- TRON CEO Justin Sun seeks to copy Ethereum’s DeFi ecosystem and invites users to migrate to his platform.
- Sun claims he promotes audits for DeFi protocols on TRON.
The self-proclaimed “Ethereum killer” TRON is trying to replicate the success of its competitor in decentralized finance (DeFi). Its CEO, Justin Sun, said this during the LA Blockchain Summit, held yesterday, October 6. His statements come as no surprise to those who have followed the development of DeFi on TRON.
Since the release of cloned Ethereum DeFi protocols, such as JustSwap (equivalent to Uniswap) or JUST (equivalent to MakerDAO), Sun has never tried to hide its intentions to copy Ethereum. In fact, the CEO of TRON has always been transparent in this regard in his previous statements. At the LA blockchain summit, Sun emphasized once again.
We are creating the same kind of DeFi ecosystem as Ethereum. All the Ethereum network products, you can see a same version of Tron products. For example, the MakerDAO on Tron is called JustStable, created by the JUST team. And UniSwap is called JustSwap.
Ethereum, but on TRON
Sun said that TRON protocols, such as JustSwap, perform better than their Ethereum version. This is due to the “high scalability and low fees” offered by TRON compared to its competitor. TRON’s CEO noted that for a small investor, using Ethereum protocols becomes quickly expensive. Therefore, TRON’s CEO emphasized that users in countries outside the United States are particularly benefiting from the advantages that the platform offers. He added further:
I think DeFi is definitely a good story. The reason is that DeFi, I think, has a lot of fundamentals and potential compared to ICOs (…). I think the DeFi is different because the projects have their tokens, but they also have a use case (…) If you look at TRON we have SunDAO with over $350 million, also JustSwap, the liquidity is over $200 million. So, I think this time DeFi has positive fundamentals.
Sun expressed that TRON is focusing on building infrastructure and continuing to bring partnerships to the platform. Additionally, Sun has been promoting the auditing of products on TRON so that they gain legitimacy and security for its users. In that sense, he advised not to invest in just one TRON-based product, but in many to avoid risks. On the future of DeFi and the potential business adoption, Sun said:
We have seen that the DeFi protocols provide a better service than traditional institutions. Today you can get better interest rate from Compound and Aave than from traditional institutions. In the future I see that you can use your home as collateral and take out a loan on a DeFi platform (…). Definitely many companies will try to move to DeFi platforms.
Sun invited the developers and users waiting for Ethereum 2.0 to migrate to TRON and argued that Ethereum miners will not approve the launch of Ethereum 2.0 because “they are interested in making money”. Therefore, they will oppose the implementation of a new system that will dispense with or jeopardize the miners’ profits. In that sense, he predicts an “Ethereum civil war”.