Justin Sun’s 2021 DeFi Vision for TRON Network | LA Blockchain Summit

Great, welcome to La blockchain Summit. Hi Justin. I'm so happy to see you again. Blackhawks is always good to catch up with you so obviously you don't need an introduction but I will let you briefly introduce yourself before I get into my question. So I'll just tell the audience to you although everyone should know who you are already. Hi everybody, I'm just new song. I created his own that work almost 3 years ago and right now we are in these past three years we has to go out quietly into

wild the largest Block Chain protocol in our industry. So happy to share like my salt on the blockchain, the tree and also I've been so great. Wonderful for Justin Bieber by is really hot right now. And so that's kind of what I want to focus largely on during the fireside chat. So I guess the first question I have for you is maybe, can you explain what D5 mean and then I'll just go into some more questions from their Auntie fi Bistro for a decentralized

finance which means a lot of the finance. Initial applications instead of like getting out the traditional Financial infrastructure and control by smart contract. I can give you an example. So basically I try on that work, we have, we have a very competitive decentralized exchange name is called Joshua. So instead of like putting your money in centralized exchange and a training on Central and he says you can just trade on Jay and the youth contrivance you don't you register account are you don't need to do anything

as a cute. You are treating anytime basically a party for 7th and the without like what about like any of the outages. System warlike traditional industry for the day. So are you going to your right? As long as the blockchain is running the fayan secure, you can pretty much any time. So that's Keef. I got it got it similar to UNI swap like Lounge 4 weeks ago. All right. Now, we already like talk to tax in this industry offer daily transactions in Suave by 20%. And I think our daily trading volume is. Sometimes is around like plenty

30% off sometimes. Is like 100% or even more. Got it, and I'm assuming in terms of like, you know, cuz there's a lot of problems, defy film new, but I think we're also seeing a lot of problems with the space, just due to like, you know, scalability and high transaction fees and all that. So we'll try and fix these problems with with the DFI solutions that your building. Is that your intention? Yes, exactly. So the success of that's why I think he's not like the pencil

itself is a noun, the high scalability and the lower transaction fee at work. So I'll Point sample. If you are like a Trader on Eastern right now, if you want to like staking, for example, like 10K u.s. dollar worth of either. What other cryptocurrencies are, you all? I can make a make a lot of money by doing the yellow farming and the trading in Your rent because every transaction at the high time is cause you're a hundred bucks, right? Even like lower times is cuz you like 10 20

box, which is a lot. If you only have like 10 k u s dollars, right? It's either Eva make up for all the transaction fees and also the fee is lower, but you like 0.01 like sounds like you are Scholars. So, like, so that's why I recently stopped people from Indonesia and the Nigeria, like those people, like trading platform and the trunk, if I project, I think it's very easy, easy to understand. Because for the people in the United States, they can't maybe or for like twenty

bucks for the transaction fee. Possible for people in Vietnam and Indonesia in Nigeria and the indolent life evolving countries. The transaction fee is just too high for them. Yeah, that's a really good point. You make, I'm curious. Why you think we're seeing the rise of defy? Now, I mean, is this a new concept or has it been around awhile and you know why all the sudden now? Yes, there is no fault. I think defy, the reason is because I believe she has

lots of the fundamental and a potential on compared to icoh. So, we will be at that time is just like a lot of the projects through their toga racing money. Even there has lots of the successful, as your story, like a Syrian, like strong, we all comes from the Ice Age by. The problem here is lots of the Ico. I hope they don't have those at all, and they didn't have the traffic and the use of case. I think the guy is kind of difference. You can check a lost hope that you see, on Project, like, compound Navy. And recently, we, we got like, Wi-Fi

House of the transaction has three problem. But you can see the bike and the make her the old bike over 1 billion US dollars in there now work, right? Even in terms of the if we see in the traditional Finance way or it's not like small number to. And also of course if you can check on trial we have like some do I owe a lot like more than 350 million dollars and also tell swab Friday is over two hundred million dollars. I believe the financial infrastructure for the people in the blockchain district. And also

recently we just cover a whiz wbtc or they have over a hundred K, BCI work now and I believe they're going to have even bigger potential Antoinette work. So that's why I be different. If I sorry it's just I believe that they have more fundamentals and I believe all the potential going to be a huge Right. Yeah, I agree and I just read that news that Tron warm that relationship with dick. Oh, so that's awesome. And I think we can expect to see some really great things there in a little bit

on that. Like what you think that will start being because of that new relationship. So tether on issue on USCG? Heather, I think it is like a year ago. So, in 2019. So at that time, usdt is only available on Omni at least you're up there. If we see is my player one or both layer is very slow and I passed. So we have seen a lot of the times when folks like, equine are working in the East is hearing that word. It is very busy. A lot of the trailer, they can't even trade. Green different kind of the exchange at those peak time. For

example, like March 12th, you know we remember this year and the price like Rodger a lot. A lot of the people trying to Arbys charge between here and kind of the exchange and the is very hard to do that in cost like all the transaction fee and the old so I can process the transaction. So that's why we have seen in the last year in the last year. Usdtl Trail have grow from 0 to over four billion dollars and users is roll from 02 right now. We have our like $1000000, I think it

1.2 million dollars at one point. One point you Amelia count now. So I think we're going to be the same thing is too. So Ruby Tuesday, Eye Serum, which is very successful or are we have seen over at like a hundred k? A b c on it and if you want to move like PTSD from different kind of the exchange, I think there were definitely going to be a very a good option for you so you can just move BDC like Trump. So you enjoy zero transaction fee and the innocent have directions to move your

BBC on on their work. And the if you are if you want you all to redeem those BBC, a back to the BBC on the malcha. You can just do it. So it's also very easy to do that. So that's why I believe Clary, wispy, call Joyce to enjoy the PTC at the same time. Enjoy low transaction fee and the instant speed Errand, too. So we go. We also a issue WETM on their work, which means, if you are as your lover, you can deposit, your is your an orange ball and the GameStop Luigi are on trial, and you can move a table, tbsp, train, all different kind of dicks and

this creates a lot more liquidity and defy. But my question is this, because and I'm not a defy expert that you are. So that's why I'm asking this question. Do most defy tokens are honest. But now we're seeing cross chain money market like Kava. And there's another one. I was just reading about equilibrium is is what you're doing considered a cross chain. Money market type situation, or is that something completely different from from like Ava Yeah, sure that. When they first of all I think we are

creating the same kind of the device ecosystem as you are. And so today like at work Prada, you can see a same version of trauma products to make her down on Tron, a squat jumps table on the wall by Justine and the union swab is Kordell swab are you can see on call at work and also for Wi-Fi and the AV and the compound. You can see all the founder of Ohio is evolve. Money markets are found at work. And also we are, we also likes you a whole different kind of the Cross Chain Solutions at you bring other stable, wine or a

digital assets to San Jose or to bring like USD. I'll try and we collaborate with sponge brain autocar trial and the week library with fecal. Want you to bring the WBC. I think we I think we are doing both size, right? So across can trading or a conversion. Right? We we going to partnership with different kind of bad that he's sure to bring them on trial. Now work and also the same time we have all these kind of duct defy infrastructure, we're building right now. So I think we are doing both things in the parallel. Did I like I'm focus on one or more

than another. Got it. And what are your thoughts on? Because defy has a lot of potential, I'm learning this now. But how can we ensure that the projects are? You know, I meant. How do we ensure that these projects are safe? Kishore Daphne by seduction. So first of all I think if you want to buy a lot of money in the Define product or your dad needs, you chat about all the report so that's something I am urge like everybody in our honest you are reviewed your other reports

definitely buy a search party irrevocable on some party for sure before you can get into the deep I gay. I think he's he's very important of course as long as we are. Also trying to persuade like everybody doing Define project on trial and you do cats or the report for sure, to make sure all the safety of the community. And also I think the second keeps is about diversification. So for example, if you have like 10 kg, You can see. Why is it? The pancake yards are in two are like 10:10 place.

So when play you have like 1000 grx and then you can just kind of T-Rex in two different kind of the project, because I had an early stage of our project return is very hot. So if you are above us into like a good one, you can make five times even have some money more than before. So which gave you a lot of Leverage and the space call Lucy money in our apartment. So that's why I don't like recommend you too bad. All your money in one product because it's too risky. You may lose all your money but I

think you have divided you wanted if you apply for you in different parts and enjoy the revenue or or the property investment property from one project. And to make up for the loss of our products. So, that's, I think it is. It's a bad way. Especially in these kind of the stage, right, or reason to live with. And that he had the same, you know, lots of people recently revised email again. So, that's why I, I believe, we always meet you focus on that receipt speak Asian

are especially when we are trying to invite some like very risky process. So you mentioned meme tokens. Can you just explain what that means? Some people might not know and they saw me. And I think the volume We have seen like and have tea is starting you taking taking off. So basically, the Min Togan is the meme Community going to create loss of the NFC and the real product, or if you want to see there is like some fundamentals, I think it is more like the Cracker Barrel. I have to focus on the beauty, brands of

products are more, like the klaxons wee-wee-o like being fascinated with where we are like like a child, right? It's all-wheel. I'd like some kind of the I'll space world like like togas. And also I also got some Claxton from Game of Thrones, you know, it's kind of the stuff so is kosher is more about me and is more about our conscience. So I think this is definitely a very interesting. Yeah, definitely. So I'm wondering if you know about this. Basically. I think that the defy space were seeing now which really

caters to crypto investors will eventually open up to the Enterprise space. Kind of like we saw with with no Bitcoin. It was really just about Bitcoin at first but then it became this whole thing with Enterprise blockchain, you think we're going to see the same thing with the fight? Is it going to become Enterprise before? I use eat like a example for stalled before that, you know, we have seen be quiet, be quiet for sure. Even in terms of the market cap, I think it is very

large if you even saying it's in the traditional way, our traditional Finance, where is over 200, building a u.s. dollars of the Manteca. So there's some traditional company. Also, doing like, if you have like to be quiet as a cloud, bro. You can pull in the landing light on a Fiat, right? In the other way. By the way, have seen like old to be by even provide like a bad her Services then those traditional institutions, right? So today in compound Navy, you, you can't even get better

interest then those traditional institutions. So that's why I definitely see me like, in the future. You can even put you or like household as a chiro and lending money on the card. So you will see you in like all the additional fine as as as example, I took everything. How's our last day at? And the old kind of since you can pull them on the platform and the gal loans. So that's why I believe. All right now we already gave a very fantastic user case

right now. So that may allow some of the end the price, we're trying to move on different platforms. And the blockchain is not like only benefits of crypto in the trick is going to ban. If it's like the Enterprise user case is going to panic disorder. Right. Definitely, I kind of want to also talk about aetherium 2.0 and I want to know your thought on that because they're about to launch phase, zero and I want to know how Tron compared to East 2.0. They

don't even need to wait for his because I don't even know when they're going to accomplish it. Just like moving to a child that work. Or we have about a POS like years. Before you see him and the deliverer, like all the infrastructure and the, we are even like a compatible to easirent, so you don't even need you. Like, all they needed was my contract, you can just like my braids on to 2/12. You know, it's very easy and simple. And the four is here, if you want it all, I think I'm not like

very optimistic because it is your husband. You are piece by piece. You pointed out for almost wish we? We, we just choose, like, seeing the proposed bylaw of the CRM Network migrates, you cos physically only about technical side. So, it's also about like, whether the people in is Serum is waiting to migrate Ruiz hearing 2.0. The mass is really think. Paul Ryan recently Assyrian miners, make like punzel, the billions of tons of the meanings of the US dollar, like, everyday face on the transaction fees. If you know, because of that

is your network, if they really needs to my grated Eastern 2.0 is now Voting rights to have their deer was. The Saint Pete. Be heard by everybody else is 100% / minor. So if I'm a easy reminder, I don't want to move. And I, I don't care, like, people is here and is struggling. And yes, if you come over, I just want to make money using Eucerin, and I make my calls over money. So that's why I think the DeWalt her proposal in his urine is very hard to pay. I think eventually all the miners but it won't like both

for yes because he's going to mean like she called from convert to like a POS which means all the miners going to lose their power and lose your way of making money. And the old mining machine day by going to Go to zero. I don't think they'd taken a breather with his proposal at all that has like my like on his opinion and if sound like the Whopper in the DC area going to push this like really hard. I think the worst case scenario is we will have like even a new form in the future. So

like minors going to stay like in the original is a chance they might call for like migration to a new experience, something like that so which I think is equivalent to like a serum Civil War so that that's why I'm not like you need to take about this at all because you are you know like touching like the real like somebody else. Right for sure. I mean I guess you know phase zero is supposed to launch sometime this year so I guess we'll see how that plays out soon. Changing the

subject a bit. I'd like to know if there are any updates with BitTorrent. How many downloads there are have? You know, how is that going to be Horace? A flock of the progress we launched. Be careful as we chase the large is the decentralized are distributed, a storage Network in the world. So, I'm so busy right now or you storage, all your files. And if you want your website and everything you have are in over 100 million devices, across the globe are witches, decentralized, secure, encrypted, and also

I must cheaper than even Google Drive and the Dropbox and if you are A storage provider with minor. You can also provide you a storage in the BFS that work, you can cats be gt44 reward and also the same time we have seen a lot of the people start seeing to use a before a speed as well. So as we seeing like they want to be this way, you can use accelerate, are you downloading base? Which state is using by almost 100% of the user resend it and just take him with you. For. I think we going to launch

another revolutionary product in years and I believe, definitely everybody going to be already excited about this. New product definitely stay too much. Is his, I think Wild A revolutionary technology, we can already see. Awesome. I'm excited. I hope I get the exclusive for cointelegraph for that. So keep me in mind. Nice, if you have any additional thoughts that you want to share with the audience that we haven't already covered. Yes, definitely. I would like to Usher. I like the potential of the Tron Define at work and

if you are like holding a hold of you having like a scene, I think you can try all. Just woke up and I was so I'll try out sound Ohio and the chess table. If I brought that we have a fever, are you will find out at 1 at work, is the zero fee? Was instant speed, but you say Paris is just amazing and you stepped up and try it. Try that out of you. I like her and suffer from the transaction speed and a transaction fee. I definitely think you need to have like a new version of chalk. We haven't seen a lot of the Opera on E. Serum start who migrated phone at work.

And we also collaborate with Heather. Aaron Spiegel and the issue older Athens available on E serum, a micro do trunk Falls. I have a very good as having our daily address Petty increase. The address is like a hundred or something. Or are we just some house like 10:00 meeting recently. So, definitely I believe on Unity to Stacy's chance. And if you are at Waba on trunk, I think Daphne, you will have lots of free men and also have lots of traffic because right, wrong Community is very enthusiastic. Everybody

want to try out a new product. Yeah. Well, I'm excited. I'm a big fan of Tron and I I consider myself part of the community and I really love what you're doing. So I think you're really helping, you know, the device space grow and we're going to keep seeing Innovation. Yeah, well Justin, thank you so much. It's been a real pleasure I always enjoy speaking with you and yeah.