In The Great Bay Area International Blockchain Week hosted by Cointelegraph China and Cointelegraph, Justin Sun, TRON CEO’s remote speech was about “How to become the winner of next generation public blockchain race.”
Sydney Ifergan, the crypto expert tweeted: “Defi might prove rocking success for TRON. Let’s wait to see the stats soon.”
When asked: TRON recently launched 3 products that relate to DeFi space, and why is it important for you to tap in to this field. What is your vision? What are some of the challenges that are ahead for the DeFi space?
Justin Sun replied: ” I definitely believe DeFi is one of the most important trend in our industry. The reason is very simple. So, Defi basically proved to us that we can have a decentralized way of doing all the finance products. “
For example, we can do decentralized lending. You can get a stable coin. The same time you can do yield farming by decentralized way that I think is the most important thing, because you interact with smart contracts. And, there is no central authorities control over the process.
Instead of, today if you are looking at lending, you need to get a broker to evaluate the assets for you and at the same time you need to have a sub party to get money and then when you pay back your loans and if anybody are doing a mortgage right, you will know that the process is very painful actually to know and also to get even all the document validation takes a lot of time.
But all of these in the DeFi takes only 15 minutes, and all of these happens 24/7. So, that is why I believe these kinds of concepts is very interesting.
Ethereum Should Move to TRON
And, also at the same time, I think this is one of the best chance for TRON, because you can see these days, DeFi is very popular on Ethereum, but the biggest obstacle for Ethereum is the fee of the transactions, and also the speed of the transactions.
Recently, it takes you even more than a 100 dollars. Sometimes it is even like 150 dollars to complete a transaction and it takes a very long time to process all the transactions in the smart contracts for all the DeFi products.
So, that is why I believe since TRON offers instant and almost free transactions, it is definitely going to be for the next wave of the DeFi. Because, there are all sorts of DeFi products built on Ethereum, they will realize that Ethereum just can’t scale. If they want to offer their customer better services and for a very cheap price, they need to move to TRON.
So, that is why we encourage lots of developers on TRON to develop lot of DeFi products.
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