[Bnote] Steemit and TronFi, was it wrong in the past but right in present?
[Sonya's Bnote] In February, the news of Tron's takeover of Steemit, the social networking app of Steem, surprised many in the blockchain market. At the time, Tron took over Steemit’s social networking service system and changed Steem’s old tokens to Tron’s new token. Witnesses on Steam, however, opposed with the decision and started a soft fork urging a token freeze. The conflict intensified as Tron initiated another soft fork against the witnesses. The situation has finally concluded as the witnesses initiated a hard fork to introduce Hive, a new blockchain. #From Steemit to DeFi Justin Sun, the founder of Tron, in August started JustSwap, an alternative to Ethereum-based Uniswap. Sun was not fully satisfied with it, and introduced “Sun.io,” a replication of DeFi’s bitcoin YFI. The total supply of SUN was about 19.9 million. Users who deposit tokens such as TRX, JST, USDJ, WIN and BTT are given with SUN. At the time, Sun was given with a new opportunity— Decentralized Finance (DeFi). As DeFi started booming in the market, Sun started replicating the popular DeFi protocol and came up with TronFi. #TronFi is Justin Sun’s “toy”? Sun’s TronFi has been establishing a strong presence in the market. It's because it has no transaction fee and it can handle 2,000 transactions per second, which was a better option than Ethereum. By cooperating with centralized exchanges, TronFi has been attracting investors rapidly. PEARL belongs to Singaporean-based cryptocurrency exchange Huobi, while SAL belongs to OKEx. With this, Sun attracted many investors, saying that they can make token transactions easier than anywhere else. Sun’s TronFi has some limits. It has an insufficient pool and no DApp, a computer application that runs on a distributed computing system. The most serious problem of TronFi is that Sun has been dominating the authority. Nothing can block him, which means that he holds all control of TronFi. Some even say, “TronFi is a toy of Justin Sun.” This might be good news to investors. For investors, Justin Sun is a “certified check” for the TronFi. They don’t care about the future of TronFi. They only care about how much they can earn with it immediately. #How long will it last? Doubts are being raised on how long TronFi can last in the market. With the complicated characteristic of DeFi, TronFi is already showing some signs of a bubble. If community and governance don’t work properly, it would lose its popularity in less than a minute. It remains to be seen whether TronFi is really a new and good chance for Justin Sun.