TRON Founder Announces $1B Fund For Expansion

TRON Founder Announces $1B Fund For Expansion

Table of Contents

TRON founder Justin Sun has stated that he plans to establish a $1,111,111,111 fund to power the expansion of the TRON ecosystem.

Justin Sun’s Expansion Plans For TRON

The TRON MainNet was launched in 2018. Since then, the protocol has successfully expanded its ecosystem under the leadership of Justin Sun to include DeFi, NFT, stablecoins, and distributed storage. The TRON ecosystem currently has over 59 million users and is one of the world’s top three public chains.

Continuing with his policy of strong leadership, Sun recently announced his plans for the expansion fund on Twitter. 

“We should have a $1 billion fund dedicated to TRON...Ok. For some reason, everyone is suggesting $1.1 billion fund instead. How about we do $1,111,111,111 instead.”

As per reports the fund will be used to empower developers with more efficient and affordable developing tools while enabling low-cost transactions and allowing network protocols to yield more returns.

TRON’s Expansion Into NFT

The expansion plans are likely to include TRON’s further developments in the NFT space. The company launched the first NFT standard TRC-721 in March 2021. Additionally, TRON introduced a more efficient infrastructure to transform artworks into NFTs on the blockchain for the BitTorrent File System (BTFS). 

Furthermore, Justin has already accumulated world-class artworks worth $2.64 million from major artists like Pablo Picasso, Andy Warhol, and crypto artist Beeple. He has since then converted these art pieces to NFTs by donating them to the APENFT Foundation. This could indicate a decisive move into NFTs by TRON soon enough. 

TRON In DeFi Space

TRON’s DeFi growth has been extensive under Justin’s leadership. The company’s reach has expanded into stablecoins, wallets, lending, exchanges, storage, cross-chain assets, liquidity minding, oracles, shielded transactions, social networking, and games, among which JustLend and JustSwap rolled out by TRON have risen to be two hits. Justin has been pushing TRON to go all-in on stablecoins. Once allocated, a significant portion of the $1.1 billion funds will most likely be channeled in this direction. 

With over $10 billion in daily stablecoin transfers, the TRON network already supports the on-chain circulation of all major stablecoins - USDC, USDT, TUSD, and USDJ. 

Additionally, the latest launch of the cross-chain scaling solution, BitTorrent Chain (BTTC) by TRON in partnership with BitTorrent, will attract users from other chains with its diverse ecosystem. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Investment Disclaimer
Related Topics: 

You may like