Danny
Good morning/evening everyone! Thank you everyone for joining us today and a special thank you to Justin for taking the time out of his busy schedule to be here with us!
Justin has to attend more business meetings today so we won’t be able to do a live Q&A segment in the AMA but he will answer the questions that he can that were previously received in the Google form and, we plan to do a live video session AMA with him next time as there will be more Venus x TRON cooperation in the future.
Danny
Justin, We are live.
Justin Sun
Thank you! I’m JUSTIN. Founder of TRON, CEO of BitTorrrent. I assume most of you already know me, you can also follow me on twitter.com/justinsuntron to learn the recent updates on TRON.
Thank you for having me here! And big shoutout to Danny for making it all possible.
Really glad to be here!
Danny
Thank You Justin! Let’s start with the first and most often asked question.
What are the benefits of the Venus Protocol for the Tron ecosystem?
Justin Sun
Great question
By supporting TRX, Venus Protocol knocks down the barriers separating BSC and TRON, bolsters the liquidity on the two well-performing public chains, and further ratchets up the scalability of the TRON ecosystem.
This cooperative initiative enables TRON users, especially long-term holders of TRX, to engage in a BSC-based DeFi project and earn additional income without selling their TRX.
I‘m convinced that the cooperation of Venus Protocol and TRON will bring value circulation, as well as enable exchanges between users and developers from the two robust public chains.
Danny
Excellent! Now the 2nd question that we received:
Can you share the purpose of this partnership between Tron and Venus?
Justin Sun
Sure.
There is no doubt that Venus Protocol and TRON need each other. While Venus Protocol is the most popular DeFi lending product on BSC, TRX, the native token of TRON MainNet, has been included in portfolios of a growing number of mainstream institutions and investors as TRON advances its compliance agenda across the world and its ecosystem thrives in sectors like DeFi, NFT, metaverse, and cross-chain solution.
The partnership between Venus Protocol and TRON aligns with the market needs, users’ interests, and our shared vision - to redefine the cross-border financial system and enable free circulation of transparent and compliant digital assets worldwide.
Danny
Thank you Justin. Indeed it does align very well.
Our next question was to Venus, Someone asked:
DeFi protocols are often targeted by scammers and hackers. Is Venus Protocol equipped with anti-hack, anti-scam measures to protect investors from investing in TRX?
I will answer this one…
Justin Sun
Sure, go ahead!
Danny
Venus Protocol has been audited by many professional paid auditing companies and also a few independent and emerging auditing firms with entire satisfaction. Everyone is responsible for their wallet and their finances. This is Decentralized Finance. We have never been hacked and if we take a lot of time to release our products, it’s to ensure security first and always! In the DeFi world, you are your own master, never share your private keys with anyone, never reply to Scammers sending you private messages and be extremely careful with fake airdrop tokens being sent to your wallet. Never interact with smart contracts that you do not know or trust!
Danny
Next question is for you Justin. The community asked:
What do you think of the TRON community on Twitter and your evaluation of their work to introduce the TRON network?
Justin Sun
Absolutely agree with you. Never interact with the smart contracts you don’t trust!
I believe that communities are always instrumental to the growth of blockchain projects, whose success has everything to do with community cohesion and interaction.
Known for its size and activeness, the TRON community attracts new members and gets more understanding and support via promotional efforts on social media platforms.
Meanwhile, it has also managed to attract the cream of developers and community members in the world to join TRON in its journey to a brighter future.
I want to express my gratitude to all community members for choosing and supporting TRON. I hope they can stay with us to develop this promising community with their strengths.
Danny
Thank you for this Justin. Next hot question on our list today:
The Metaverse is so hot so quickly, But DEFI land is more significant than NFTs and Games in the long run. What are your thoughts on this?
Justin Sun
The insane popularity of the metaverse is attested by the actions some WEB2.0 players have taken, as well as the performance of relevant projects and tokens.
However, at the current stage, DeFi’s title as the most significant and most influential field in the crypto world is not likely to be snatched away any time soon.
As of now, DeFi’s total TVL across all smart contract platforms is well above $250 billion, whilst its infrastructure has been more complete than NFTs and GameFi after several years’ growth.
This year, the rise of emerging public chains and the material advances in cross-chain connectivity has served as another boost to DeFi’s growth, with DeFi2.0 already in the pipeline.
That said, NFTs and GameFi are also integral parts and indispensable use cases of the metaverse sector and are equally important to the crypto sphere in 2021 and beyond.
Compared with DeFi, NFT has a lower threshold, attracting an increasing number of new users into the crypto field.
With its ever-improving infrastructure, applications, and ecosystem, NFT has seen explosive growth and has more to offer down the road.
Danny
Thank you! Next question everyone is very keen on is:
Are you planning to deposit/ bring more liquidity to venus protocol?
Justin Sun
Venus Protocol is a core lending & stablecoin issuance platform on BSC. Therefore, TRON recognizes its strengths and is optimistic about its prospects.
With a shared mission of breaking the barriers among chains, TRON and Venus Protocol hit it off and will power each other in the future.
Our partnership is also in line with TRON DeFi’s long-term goal. TRON has gained a firm foothold in the stablecoin field this year, and the cross-chain solution BTTC is also going live soon.
We’ve always been active in cooperating with quality projects and will continue to make the industry prosper through partnership.
Danny
Thank you Justin. I am really looking forward to it! We have a bright and shiny road ahead!
The next question is:
What is Tron’s value-added proposal to venus? Tron being added to Venus helps Tron lock up Tron and helps the Tron supply. What will Tron be doing for venus? Can you be specific please?
Justin Sun
Having TRX available as a BEP20 TRX token on Venus and bringing the possibility to all TRX holder’s to deposit their assets on Venus and borrow BSC assets is a giant step to give a chance to TRON user’s to explore more options and engage on BSC as well!
Possibilities are endless. Venus is opening the door to over a thousand more dApps to the TRON community.
Danny
This is indeed of pretty good value!
Justin Sun
Totally!
Danny
Next question:
Is it planned to have Venus protocol integrated into some Tron products / portfolio (DeFi)?
Justin Sun
We’ve already made a string of moves in DeFi. We’ll likely work again with Venus on other projects soon. Stay tuned, everyone.
TRON has already built a prominent presence in the DeFi sector with well-rounded financial infrastructure and business lines.
Some of the flagship products include SunSwap, the largest decentralized exchange on TRON, JustLend, the decentralized lending protocol, and SUN.io, the first TRON-based platform that pools stablecoin swap staking-mining, and self-governance.
TRON is also gaining traction on the stablecoin front. The circulating supply of TRC20-USDT has surpassed 39.9 billion as of now.
Blessed with inherent advantages such as efficiency, security, high speed, and low cost, TRON will work for sure to leverage its booming stablecoin ecosystem along with other promising projects to wield more significant clout in DeFi and even beyond.
Danny
Thank you Justin. I am really looking forward to our next cooperation and seeing more of our joint efforts in the DeFi world.
Our next question is: Do you have any near future plan that can excite both Tron and Venus’ communities?
Justin Sun
Recently, TRON has had a lot of great news and significant plans, which are much anticipated by the global community. We really appreciate your attention.
First is our significant move in the cross-chain field. The BitTorrent Chain (BTTC) mainnet is going live on December 12, with the BTT redenomination plan implemented. As the Web 3.0 era approaches faster, it is critical to breaking down the information silos between different blockchains.
BTTC comes right in time to be the trump card for the industry. BTTC will support asset exchanges among TRON, Ethereum, and BSC in the preliminary stage, and you are all welcome to try it out. The BTT redenomination plan will make BTT more accessible for investors and boost the future value of BTT.
Second, TRX ETN, TRON’s compliant ETN product in the European market. It has now come to the top of many institutional investors’ lists. As of December 7, the TRON ETN held by the world-leading asset management firm VanEck is worth over 1 billion TRX.
We will continue to expand the global presence of TRX and make it compliant for every trader. We are confident that TRX has the potential to become a sovereign digital asset in the future.
Danny
Wow! Great!
Next question came from the Tron Community:
Justin, how much do you love Tron and it’s 5 babies: Just, BitTorrent, Sun, Wink, APENFT and how do you intend to support your own assets further as we go along?
Justin Sun
TRON ecosystem has seen remarkable progress on all fronts, with steady advancement in NFT, stablecoins, and DeFi, as well as breakthroughs in trending areas such as GameFi and the metaverse.
Not long ago, SUN and the JUST ecosystems of TRON formed a solid alliance to build SUNSwap, the largest decentralized exchange on TRON. And now arrives BitTorrent Chain (BTTC), the latest milestone for TRON and BitTorrent. A new era of connecting all chains is clearly on the horizon.
Besides, we have a good harvest in the NFT world. Once again, we purchased the NFT avatar at a record-high price. We have also won the bid for The Nose (Le Nez), an iconic work by the venerated Swiss surrealist artist Alberto Giacometti, and donated it to APENFT Foundation to power the growth of TRON-based NFTs.
These achievements are the result of our well-rounded planning. In the future, we will keep pressing ahead with all our projects; it is for TRON’s continuous and comprehensive growth and, more importantly, for the community to enjoy a TRON network with improved speed, security, and stability.
Danny
Excellent! A lot more to come for both our blockchains I am sure!
Next question that was asked is:
Justin, do you see any future projects cooperation between TRON and Venus related to the world of metaverse?
Justin Sun
The metaverse has become another trend in the blockchain industry. It’s not mature, yet it’s promising. As a virtual space based on the imagination of the future online community, the metaverse extends from pan-entertainment to cover every corner of the Internet.
TRON’s virtual building complex, one of the priorities of our metaverse strategy, has recently been completed in Cryptovoxels. Designed and constructed by MetaEstate, the famed real estate developer in the metaverse, TRON’s buildings came on the heels of Superare and SpaceX to be another gallery featured in Cryptovoxels.
I’m all-in on the growth of the metaverse all the time, and the completion of TRON ecosystem-themed buildings represents TRON’s accelerating efforts to lead this track. We have seen a smooth and fruitful partnership with Venus, and both sides are considering further cooperation in the future, so please stay tuned!
Danny
Thank you Justin! We are all really looking forward to what 2022 will bring to both our ecosystem’s!
I know this is all the time you had for us today so, on behalf of the entire venus community, Thank You very much for your time and we are very keen to see what’s coming next!
Justin Sun
I am really grateful for the invite and a chance to share my thoughts with all of the Venus Community!
We will need to make a video livestream in the future
Thank you once again!
Danny
Noted! I will take you up on that offer!
Justin Sun
Perfect
Danny
Thank You Justin! Have an excellent weekend and talk to you soon.
Justin Sun
You too
Bye bye everyone!