Singapore – On September 14, Justin Sun, founder of TRON and member of the HTX Global Advisory Board, was invited to TOKEN2049 in Singapore and joined the panel session “Ecosystem and Industry Growth: Envisioning the Decade Ahead for Crypto”. He believed that transactions and payments with stablecoins would remain the dominating use case in the crypto and blockchain industry for the next decade, which is forecast to scale up a hundredfold. He also noted that the crypto world needs to double down on enhancing transparency and global consensus to restore trust in the fallout of a series of risk incidents.
TOKEN 2049 is one of the major crypto events bringing together founders of world-leading Web3 companies, investors, developers, and media. This year, it has drawn over 10,000 attendees and 200-plus speakers to discuss various topics, including the regulatory landscape, artificial intelligence, Web3 games, the rise of NFTs and metaverses, scalability, and interoperability.
Sun shed some light on the future of the crypto industry in a roundtable session. According to his prediction, stablecoin payments and transactions will continue to be the lion’s share of crypto and blockchain use cases in the next decade. With a total market cap of over $50 billion, stablecoins on TRON now record a daily transaction volume north of $12 billion, and it is safe to bet the figure will jump over a hundredfold. “That’s why I believe that at the end of the day, most people will adopt stablecoins and blockchains without intimate knowledge of all the technical details,” Sun explained.
Nonetheless, Sun also pointed out that people in the crypto and traditional financial worlds have their doubts about their professions in the wake of the FTX debacle. To rebuild trust with users, the industry needs “enhanced transparency and global consensus, and I believe it is important to raise awareness about transparency amongst the community,” according to Sun.
Zero-knowledge (ZK) proofs have been drawing interest from crypto enthusiasts since the beginning of this year, and Sun believed this is a critical step toward general trust across the space. Also, he reinforced the significance of the global consensus, which means universal agreement on the same agenda topics. He further pointed out that while many are counting on the US regulations and spot bitcoin ETFs, capricious regulators have made the country a less attractive destination for crypto start-ups than South Korea, Japan, Singapore, Hong Kong, and other crypto-friendly regions.
Talking about the importance of decentralization, Sun commented that decentralization is not just a technical framework but also the underlying philosophy of all crypto products. The blockchain theory opens a door for developers of Web2 applications across the globe to shake things up and create innovative solutions that restore control over data and privacy to users.
“A lot of infrastructures are still required to be put in place to make this happen,” said Sun, “We need a blockchain so powerful that it can handle tens of millions of transactions as our core infrastructure.”
Founded by Justin Sun in 2017, TRON has evolved into one of the largest public chains across the globe with 184 million users. TRON hosts $46.6 billion worth of stablecoins in circulation, making it the world’s top, and the circulating supply of TRC-20 USDT on it accounts for 52% of the overall circulating supply of the world’s largest stablecoin USDT.