChain catcher (ID: iqklbs), Author: Hu Tao, reproduced by Odaily with authorization.
Bad start
Editor's Note: This article comes from
Chain catcher (ID: iqklbs)
Chain catcher (ID: iqklbs)
, Author: Hu Tao, reproduced by Odaily with authorization.
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Bad start
At a time when the Ethereum DeFi ecosystem is emerging and developing in full swing, Justin Sun and his Tron, as always, "arrived late".
On the evening of August 18th, Justswap, which was officially promoted by TRON, was officially launched, trying to replicate the path and situation of Uniswap in the past six months, and create another "100 times coin factory". At the same time, Justin Sun also stated that he will launch other types of DeFi products such as JUST Lend, and concentrate all available resources on promoting DeFi, so as to promote the next wave of prosperity of DeFi based on TRON's infrastructure.
However, things backfired. Justswap, Tron’s core DeFi product, became the laughingstock of the industry on the day it was launched. A large number of counterfeit coins with the same name appeared in the system, and some counterfeit coins even preempted the logo of the real project’s currency, causing the project’s currency to fail to display the logo. , Many investors were unable to distinguish between real and fake coins in a hurry, and bought counterfeit coins by mistake, resulting in huge losses, which caused a lot of negative voices and emotions in the community.
For this reason, TRON had to announce the launch of the JustSwap daily whitelist mechanism to solve this problem. For project parties that meet specific requirements such as liquidity, their names and contract addresses are published on the blog every day to ensure the authenticity of the project parties. If List members who no longer meet the requirements will be removed from the shelves by the official.
Such an operation is the first of its kind among decentralized exchanges, which further reflects the essential characteristics of TRON and its DeFi ecosystem, which is still under the highly centralized control of Justin Sun's team. This situation certainly has its advantages, such as improving governance efficiency and avoiding extreme out-of-control situations, but it also dooms Sun Yuchen's DeFi plan and even the public chain dream to be a dream.
The highly centralized nature of the TRON field is hard not to cause technical geeks to worry about its security. In fact, there have been many targeted criticisms in the industry in the past. The founder and CTO of DigibyteCoin, Jared Tate, criticized Tron at a lengthy tweet at the end of last year, pointing out that Tron is the most obvious scam among the more than 100 projects and protocols they researched, "except for some spinach apps, market hype, flowers Twitter bots bought with money, TRON is nothing special. Their white papers are even plagiarized. 100% pre-mined, able to pay journalists, listing coins, and market makers to launder money for you.”
Chen Zhiqiang, the former CTO of TRON, also publicly stated after leaving to set up his own portal that the centralization of TRON has become more and more revealed, and the voting rate of super nodes is very low. "Token distribution is centralized, super representatives are centralized, and code development is the center." The development of the whole project does not have any diversified voices, nor does it have any spirit of "decentralized Internet". "
Under the circumstances that the outside world continues to surround TRON with doubts, TRON's goal of becoming the main front of DeFi development in the future will have huge practical obstacles, and its defects have been fully manifested.
Now that Justswap has been online for a week, its online currency is still bleak. Among the first batch of project whitelists announced on the 19th, more than half of the projects have been officially announced to be delisted due to reasons such as transaction volume below 20,000 US dollars. Most of them are JUST, USDT, USDJ and other officially issued currencies. In addition, projects that have not yet been offline have also been criticized by the community. For example, the Alpha Link project party mistakenly locked 200,000 USDT of TRX in the In the contract address, DeFinition has a bug in user exchange due to contract debugging problems, causing some users to buy DZI at a very high price. These accidents can reflect the serious problems existing in Justswap.
Taking a closer look, many of the so-called oracles, insurance and other projects that Justswap launched at the beginning were obvious scams woven temporarily. There was very little public information about the team and technology, and they were just running away for a wave of money. embarrassing phenomenon.
If TRON wants to build a real DeFi ecosystem, it will inevitably need more experienced DeFi developers. These people are currently mainly gathered in the Ethereum ecosystem, but TRON’s industry influence and reputation are not enough to attract these people. Sun Yuchen is also clearly aware of this problem, and he decided to launch a "money offensive" again, announcing the creation of a $10 million fund "to sponsor and motivate the best DeFi developers to build their projects on Tron." Justin Sun also said that he has negotiated with several major projects in the Ethereum ecosystem and has made significant progress.
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embarrassing ecology
This situation is easily reminiscent of Tron’s actions in the blockchain game ecology in 2018 and 2019. At that time, spinach games were the most popular direction in the DApp ecology of Ethereum and EOS, and a large amount of funds flowed into it, which also caused congestion on the chain and a large increase in handling fees. Mainstream game modes such as pixel games and card games are transplanted to the TRON ecosystem.
The main measure TRON took at that time was to encourage developers to develop on the TRON mainnet through generous rewards. Several spinach game developers have told the media that they all developed these games because they participated in the 2018 TRON Accelerator Hackathon , and received USDT rewards equivalent to USD 10,000. In order to seek more powerful "foreign aid", Justin Sun also took the initiative to invite the developers of the popular game Fomo3D to come to Tron to develop similar games. According to Decrypt, Justin Sun paid a development fee of 500,000 US dollars for this, but the launch of the game did not have enough success. eye-catching results and responses.
The blockchain game ecosystem that TRON once built with a lot of money seems to be almost wiped out, and most of them have disappeared from public view.
During the spinach game craze at that time, another serious problem in Tron was exposed, that is, various smart contract security issues frequently appeared, and a large number of DApp projects such as TronCity, TronChip, and SPOKpark were attacked by hackers, including counterfeit currency attacks , rollback attack, random number attack, etc. According to the analysis of the security company, the reason is related to the incomplete official development guidance documents of TRON, and at least millions of TRX and hundreds of millions have been stolen. Security issues cast a shadow.
In this case, DeFi players will continue to worry about the security of the TRON network for a long time, and even affect their enthusiasm for participating in the TRON DeFi ecosystem. Although Justin Sun once again launched a "money offensive" to attract developers, judging from the effectiveness of vigorously developing spinach games in the past few years, the effect is not optimistic.
Of course, there are no positive signals. Due to the high gas cost of Ethereum, it has formed a high threshold for many ordinary users to participate in DeFi, which directly affects the development of DeFi projects. Therefore, many projects have become dissatisfied with the performance of Ethereum. And began to substantively consider migrating to other public chains. For example, The Graph developer David Kajpust recently stated that the well-known lending product Compound is only considering migrating to other public chains, such as Solana, Polkadot, and Cosmos.
