JustLend DAO and Sun.io: Building a Dual-Core System of "Yield Engine + Liquidity Entry" for TRON DeFi.

The blockchain industry has undergone multiple rounds of cyclical reshuffling, and TRON, with seven years of ecological depth, is igniting a cognitive revolution regarding "value coins." As a public chain that supports 300 million user accounts, TRON demonstrates unique vitality under the dual drive of stablecoins and DeFi. Recently, the significant news of TRON's upcoming listing may propel TRX from "on-chain fuel" to a "digital asset target" recognized by the capital market. In this issue, the SunFlash roundtable gathers several senior crypto KOLs to decode the underlying logic and future vision of TRON's leap from "payment infrastructure" to "global digital asset hub."

Seven years ago, Mr. Justin Sun, the founder of TRON, embarked on the journey with the declaration of "re-decentralizing the internet." Today, TRON has long surpassed the limitations of public chains as a "technical testing ground," with protocols like JustLend DAO, Sun.io, APENFT, BitTorrent, and WINkLink forming an interconnected ecological closed loop. TRON's stablecoin strategy has also completed a critical leap: USDD has built a decentralized over-collateralized model through its 2.0 upgrade, while USD1 relies on a U.S. Treasury anchoring mechanism to connect traditional financial arteries. This "freedom + compliance" dual-track design retains the innovative gene of crypto while paving a compliant bridge for institutional capital entry.

Recently, Justin Sun has frequently attended international events, signaling intentions for listing, marking a new phase of globalization for TRON with a dual-core layout of "compliant capital engine + on-chain value engineering." The following text will deeply analyze how it leverages the capital synergy of stablecoins and the DeFi ecosystem to build a moat across technology, compliance, and financial innovation, promoting TRX's transition to a global financial asset.

I. The Seven-Year Evolution of TRON: From "Public Chain War" Champion to Ecological Stability Output Machine

Mr. Bai opened by highlighting TRON's industry position: "If ranked by TVL, TRON actually ranks 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 and laying the groundwork for subsequent ecological explosions. In the "narrative competition" of public chains, TRON has completed a leap from infrastructure building to a global ecological empire at a "slow but steady" pace, showcasing strategic determination and resilience that stands out in the crypto industry.

• Modular Layout: From Stablecoins to Full Ecological Closed Loop

Teacher Niu Mo Wang detailed the development trajectory of TRON over the past seven years, emphasizing that TRON has completed a leap from early independent protocols to a new global financial infrastructure through the route of "technological inclusivity → stablecoin and DeFi infrastructure → sovereign compliance":

1. Infrastructure Foundation Period (2018-2022): Breaking Through from 0 to 1

After the mainnet launch in 2018, TRON quickly attracted developers to migrate with its core advantages of high throughput (2000+ TPS), low gas fees, and Ethereum compatibility, laying a solid foundation for ecological construction.

2. Stablecoin and DeFi Explosion Period (2022-2024): Ecological Value Fission

In 2022, TRON anchored the stablecoin track, using TRC20-USDT as a breakthrough point. With low fees for cross-border payments and a second-level settlement experience, it quickly captured over 50% of the global USDT circulation, becoming a core hub for financial inclusivity in emerging markets. The JustLend DAO lending protocol and SunSwap DEX launched, forming a "deposit-borrow-earn" yield closed loop, attracting a large number of on-chain players. Meanwhile, the native stablecoin USDD achieved a decentralized finance + real-world application closed loop through its over-collateralization mechanism and compliance upgrades, penetrating offline consumption scenarios in Southeast Asia.

3. Compliance and Globalization Construction Period (2024-2025): From Grassroots to Sovereign-Level Ecology

Starting in 2024, TRON will use RWA and sovereign cooperation as engines to push the ecosystem beyond its boundaries. Recently, the Trump family's USD1 stablecoin was integrated into TRON, the TRX spot ETF was accepted by the SEC, and TRON's plans for a U.S. stock listing all signify its compliance process entering the mainstream financial market.

Coin Information further analyzed TRON's value pillars from an ecological perspective: First, JustLend DAO has strong liquidity aggregation capabilities, with peak TVL exceeding $7.4 billion, making it a highly profitable protocol within the ecosystem. Second, TRON achieves multi-chain asset interoperability through BitTorrent, with Chainlink providing real-time anti-fraud price feeds to ensure on-chain financial security, while the 300 million user base provides fertile ground for hot sectors like APENFT and SunPump. Finally, TRON has been designated by the government of Dominica as a national-level blockchain infrastructure, issuing the national digital currency DMV to pay salaries to civil servants. From performance to payments to ecology, TRON attracts users with high TPS and low costs, ultimately expanding from DeFi projects to Meme and RWA scenarios, achieving recognition from grassroots to sovereign governments.

• Slow and Steady Strategy: Resilience in Hibernation

Teacher Niu Mo Wang candidly compared TRON to other mainstream public chains: "TRON did not start with high expectations, did not experience technical stagnation, and did not face expansion difficulties; it only steadily advanced." He noted that while Solana frequently encounters technical failures leading to drastic ecological fluctuations, Aptos, as an emerging public chain, is burdened with high expectations but lacks robust technology and application scenarios; Ethereum's slow upgrades and geek-oriented community create high user barriers; whereas TRON focuses on "building a triangular support of real users, real funds, and real liquidity," maintaining on-chain activity even in bear markets, becoming an "immortal chain" that transcends cycles.

0x Old Mage pointed out that TRON's core competitiveness lies in "realness," stating: "The billions of on-chain transfers on TRON daily are not generated by subsidies; they are user habits cultivated over seven years. Although the DEX is not flashy, it is fully functional, with modules like oracles and cross-chain bridges tested in real combat." 0x Pink supported this resilience with data: "Slow is not a development pace issue but a matter of less turmoil. While other chains create false prosperity through airdrops, TRON builds a moat with a real settlement volume of 80 billion USDT and 315 million users." This accumulation has transformed it from a public chain competitor into an "ecological stability output machine," establishing barriers in deep waters like RWA and compliant payments. Coin Circle Peter further added: "TRON's 'slowness' is essentially 'strategic determination,' not blindly chasing airdrop incentives or narrative hype, but focusing on stablecoin hub positioning and solid ecological infrastructure, embodying the survival philosophy that 'incremental optimization is better than radical reconstruction.'"

II. JustLend DAO and Sun.io: Building a Dual-Core System of "Yield Engine + Liquidity Entry" for TRON DeFi

TRON has established a self-sufficient financial operating system through a funding pool accumulated from high-frequency payment scenarios of stablecoins, flowing through a "sandwich structure": the bottom payment layer (USDT/USDD), the middle yield layer (JustLend DAO), and the top trading layer (Sun.io).

As the lending and trading hub of the TRON ecosystem, JustLend DAO and Sun.io drive the efficient circulation of on-chain funds through protocol-level collaboration and user tier design. Users can stake USDT to earn an annual yield of 8%-15%, then use it as collateral to borrow TRX and participate in Sun.io liquidity mining, raising the overall yield to over 25%. Coin Circle Peter emphasized: "JustLend DAO and Sun.io form a 'deposit-borrow-arbitrage' triangular cycle, greatly improving capital utilization." For small holders, JustLend DAO has also launched a GasFree service to support USDT payment of transaction fees, completely eliminating the threshold for holding TRX and attracting long-tail traffic.

As TRON's native DEX, Sun.io has become the liquidity hub of the ecosystem through low slippage and aggregated routing. 0x Old Mage pointed out that SUN.io has built a closed-loop system for DeFi capital flow through stablecoin trading and cross-protocol interoperability, achieving many substantial advancements: First, liquidity is becoming increasingly stable, with considerable depth and trading volume in trading pairs like USDD-TRX and USDD-USDC. Second, the user experience is simple, with low fees, and many users have already formed habits. Third, the interconnection between the entire ecosystem is deepening, with Sun.io and JustLend DAO forming a deep link to create a "deposit-borrow-earn" closed loop, allowing users to stake USDT in JustLend DAO and then invest in Sun.io liquidity pools, with mining rewards available for secondary staking or conversion back to stablecoins, reinforcing the internal circulation of funds.

0x Old Mage concluded: "Once users trade, collateralize, and earn interest with USDT on TRON, they will form 'muscle memory.' This stickiness driven by real demand is the last mile of the moat."

III. The On-Chain Value Logic of TRX: From "Silent Token" to Triple Leap of Value Reassessment

The dialogue among roundtable guests revealed the value logic of TRX: moving away from short-term speculation and rooting in real demand, achieving endogenous growth through economic models and on-chain closed loops. As 0x Old Mage stated: "If you are pursuing a story of tenfold daily increases, TRX is not the answer, but if you believe that 'the flow does not rush ahead, it seeks to be continuous,' then it may be the most undervalued value carrier in the Web3 world." With the advancement of RWA and compliance waves, TRX may complete its transformation from "ecological fuel" to "digital hard currency," becoming a value target that bridges traditional and crypto worlds across bull and bear markets.

• Triple Value Support of the Economic Model

Coin Circle Peter pointed out that the core reason TRX has been long undervalued by the market is that it is simply seen 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 a current circulation exceeding $500 million, creating a rigid demand pool for locked TRX. The integration with USD1 will further expand TRX's staking scenarios, forming a positive cycle of "staking-stablecoin issuance-ecological expansion."

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 revenues reaching $760 million in 2024. Meanwhile, part of the gas fees on TRON is returned to holders through a TRX burning mechanism, gradually revealing a deflationary effect.

3. Compliance Expectations: Recently, Justin Sun revealed TRON's plans for listing and that the TRX spot ETF has been submitted to the SEC for approval. If approved, it will become a compliant public chain token, attracting traditional capital, which has significant growth potential.

• Endogenous Value Closed Loop: From On-Chain Activity to Deflationary Flywheel

Coin Circle Peter further emphasized: "The TRX burning mechanism and staking rewards form a 'dual-spiral' value model—burning when used, earning interest when stored, which is an economic resilience that most tokens lack." 0x Old Mage further dissected the on-chain closed loop of TRX from a technical perspective:

1. Staking Governance: Users stake TRX to gain energy and bandwidth, participate in super representative node voting, and promote the decentralization and security of the network.

2. Burning Mechanism: The TRON network has introduced a mechanism to burn a portion of TRX transaction fees, meaning that as usage increases, the supply of TRX will gradually decrease. This acts as an invisible value pump— the more active the users, the scarcer the tokens.

3. Financialization Tools: JustLend DAO supports TRX collateralized lending, while Sun.io provides TRX trading pairs. The synergy between the two releases liquidity and improves capital utilization.

Mr. Bai added: "The TRON ecosystem has formed a positive cycle of 'user growth → transaction volume increase → accelerated burning → intensified deflation → increased staking rewards,' which is a typical feature of a self-driven ecosystem."

4. The Vision for TRON's Listing and the Global Financial Asset Potential of TRX

Recently, TRON plans to achieve a U.S. stock listing by reverse merging with the Nasdaq-listed company SRM Entertainment, which is seen as a significant breakthrough in the compliance of the crypto industry. This operation not only avoids the stringent scrutiny of traditional IPOs but also creates a capital closed loop by injecting TRX tokens into the balance sheet of the listed company, forming a "tokenized stock" model, providing a new paradigm for the integration of crypto assets and traditional finance. As Mr. Bai stated: "Compliance is the only way for the industry to survive; the listing of TRX provides a legal risk isolation mechanism for holders, which is both a strategic defense and a proactive breakthrough."

At the same time, the application for the TRX spot ETF is also progressing rapidly. In April of this year, Canary Capital Group officially submitted an S-1 filing to the U.S. Securities and Exchange Commission (SEC) to launch the Canary Staked TRX ETF, which is the first spot ETF that combines staking functionality, aiming to provide investors with a dual return model of "price returns + staking returns." If the TRX spot ETF is approved, it may replicate the institutional influx effect seen with Bitcoin ETFs. Coin Information emphasized: "The securitization path of TRX and the scale effect of stablecoins make it a 'compliance bridge' for traditional capital to enter Web3." He stated that TRX's listing in the U.S. and the TRX spot ETF are signals of compliance transformation, becoming the next "mainstream institutional entry outpost."

5. Conclusion

TRON's seven-year journey is essentially a dimensional revolution from technological infrastructure to value consensus. Through the triple engine of "stablecoins + DeFi + compliance," it has not only built a closed-loop network of on-chain ecology but also opened up deep interconnections between crypto assets and traditional finance. TRON's ambition goes beyond technological iteration; it aims to reshape financial discourse and prove that the ultimate goal of blockchain is not to disrupt tradition but to become the "connecting layer" of global value.

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