Justin Sun's Tron Gone Stealth Mode - Is $TRX Still Useful?

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Written by

#Club1BCH

1 year ago

In community: Club1BCH(4ac4)

Topics: Tron, Cryptocurrency, Blog, Crypto, Family, ...

Tron was a cheap alternative back in the hay days of crypto, but in modern days it failed to maintain in the spotlights. It was the cheapest ways to move USDT, and one of the early chains to implement DeFi, lending and borrowing. However, new EVM layer-2s created a new synergy for decentralized finance and even cheaper transactions. My dilemma ... is TRX still useful?

The TRX token is powering the TRON Protocol issued by TRON Foundation. The TRON Foundation started with ambitious goals... to build the infrastructure for a truly decentralized Internet. The vision was to create an entire TRON ecosystem, with abundant application scenarios that power transactions and applications on the chain. Let's label this one as a failure!

TRON was founded by Justin Sun, an Chinese entrepreneur, in 2017. One year later, TRON switched the protocol from ERC-20 token on the Ethereum blockchain to an independent peer-to-peer network.

The TRON protocol distributes computing resources equally among TRX holders with internal pricing mechanisms such as bandwidth and energy, promoting high transactions per second, high reliability and no fees. It was built as an ... Ethereum killer!

Justin Sun gone stealth mode as well, keeping away from the front page of the crypto news, and TRON lost his hype. The lack of "breaking news" from the Tron chain made me ignore both $TRX price changes, and forget about long time borrowed tokens.

When Binance removed all earning options for UK members, I sent a little bag of TRON to their native wallet, and remembered to check the other assets I had in there. I sent 324 TRX to Tronix, and the fee reminded me about the good old times when TRC-20 USDT was the best option for CEX transfers.

Is TRX still a thing? If you zoom out... you will see that the token didn't suffer a 90% drop during the perpetual bear market. Tron had an an all-time-high in January 2018, at 0.23 USD.

Somehow $TRX maintained the value per token better than other OG cryptocurrencies! The lowest value was registered in November 2017, at only 0.0018 USD. The current value is approximately 65% down from the ATH, and 4651% higher than the ATL.

Maybe the chain is niece, or maybe the Asia still loves TRON? Maybe JustSwap kept things running smooth in the background? JustSwap was launched as Tron's alternative to the ETH based Uniswap, aiming to provide the solution for decentralized liquidity on the TRON network.

Also back in 2020, it was launched the yield farming between the JUST (USDJ) and the JST token. The process was created to mimic the success of yield farming on Ethereum, and the users were able to use their active tokens and assets to generate the highest yield.

I probably added my $TRX for lend soon after the Just Swap launch, and three years later I found a nice crypto pot. Found a decent bag of TRON, some weird stable called USDD, and even $JST and $SUN! It looks still sunny on the Tron blockchain... when I was thinking it's all doom and gloom!

My previous dilemma shifted and generated new hot questions! Will TRON reach top value in the near future? Is the jTRX farming good enough to keep my tokens staked? Or ... should I move the assets to layer2s with more potential for growth?