Justin Sun (Tron) Starts DeFi War With Ethereum As SEC Looks On
Justin Sun, founder of Tron and CEO Of BitTorrent, is taking the fight to become’s DeFi’s trusted platform directly to his former colleague Vitalik Buterin. As he spoke at the LA Blockchain Summit, Justin made it clear that Tron was much better suited to serve as an ecosystem for DeFi project than Ethereum was.
@Rachelwolf00 is doing an excellent job giving a engaging interview with @justinsuntron right now... @LABlockchainSmt & @eToro has done an incredible job handling this year's changes! ?#LongLA pic.twitter.com/Cgr1atNUvP— Ryan Calder (@_RyanCalder) October 7, 2020
His reasoning for this is because Tron’s platform charges lower transaction costs and can offer higher transaction speeds. Justin said:
We are creating the same kind of DeFi ecosystem as Ethereum. All the Ethereum network products, you can see a same version of Tron products. For example, the MakerDAO on Tron is called JustStable, created by the JUST team. And UniSwap is called JustSwap.
Problem is that Justin has been, repeatedly, accused of simply copying Ethereum in the past and many will therefore respond whether it wouldn’t simply be better to wait for Ethereum 2.0 to come out and see what Vitalik’s new platform has in store.
To this, Justin respond:
If you are a developer, you don’t even need to wait for Eth 2.0. I don’t even know when they’re going to accomplish it. You can just move to Tron network.
SEC discusses DeFi
At the same summit in Los Angeles, the US Securities and Exchange Commissioner Hester Peirce, known in the cryptosphere as Crypto Mom, discussed the possible regulation being imposed on DeFi.
Enjoying the great interview by— Crypto News & Investigative Reports (@cnir_bayarea) October 6, 2020
Laura Shin of Unchanged Podcast
SEC- Commissioner Hester Peirce
* LA Blockchain Summit pic.twitter.com/0YbEnITswv
Although she mostly circled round the issue rather than addressing it directly, Hester acknowledged her previous views, stating:
There’s some real potential for some major and revolutionary change coming out of the DeFi space… that will challenge the regulatory structure in a number of ways.
We’re going to have to ask a lot of really difficult questions about what that means and about how we regulate things.
The cryptopshere anxiously awaits what is to come.