Space Review | JustLend DAO and Sun.io Drive the Efficiency Revolution of the TRON Ecosystem with Dual Engines

The blockchain industry has undergone multiple rounds of cyclical reshuffling, and TRON, with its seven years of ecological depth, is igniting a cognitive revolution around "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 being a "technical testing ground" for public chains, 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 and expressed intentions for listing, marking that TRON is entering a new phase of globalization with a "compliance-driven capital engine + on-chain value engineering" dual-core layout. The following text will deeply analyze how TRON leverages the capital synergy of stablecoins and the DeFi ecosystem to build a three-layered moat across technology, compliance, and financial innovation, promoting TRX's transition to a global financial asset.

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

Mr. Bai opened by pointing out 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 settlements and laying the groundwork for subsequent ecological explosions. In the "narrative competition" of public chain wars, 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 TRON's seven-year development trajectory, emphasizing that TRON has completed the transition from early independent protocols to a new global financial infrastructure with the route of "technological inclusiveness → stablecoins and DeFi infrastructure → sovereign compliance":

1. Infrastructure Foundation Period (2018-2022): From 0 to 1 Breakthrough

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 cross-border payment fees and instant transaction experiences, 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. At the same time, the native stablecoin USDD achieved a closed loop of "decentralized finance + real-world applications" by penetrating Southeast Asian offline consumption scenarios through an over-collateralization mechanism and compliance upgrades.

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 original boundaries. Recently, the Trump family's USD1 stablecoin has been integrated into TRON, and the TRX spot ETF has been accepted by the SEC, along with TRON's plans for a U.S. stock listing, all marking 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 as a national-level blockchain infrastructure by the government of Dominica, issuing the national digital currency DMV to pay salaries for civil servants. From performance to payments to ecology, TRON attracts users with high TPS and low costs, and after accumulation, it expands to Meme and RWA scenarios, achieving recognition from grassroots to sovereign governments.

• Slow and Steady Strategy: Resilience in Hibernation

Niu Mo Wang compared TRON to other mainstream public chains, stating: "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 generates buzz, its technical failures lead to drastic fluctuations in its ecosystem; Aptos, as an emerging public chain, is burdened with high expectations from the market, but its technology is not robust enough, and its application scenarios are relatively scarce; Ethereum's upgrades are slow, with a community leaning towards geek culture and high user thresholds; whereas TRON focuses on "building real users, real funds, and real liquidity as a triangular support," maintaining on-chain activity even in bear markets, becoming a "resilient chain" that survives through cycles.

0x Old Mage pointed out that TRON's core competitiveness lies in "realness," stating: "The billions of daily transfers on TRON are not generated through 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 with data: "Slow does not mean a problem with development pace; it means less turbulence. 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 water areas 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 of 'incremental optimization over radical reconstruction.' "

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

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

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 tiered design. Users can stake USDT to earn annualized returns of 8%-15%, which can then be used 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-lending-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 substantial progress: 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 "deposit-borrow-earn" closed loop, allowing users to stake USDT in JustLend DAO and then invest in Sun.io liquidity pools, where mining rewards can be re-staked or exchanged back to stablecoins, reinforcing the internal circulation of funds.

0x Old Mage summarized: "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 looking for a story that increases tenfold daily, TRX is not the answer. But if you believe 'flow does not rush to be first, but rather to be continuous,' then it may be the most undervalued value carrier in the Web3 world." With the advancement of RWA and compliance trends, 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.

• Threefold 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 viewed 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, forming a rigid demand pool for locked TRX. The integration with USD1 will further expand TRX's staking scenarios, creating 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 in SunSwap, TRX trading pairs become the "ballast" of DEX liquidity, with TRON protocol revenue reaching $760 million in 2024. Meanwhile, part of the gas fees in TRON is returned to holders through a TRX burning mechanism, gradually revealing a deflationary effect.

3. Compliance Expectations: Justin Sun recently revealed TRON's listing plans 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 presents 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—use leads to destruction, while holding leads to interest; this is an economic resilience that most tokens do not possess." 0x Old Mage further dissected the on-chain closed loop of TRX from a technical logic perspective:

1. Staking Governance: Users stake TRX to gain energy and bandwidth, participating in super representative node voting, promoting network decentralization and security enhancement.

2. Burning Mechanism: The TRON network has introduced a partial TRX fee burning mechanism, meaning that as usage increases, TRX supply will gradually decrease. This is an invisible value pump— the more active users are, the scarcer the token becomes.

3. Financialization Tools: JustLend DAO supports TRX collateralized lending, and Sun.io provides TRX trading pairs, with both working together to release liquidity and improve capital utilization.

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

IV. The Vision of TRON's Listing and the Possibility of TRX as a Global Financial Asset

Recently, TRON plans to achieve a U.S. stock listing by reverse merging with the Nasdaq-listed company SRM Entertainment, 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 listed company's balance sheet, forming "tokenized stocks," 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; TRX's listing provides a mechanism for legal risk isolation for holders, which is both a strategic defense and an active breakthrough."

At the same time, the application for the TRX spot ETF is also progressing rapidly. In April 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, the first spot ETF combining staking functions, 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 of the Bitcoin ETF. Coin Information emphasizes: "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."

V. 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 constructed a closed-loop network of on-chain ecology but also opened up deep embedding between crypto assets and traditional finance. TRON's ambition goes beyond technological iteration; it aims to reshape financial discourse, proving that the ultimate goal of blockchain is not to disrupt tradition but to become the "connecting layer" of global value.