After multiple cycles of reshuffling in the blockchain industry, TRON, with its seven-year ecosystem depth, is launching a cognitive revolution about "value coins". As a public chain carrying 300 million user accounts, TRON demonstrates unique vitality under the dual-wheel drive of stablecoins and DeFi. Recently, TRON's upcoming heavyweight news may promote TRX's upgrade from "on-chain fuel" to a "digital asset target" recognized by the capital market. Focusing on how TRON builds its value moat, this SunFlash roundtable has gathered multiple senior crypto KOLs to decode TRON's underlying logic and future landscape of transitioning from "payment infrastructure" to a "global digital asset hub".
Seven years ago, TRON founder Justin Sun initiated TRON's journey with the manifesto of "re-decentralizing the internet". Today, TRON has long transcended the limitations of a public chain as a "technical testing ground", with protocols like JustLend DAO, Sun.io, APENFT, BitTorrent, and WINkLink forming an interconnected ecosystem loop. TRON's stablecoin strategy has also completed a key leap: USDD has built a decentralized over-collateralized model through its 2.0 upgrade, while USD1 relies on a US Treasury bond anchoring mechanism to connect traditional financial arteries. This "freedom + compliance" dual-track design preserves the innovative genes of crypto while paving a compliant bridge for institutional capital.
Recently, Justin Sun has frequently attended international venues and signaled listing intentions, marking TRON's entry into a new global phase with a dual-core layout of "compliant capital engine + on-chain value engineering". The following will deeply analyze through the cutting-edge perspectives of this roundtable how TRON leverages stablecoin and DeFi ecosystem capital synergy to build a three-dimensional moat spanning technology, compliance, and financial innovation, driving TRX's transformation into a global financial asset.
I. TRON's Seven-Year Evolution: From "Public Chain War" Champion to Ecosystem Stability Output Machine
Mr. Bai immediately pointed out TRON's industry status: "By TVL ranking, TRON is actually ranked second, only behind Ethereum." The core of this achievement lies in its "real application landing capability". Early users migrated to TRON due to Ethereum's high gas fees, making it the preferred chain for stablecoin settlement, laying the groundwork for subsequent ecosystem explosion. In the public chain war of "rolling narratives and stories", TRON completed a leapfrog development from infrastructure construction to a global ecosystem empire with a "slow but steady" rhythm, with its strategic determination and resilience standing out in the crypto industry.
[The translation continues in the same manner for the rest of the text, maintaining the specified translations and preserving the original formatting.]II. JustLend DAO and Sun.io: Building the "Yield Engine + Liquidity Entry" Dual-Core System for TRON DeFi
TRON builds a self-sufficient financial operating system through a "sandwich architecture" layered circulation: bottom payment layer (USDT/USDD), middle yield layer (JustLend DAO), and top trading layer (Sun.io), utilizing the funds pool accumulated from stablecoin high-frequency payment scenarios.
As the lending and trading hub of the TRON ecosystem, JustLend DAO and Sun.io drive efficient on-chain capital circulation through protocol-level synergy and user-layered design. After users stake USDT to obtain 8%-15% annual yield, they can mortgage and borrow TRX to participate in Sun.io liquidity mining, with comprehensive yield rates rising to over 25%. Peter from the crypto circle emphasized: "JustLend DAO and Sun.io form a 'deposit-lending-arbitrage' triangular cycle, significantly improving capital utilization." For small token holders, JustLend DAO has launched a GasFree service supporting USDT fee payment, completely eliminating the TRX holding threshold and attracting long-tail traffic.
As TRON's native DEX, Sun.io becomes the ecosystem's liquidity hub through low slippage and aggregated routing. The old master 0x pointed out that Sun.io has built a closed-loop system for DeFi capital flow through stablecoin trading and cross-protocol interoperability, currently achieving substantial progress: First, liquidity has become increasingly stable, with considerable depth and trading volume for trading pairs like USDD-TRX and USDD-USDC. Second, user experience is simple enough with low fees, forming habitual usage. Third, ecosystem interconnectivity is deepening, with Sun.io and JustLend DAO forming a deep "deposit-borrow-earn" closed loop where users can stake USDT for lending on JustLend DAO, then invest in Sun.io liquidity pools, with mining rewards that can be re-staked or exchanged back to stablecoins, reinforcing internal capital circulation.
The old master 0x concluded: "Once users trade, mortgage, and earn interest with USDT on TRON, they form a 'muscle memory'. This stickiness driven by real demand is the last mile of the moat."
III. TRX's On-Chain Value Logic: Triple Leap from "Silent Token" to Value Reassessment
The roundtable guests' dialogue revealed TRX's value logic: moving beyond short-term speculation, rooting in real demand, and achieving endogenous growth through economic models and on-chain closed loops. As the old master 0x said: "If you're chasing a tenfold daily story, TRX isn't the answer. But if you believe in 'flowing water not competing first, but competing in endless flow', it might be the most underestimated value carrier in the Web3 world." With RWA and compliance waves advancing, TRX may transform from "ecosystem fuel" to "digital hard currency", becoming a value target that crosses bull and bear markets, connecting traditional and crypto worlds.
Triple Value Support of Economic Model
Peter from the crypto circle pointed out that the core reason TRX has been long underestimated by the market is its simplistic view as a "gas token", but it actually plays a more complex role in the TRON ecosystem:
1. Stablecoin Reserve Asset: USDD, as an over-collateralized stablecoin, relies on TRX staking support, with current circulation exceeding $500 million, creating a rigid demand pool of locked TRX. Integration with USD1 will further expand TRX's staking scenarios, forming a "staking-stablecoin issuance-ecosystem expansion" positive cycle.
2. DeFi Liquidity Engine: In the JustLend DAO lending protocol, TRX is the core collateral, and TRX trading pairs in SunSwap become the "ballast" of DEX liquidity, with TRON protocol revenue reaching $760 million in 2024. Simultaneously, part of TRON's gas fees are returned to token holders through TRX burning mechanism, with deflationary effects gradually emerging.
3. Compliance Expectations: Justin Sun recently revealed TRON's listing plans and that TRX spot ETF has been submitted to the SEC, which, if approved, would become a compliant public chain token, attracting traditional capital with significant growth potential.
Endogenous Value Closed Loop: From On-Chain Activity to Deflationary Flywheel
Peter from the crypto circle further emphasized: "TRX's burning mechanism and staking yield constitute a 'double helix' value model - destruction upon use, interest upon storage, an economic resilience most tokens lack." The old master 0x further deconstructed TRX's on-chain closed loop from a technical perspective:
1 . Staking Governance: Users obtain energy and bandwidth by staking TRX, participating in super representative node voting, promoting network decentralization and security.
2. Burning Mechanism: TRON network introduced a partial TRX fee burning mechanism, meaning TRX will gradually decrease in supply as usage increases. This is a hidden value pump - the more active users are, the scarcer the token becomes.
3. Financial Tools: JustLend DAO supports TRX mortgage lending, Sun.io provides TRX trading pairs, collaboratively releasing liquidity and improving capital utilization.
Mr. Bai added: "TRON ecosystem has formed a 'user growth → increased transaction volume → accelerated burning → intensified deflation → increased staking yield' positive cycle, a typical characteristic of a self-driven ecosystem."
IV. TRON's Listing Prospects and TRX's Global Financial Asset Potential
Recently, TRON plans to achieve US stock listing by reverse merging with Nasdaq-listed company SRM Entertainment, viewed as a significant breakthrough in crypto industry compliance. This operation not only avoids strict traditional IPO reviews but also injects TRX tokens into the listed company's balance sheet, forming a "tokenized stock" capital closed loop and providing a new paradigm for crypto asset and traditional finance integration. As Mr. Bai said: "Compliance is the necessary path for industry survival. TRX's listing provides token holders with a legal risk isolation mechanism, which is both a strategic defense and an active breakthrough."
Simultaneously, TRX spot ETF application is progressing intensively. In April this year, Canary Capital Group formally submitted an S-1 filing to the SEC, applying to launch Canary Staked TRX ETF, the first spot ETF combining staking functionality, aimed at providing investors with a dual return model of "price yield + staking yield". If TRX spot ETF is approved, it might replicate Bitcoin ETF's institutional influx effect. Crypto Information emphasized: "TRX's securitization path and stablecoin scale effect make it a 'compliant bridge' for traditional capital entering Web3". He stated that TRX's US listing and spot ETF are compliance transformation signals, becoming the next "institutional entry vanguard".
V. Conclusion
TRON's seven-year journey is essentially a dimensional revolution from technical infrastructure to value consensus. Through the "stablecoin + DeFi + compliance" triple engine, it not only builds a closed-loop network of on-chain ecosystem but also opens deep embedding between crypto assets and traditional finance. TRON's ambition extends beyond technical iteration, aiming to reshape financial discourse and prove that blockchain's ultimate goal is not to subvert tradition, but to become the "connection layer" of global value.
