Tron Launches $20M Giveaway
TRON Stablecoin Early Adopters to Receive Attractive Interest Rates
Justin Sun, founder of TRON, announced a new incentive plan to reward USDT-TRON holders who have adopted Tether's newest stablecoin into their portfolios.
Starting April 30th, a 100-day giveaway paying out interest rates up to 20% on USDT-TRON over that period. The giveaway has already been given backing by crypto-exchanges like Huobi and OKEx and, based on global projected holdings, the total outlay is expected to exceed $20 million.
"USDT-TRON will minimize volatility across the TRON blockchain and boost confidence in the ecosystem," Sun said. "To enable speedy adoption, I'm personally offering this incentive plan to help advance the potential of decentralized finance through USDT-TRON."
Earlier in March, Tron announced their collaboration with BVI-based Tether, to bring USDT to the TRON blockchain to help boost TRON’s DApp ecosystem and make it more accessible to enterprise-level partners and institutional investors.
USDT-Omni is the USDT issued by Tether, based on the BTC network. The currency address is the BTC address, and the currency is taken to the BTC network. The protocol used by USDT-Omni is the omni layer protocol built on the BTC blockchain network.
Users can swap their existing USDT-Omni for USDT-TRON at supporting exchanges. TRON will also be working with Tether to provide 24/7 professional technical support for exchanges and wallets that wish to support USDT-TRON.
Since its mainnet launch in June 2018, TRON has been working steadily to provide a highly smart and scalable ecosystem for blockchain developers. TRON recently announced a hard fork that will increase performance and account management. It is steadily adding both centralized and decentralized exchanges to make it easy for consumers and businesses to trade digital tokens.
Launched in October 2014, Tether was created in to allow movements of funds quickly between different exchanges, while benefiting from the stability of the US Dollar. While there have been several alternative stablecoins launched since March 2018, Tether still enjoys market dominance. Several large companies, including Facebook and JPMorgan, recently have discussed using blockchain to speed money transfers and minimize volatility across their networks.
If that’s not enough, Justin Sun announced on Twitter earlier in March that he’d be giving away a Tesla, by just following him and retweeting the announcement.
This is a long way from TRON’s less-than-stellar mainnet launch last year, when the TRX token dropped 5%. Since then they have tried to expand their offering by adding more partners.
But back to the Twitter giveaway announcement, briefly. A r eport by Geoff Golberg points to around 50K of Sun’s followers are… you guessed it: bots. Which is kind of awkward, since Justin was pretty vocal recently about how his follower count had passed the 1 million mark. Like it’s some kind of key barometer for corporate success. It genuinely wouldn’t be surprising if there were indeed a significant number of bot or zombie accounts, particularly after announcing this kind of giveaway, as this kind of thing tends to bring out the less than salubrious of the Twittersphere.
It’s important to raise this because, following the well publicized Twitter feud between Sun and Vitalik Buterin, Sun was very vocal about surpassing 1m followers, giving him more reach than Buterin.
So, with that in mind, perhaps this giveaway is a further attempt to throw some barbs in Buterin’s direction?