jakiro
Author: Revc, Bitchain Vision
Preface
TRX has started a recovery cycle since 2023 and has recently broken through new highs.Tron is also regarded as a cash flow cow chain in the crypto industry, and its position as a stablecoin channel between the CEX market is stable.Due to Tron’s low governance and technical complexity, Tether chose it as the starting position for stablecoin.The issuance of TRC20-USDT exceeded 60 billion in July this year, with nearly 13 billion new pieces added in 2024.The explosive growth reflects strong demand for TRC20-USDT.
Tron Network Revenue andCost mechanism
The good performance of TRX prices is closely related to its Gas costs and price transmission mechanism.The market often reveals that Tron Network’s revenue has hit new highs, with its 30-day agreement revenue reaching tens of millions or even hundreds of millions of dollars, and the public envies its ability to make blood.
Source: Tokenenterminal
butactuallyTronThe revenue from the Internet is transmitted to the currency price performance in a very simple and highly recognized way.,Income does not go directly into Justin Sun’s pocket.
Tron uses the resource model to perform on-chain transactions, and the staker will obtain resources such as bandwidth and energy.As long as there are enough resources, you can transfer tokens and execute smart contracts for free.If the resource limit is exceeded, TRX needs to be used to pay for transaction fees, and the paid TRX will be destroyed.Therefore, Tron’s revenue comes from TRX destruction in transaction fees.Recently, some people in the crypto community have also asked for moreTronNetwork energy,Indirectly reflectsTronThe Internet has attracted new attention.
Meanwhile, stakers and block producers will receive newly minted TRX as a reward, about 5.07 million TRX per day.As long as more than 5.07 million TRX is destroyed every day, the circulation supply of TRX will be reduced.According to Tron official data,TRX has been deflated for more than two years.
Since the issuance volume is lower than the destruction volume for a long time, Tron Network has good revenue fundamentals.Under this fee mechanism, all TRX holders can enjoy the dividends of Tron network development.
Current status of Tron ecological development
Tron’s current revenue depends on USDT transfer business. In contrast, DeFi, games, RWA and other companies are developing slowly. Recently, the meme sector has led Tron’s on-chain handling fees to hit a new high, and the official immediately adjusted and optimized the handling fee mechanism.
Tron missed the DeFi Summer explosion period, and the objective conditions and environment to make up for the homework are not yet available.The development of public chains requires the correct number of hot spots in each cycle,For example, DeFi and NFT are used to Ethereum,StablecoinTron,And the futureTronIt may also usher in a track that adapts to its own characteristics,LeadTronSecond explosion.
The author believes that Tron can try the RWA track. Although he is not optimistic about the explosive potential of the RWA track, the main RWA assets are too complex in the link of legal and attribute verification, but Tron may be more suitable for the RWA track, the largest asset on Tron.USDT is actually the largest RWA asset, and Tether reserves stablecoins on the U.S. Treasury bond issuance chain.
RWA is currently mainly based on low Alpha assets, with basic annualized yields benchmarking US Treasury yields. In the bull market, the crypto market is expected to be dozens or even hundreds of times in the bull market cycle, so the direction of Tron’s RWA is, attracting high Alpha assets in the real world, at least several times the yield of US Treasury.Most of the high Alpha assets are securities to be listed, but because SEC supervision has also blocked this path, the goal of RWA tokenization can be productive assets rather than stock assets, and there are also reliable and simplified laws.Procedures and potential returns, and there is a certain market size. I hope that Tron can link a wider capital market and users through the RWA track.
SunPump
SunPump has issued 76,785 meme coins so far and has received more than 30.81 million TRX revenue, equivalent to nearly 4.63 million US dollars. The peak of day trading volume and revenue once surpassed Pumpfun.
However, the recent SunPump trading volume has begun to decline, which may be due to the weak period of hot spots, or it may be that under the gap in consumption power between the East and the West, Oriental users are more sensitive to the cost of friction of PVP and are prone to transaction fatigue. In addition, Oriental communities are cultured and socialDue to the relative restrictions of media platforms, the MEME atmosphere is not easy to form and widely disseminate, but the MEME sector is still a sector worthy of attention and development. Justin Sun also has a wide influence in Europe and the United States.
Discussion on the possibility of Tron’s future development
Although homogeneous competition in the industry cannot challenge its leading position in the stablecoin track for the time being, there is no rich scenario to allow funds to be retained and used only as a channel, and the ecosystem will not advance or retreat.Currently Tron can explore on several levels:
1.Expand the number of super representatives,Let developers form a balance at the governance levelTronA higher degree of decentralized perception.The first principle of public chains is decentralization. The protocols and users on Ethereum bear huge interaction costs and are willing to pay for decentralized designs, because without decentralization, there is no political correctness. The Ethereum ecosystemProjects have strong political correctness advantages. Solving Ethereum’s problem is to solve the problem of decentralization. Although some protocol projects are far from the real needs of customers, most of them cater to the infrastructure imagined by VCs, they only need to convince VCs and transactions.Therefore, the project was successful after obtaining TVL and Leek Resources.Therefore, the underlying technology design and governance of a public chain are not decentralized enough, so it will be difficult to do ecology and projects.
Although there are currently 417 super representatives of the Tron network and are of medium governance level in the public chain, the governance model can be transformed into a more active model, making Tron governance and operation more transparent.
2.Optimize the allocation mechanism of TRX,Strengthen the perception of incentives for application layer construction,Developer contributions to quantify application layer,The developer isTronBring users and funds,You can get a reward share,Further combine the broader developer and hackathon community,forTronThe Internet brings vitality.
Fud and potential risks
Justin Sun himself is the founder of a very distinctive crypto project. He has extensive exposure and influence on social media, international political stage, and financial markets. Whether the projects related to user Fud are intentional harvesting or uncontrolled Fomo emotions.This leads to violent market fluctuations and then out of control, which is difficult to objectively confirm, because it is difficult to verify the subjective behavior of users during the transaction process, which brings difficulties to retrospectively and divide rights and responsibilities.But I also hope that Justin Sun can further respond to market and user concerns and more actively fulfill his platform responsibilities.
The regulatory risks faced by Tron mainly come from prosecutions at the SEC, accusing him of offering and selling securities without registration, and with the tug of war with regulators, there is finally hope that it will settle in the form of fines.
Why can’t Chinese people create ecologically active decentralized public chains
Chinese are good at building centralized exchanges,The Chinese-speaking area is the Internet market with the largest user density,With unique advantages in production and research and operation capabilities,However, the operating concepts of exchanges and public chains are completely differentIn the early stages when Web3 has not yet been adopted on a large scale, users who are facing any Web3 product or public chain are most likely to be Builders in the same industry, with the same intelligence and ambitions, so the product is second-hand, with allocation priority, and good consensus and allocation.The mechanism project has higher efficiency in starting.
Another point is that a few Chinese are accustomed to making plates and land grabbing, and use the most brutal plundering methods to obtain the greatest benefits, which is also due to the high degree of inclination in the Chinese-speaking areas in recent years.Whether Web2 or Web3, decentralized communities always appear as such monopoly and destructive identities such as VC.Take the Chinese-speaking area and the Indian market as an example. Because Chinese companies have been leading the development position for several years, they have carried out destructive competition in the Indian market, regardless of the objective development stage of the Indian market, so they were swept out by the Indian government. Of course, there are also conservatives.Influence.
If the concept of decentralization of Web3 projects does not end in one go, then when it comes to face the market and users, there are already a large number of vested interests in the car, and users and leeks are just carrying sedan chairs.The most intuitive comparison is that when Bitcoin was widely accepted, 80% had not been mined yet, but today’s Web3 projects have more than 50% of the tokens have been allocated at TGE time.The eating habits are ugly and stunning.
summary
I hope that public chains such as Tron are the first stop for Chinese people to enter the crypto world, and similar to Solana is the first stop for North American Web2 developers and capital to enter the crypto world.Chinese people can have a highly decentralized autonomous community, a place where Web3 projects take root and sprout and grow.
At that time, Justin Sun will also become Sun Wukong. Not only is a businessman who has successfully adapted to the rules in the traditional sense, but also a representative of the anti-internet forces and capital VCs. He is carrying the “fight against Buddha with decentralized idealism.”.
After all, the wheel of history rolls forward. Any progress in productivity and production relations is to overturn the decadent old world and open up a channel for class rise. The meaning of entrepreneurs may be to make the streets less camels and blue yellow.Clothes.
