The blockchain industry has gone through multiple rounds of cyclical reshuffles, and TRON, with its seven-year-old ecological depth, is setting off a cognitive revolution about value coins. As a public chain that carries 300 million user accounts, TRON has shown unique vitality under the dual drive of stablecoins and DeFi. Recently, the blockbuster news that TRON is about to go public may promote TRX to upgrade from on-chain fuel to a digital asset target recognized by the capital market. Regarding topics such as how TRON builds a value moat, this issue of SunFlash Roundtable convened a number of senior crypto KOLs to decode the underlying logic and future prospects of TRONs transition from payment infrastructure to global digital asset hub.
Seven years ago, Mr. Justin Sun, the founder of TRON, started the journey of TRON with the declaration of Re-decentralizing the Internet. Today, TRON has already broken through the limitation of public chain as a technical testing ground. Protocols such as JustLend DAO, Sun.io, APENFT, BitTorrent, and WINkLink have formed an interconnected ecological closed loop. TRONs stablecoin strategy has also completed a key leap: USDD has built a decentralized super-collateral model through the 2.0 upgrade, while USD1 has opened up the traditional financial artery based on the US Treasury bond anchoring mechanism. This freedom + compliance dual-track design not only retains the innovative genes of crypto natives, but also paves a compliance bridge for institutional capital to enter the market.
Recently, Justin Sun has frequently attended international events and released his intention to go public, which indicates that TRON is entering a new stage of globalization with a dual-core layout of compliant capital engine + on-chain value engineering. The following article will analyze in depth how to leverage the capital synergy of stablecoins and DeFi ecology through the cutting-edge perspectives of this roundtable guest, build a three-walled city across technology, compliance and financial innovation, and promote TRXs transition to a global financial asset.
1. TRON’s seven-year evolution: from the king of the “public chain war” to a stable ecosystem output machine
Mr. Bai pointed out TRONs industry status at the beginning: If ranked by TVL, TRON actually ranks second, second only to Ethereum. The core of this achievement lies in its real application landing ability. Early users migrated to TRON due to Ethereums high gas fees, making it the preferred chain for stablecoin settlement, laying the groundwork for the subsequent ecological explosion. In the rolling narrative, rolling story public chain war, TRON has completed the leapfrog development from infrastructure construction to a global ecological empire at a slow but steady pace. Its strategic determination and resilience are unique in the crypto industry.
Modular layout: from stablecoin to full ecological closed loop
Mr. Niu Mowang recounted the development of TRON in the past seven years. He emphasized that TRON has completed the transition from an early independent protocol to a new global financial infrastructure by following the route of technological inclusion → stablecoin and DeFi infrastructure → sovereign compliance:
1. Infrastructure foundation-building period (2018-2022): Breakthrough from the bottom from 0 to 1
After the mainnet was launched in 2018, TRON quickly attracted developers to migrate with its core advantages of high throughput (2000+ TPS), low gas fees and Ethereum compatibility, laying a solid foundation for ecological construction.
2. Stablecoin and DeFi Explosion Period (2022-2024): Ecological Value Fission
In 2022, TRON anchored the stablecoin track, using TRC 20-USDT as a breakthrough point. With low cross-border payment fees and second-level account arrival experience, it quickly occupied more than 50% of the global USDT circulation and became the core hub for financial inclusion in emerging markets. The JustLend DAO lending protocol and SunSwap DEX were launched, forming a deposit-borrow-earn profit closed loop, attracting a large number of players on the chain. At the same time, the native stablecoin USDD has achieved a decentralized finance + physical application closed loop through the super-collateral mechanism and compliance upgrades, and penetrated Southeast Asias offline consumption scenarios.
3. Compliance and globalization construction period (2024-2025): From grassroots to sovereign level ecology
Starting from 2024, TRON will use RWA and sovereign cooperation as engines to promote ecological breakthroughs. Recently, the Trump familys USD1 stablecoin has been integrated into TRON, the TRX spot ETF has been accepted by the SEC, and TRONs US stock listing plan has marked its compliance process into the mainstream financial market.
Coin Information further analyzed the value pillars of TRON from an ecological perspective: First, JustLend DAO has strong liquidity aggregation capabilities, with a peak TVL exceeding US$7.4 billion, becoming a highly profitable protocol within the ecosystem. Secondly, TRON achieves multi-chain asset interoperability through BitTorrent, and Chainlink provides real-time anti-fraud price feeds to ensure on-chain financial security. The 300 million user base provides soil for hot sectors such as APENFT and SunPump. Finally, TRON was designated as a national blockchain infrastructure by the government of Dominica, and issued the national digital currency DMV to pay salaries to civil servants. From performance to payment to ecology, TRON attracts users with high TPS and low cost. After precipitation, it eventually expanded to Meme and RWA scenarios through DeFi projects, achieving recognition from grassroots to sovereign governments.
Slow and steady strategy: resilience advantage in dormancy
Comparing with other mainstream public chains, Niu Mowang said frankly: TRON did not start with high expectations, did not have technical suspension, and did not have expansion difficulties, but only steadily advanced . He said that although Solana has been popular frequently, frequent technical failures have caused cliff-like fluctuations in the ecosystem; Aptos, as an emerging public chain, has been given high expectations by the market, but its technology is not sound enough and its application scenarios are relatively scarce; Ethereum upgrades slowly, the community tends to be geeky, and the user threshold is high; and TRON focuses on building a triangle support of real users, real funds, and real liquidity. It still has on-chain activity in the bear market and has become an immortal chain that crosses cycles .
0x pointed out that the core competitiveness of TRON lies in authenticity. He said: The billions of transfers on the TRON chain every day are not generated by subsidies, but by user habits that have been polished for seven years. Although DEX is not fancy, it is fully functional. Modules such as oracles and cross-chain bridges have been tested in actual combat. 0x Pink used data to prove its resilience: Slowness is not a problem of development rhythm, but less trouble. When other chains rely on airdrops to create false prosperity, TRON uses 80 billion USDT real settlement volume and 315 million users to build a moat. This accumulation has transformed it from a public chain competitor to an ecological stability output machine, and established barriers in deep waters such as RWA and compliant payments. Peter from the currency circle further added: The slowness of TRON is essentially strategic determination. It does not blindly pursue airdrop incentives or narrative hype, but focuses on the positioning of stable currency hubs and solid ecological infrastructure. It is a survival philosophy of gradual optimization is better than radical reconstruction.
2. JustLend DAO and Sun.io: Building the “income engine + liquidity entry” dual-core system of TRON DeFi
TRON has built a self-sufficient financial operating system through a pool of funds accumulated through high-frequency payment scenarios of stablecoins, which are circulated in layers through a sandwich architecture: the bottom payment layer (USDT/USDD), the middle income layer (JustLend DAO) and the top transaction layer (Sun.io).
As the lending and trading hub of the TRON ecosystem, JustLend DAO and Sun.io jointly drive the efficient circulation of funds on the chain through protocol-level collaboration and user-layered design . After users pledge USDT to obtain an annualized return of 8%-15%, they can pledge TRX to participate in Sun.io liquidity mining, and the comprehensive yield rate will be increased to more than 25%. Peter emphasized: JustLend DAO and Sun.io form a triangle cycle of deposit-loan-arbitrage, which greatly improves the utilization rate of funds. For small holders of coins, JustLend DAO also launched the GasFree service to support USDT to pay handling fees, completely eliminating the threshold for holding TRX and attracting long-tail traffic.
As the native DEX of TRON, Sun.io has become the hub of ecological liquidity through low slippage and aggregated routing. 0x Master pointed out that SUN.io has built a closed-loop system for DeFi fund flow through stablecoin transactions and cross-protocol interoperability , and has made a lot of substantial progress: First, liquidity is becoming more and more stable, and the depth and trading volume of trading pairs such as USDD-TRX and USDD-USDC are considerable. Second, the user experience is simple enough, the handling fee is low, and many people have formed a habit. Third, the linkage between the entire ecosystem is getting deeper and deeper. Sun.io and JustLend DAO are deeply linked to form a deposit-borrow-earn closed loop. After users pledge USDT for lending in JustLend DAO, they can invest in the Sun.io liquidity pool. The mining income can be pledged for the second time or exchanged back to stablecoins to strengthen the internal circulation of funds.
0x’s old wizard concluded: “ Once users use USDT to trade, pledge, and earn interest on TRON, they will develop ‘muscle memory’. This kind of stickiness driven by real demand is the last mile of the moat. ”
3. TRX’s on-chain value logic: a triple transition from “silent token” to value revaluation
The conversations among the roundtable guests revealed the value logic of TRX: breaking away from short-term speculation, rooting in real needs, and achieving endogenous growth through economic models and on-chain closed loops. As the old master of 0x said: If you are pursuing a story of a tenfold increase in a day, TRX is not the answer, but if you believe that flowing water does not compete for the first place, but for the endless flow, then it may be the most underestimated value carrier in the Web3 world. With the advancement of RWA and the wave of compliance, TRX may complete the transformation from ecological fuel to digital hard currency, becoming a value target that spans bull and bear markets and connects the traditional and encrypted worlds.
The triple value support of the economic model
Peter from the cryptocurrency circle pointed out that the core reason why TRX has been underestimated by the market for a long time is that it is simply regarded as a Gas token, but it actually plays a more complex role in the TRON ecosystem:
1. Stablecoin reserve assets : USDD, as an over-collateralized stablecoin, relies on TRX pledge support. The current circulation volume has exceeded 500 million US dollars, and the locked TRX forms a rigid demand pool. The integration with USD1 will further expand the TRX pledge scenario and form a positive cycle of pledge-stablecoin issuance-ecological expansion.
2. DeFi liquidity engine : In the JustLend DAO lending protocol, TRX is the core collateral, and the TRX trading pair in SunSwap becomes the ballast stone of DEX liquidity . In 2024, the TRON protocol revenue will reach 760 million US dollars. At the same time, part of the TRON gas fee is returned to the holders through the TRX burning mechanism, and the deflation effect is gradually emerging.
3. Compliance expectations : Justin Sun recently revealed that TRON’s listing plan and TRX spot ETF have submitted an application to the SEC. If approved, it will become a compliant public chain token, attracting traditional capital to enter the market, and the growth potential is still very large.
Intrinsic value closed loop: from on-chain activities to deflationary flywheel
Peter from the coin circle further emphasized: TRXs burning mechanism and staking income constitute a double helix value model - it is destroyed when used and generates interest when stored, which is an economic resilience that most tokens do not have . 0x Master further disassembled TRXs on-chain closed loop from the technical logic:
1. Staking governance : Users gain energy and bandwidth by staking TRX, participate in super representative node voting, and promote network decentralization and security.
2. Burning mechanism : The TRON network has introduced a partial TRX fee burning mechanism, which means that as usage increases, TRX will gradually reduce its supply. This is an invisible value pump - the more active the user, the more scarce the token.
3. Financial tools: JustLend DAO supports TRX mortgage lending, and Sun.io provides TRX trading pairs. The two work together to release liquidity and improve capital utilization.
Mr. Bai added: “ The TRON ecosystem has formed a positive cycle of ‘user growth → increased transaction volume → accelerated burning → intensified deflation → increased staking income’, which is a typical feature of a self-driven ecosystem. ”
4. The prospect of TRON’s listing and the possibility of TRX as a global financial asset
Recently, TRON plans to go public on the U.S. stock market through a reverse merger with Nasdaq-listed SRM Entertainment, which is seen as an important breakthrough in the compliance of the crypto industry. This operation not only circumvents the strict scrutiny of traditional IPOs, but also forms a capital closed loop of stock tokens by injecting TRX tokens into the balance sheet of listed companies, providing a new paradigm for the integration of crypto assets and traditional finance. As Mr. Bai said, Compliance is the only way for the industry to survive. The listing of TRX provides holders with a mechanism to isolate legal risks, which is both a strategic defense and a proactive breakthrough .
At the same time, the application for TRX spot ETF is also in full swing. In April this year, Canary Capital Group officially submitted an S-1 document to the U.S. Securities and Exchange Commission (SEC) to apply for the launch of Canary Staked TRX ETF, which is the first spot ETF that combines staking functions, aiming to provide investors with a dual return model of price return + staking return. If the TRX spot ETF is approved, it may replicate the institutional influx effect of Bitcoin ETF. Coin Information emphasized: TRXs securitization path and stablecoin scale effect make it a compliant bridge for traditional capital to enter Web3. He said that TRXs listing in the United States and TRX spot ETF are both signals of compliance transformation and become the next mainstream institutional entry outpost .
V. Conclusion
TRONs seven-year journey is essentially a dimensional revolution from technical infrastructure to value consensus. Through the triple engine of stablecoin + DeFi + compliance, it not only builds a closed-loop network of the chain ecology, but also opens up the deep integration of crypto assets and traditional finance. TRONs ambition is not only to iterate technology, but also to reshape the financial discourse power, proving that the end of blockchain is not to subvert tradition, but to become the connection layer of global value.
