Bitfinexed: TRON Plans to Provide Ponzi Scheme-Type Incentives to its Early USDT-TRON Adopters
Crypto Critic Calls TRON's Plans Akin to Ponzi Scheme-Type Incentives for the TRX-Tether USDT-TRON Users
As per an all new announcement made by TRON founder Justin Sun a couple of days back, his company is looking to “reward USDT-TRON holders” who have recently purchased Tether's newest stablecoin offering.
Via a Tweet issued early yesterday, Sun announced a “100-day giveaway” that will commence at the end of this month (April 30th to be exact). As part of the incentive program, the folks over at TRON are willing to offer interest rates that can go as high as 20 percent to USDT-TRON holders over this time-period.
Additionally, it is also worth mentioning that popular cryptocurrency exchanges such as Huobi and OKEx too have announced their plans to back this latest incentive scheme. This is of course on the heels of Justin Sun and Brock Pierce getting into a spat on twitter.
In all, the total sum of money that will be doled out as part of this giveaway will exceed USD $20 million.
On the subject, Sun went on record to state:
“USDT-TRON will minimize volatility across the TRON blockchain and boost confidence in the ecosystem. To enable speedy adoption, I'm personally offering this incentive plan to help advance the potential of decentralized finance through USDT-TRON.”
About The Aforementioned Plan
As some of our regular readers may recall, earlier this month, the TRON executive brass released an announcement stating that they were looking to “collaborate with Tether” so as to bring USDT to the TRON blockchain.
As a result of this move, the TRON Foundation will be able to not only bring positive attention to its existing DApp ecosystem but also improve its overall value storage. Not only that, but this partnership will also make the project more accessible to its “enterprise-level partners as well as potential institutional investors.”
Other Key Points Worth Bearing In Mind
- USDT-Omni is a stablecoin that has been issued by Tether.
- USDT-Omni makes use of an operational protocol that has been devised atop the BTC blockchain network.
- USDT-Omni owners have the option to exchange their holdings for USDT-TRON via a host of supporting exchanges such as Huobi, OKEx.
- As per a recent media release, TRON plans on providing customers with 24/7 tech support for exchanges and wallets that are looking to integrate USDT-TRON into their platforms.
More On The Subject
TRON’s mainnet was launched somewhere around mid-2018 and since then the project has been looking to provide the cryptoverse with a “highly smart and scalable ecosystem for blockchain developers”.
Additionally, the TRON dev team also recently announced that they were planning to initiate a hard fork that would not only increase the overall performance of the platform but also make ‘account management’ more streamlined and hasslefree for users.
In a similar vein, Tether came into existence during the fourth quarter of 2014 (October to be exact). The stablecoin was created so as to “allow movements of funds quickly between different exchanges” while still retaining its stability factor— thanks to its value being pegged to the USD.
Since it’s release, a plethora of different stablecoins have been launched into the market but Tether still remains the alpha of this domain.
In closing out this piece, it should be highlighted that TRON is currently working to establish a “boundary-free decentralized internet” that allows for novel technological innovation across a wide array of different industrial sectors. It now remains to be seen what the future has in store for this burgeoning project.