On December 13, TRON founder Justin Sun delivered a video speech at the Taipei Blockchain Week event in Taiwan, deeply analyzing the future development of the crypto industry and sharing insights on the new concept of PayFi, injecting new vitality into the industry.
Justin Sun stated during his speech that 2024 is an extremely important year in the history of the crypto industry, with numerous significant events impacting the future direction of the industry occurring, while new tracks and products continue to emerge. He pointed out that in the current market environment lacking a core narrative, meme culture has become an important force supporting market development. The meme fair launch platform SunPump, supported by TRON, successfully injected vitality into the sluggish market, activating more users and developers, and promoting the development of the crypto bull market.
Apart from meme culture, Justin Sun also conducted an in-depth discussion on the development of the Bitcoin ecosystem. He believes that although the market this year was led by Bitcoin, the development of the Bitcoin ecosystem has stagnated after the craze of inscriptions and runes. To break this deadlock, TRON proposed a Bitcoin Layer 2 solution aimed at establishing cross-chain connections between Bitcoin and the TRON network, collaborating with several Bitcoin Layer 2 protocols to inject new vitality into the Bitcoin network.
In addition, Justin Sun emphasized the importance of cross-ecosystem information and asset integration. He pointed out that to achieve seamless integration of information and assets between non-EVM ecosystems like Bitcoin and Ethereum, an innovative virtual machine needs to be developed to integrate Bitcoin nodes into the Ethereum virtual machine, allowing developers to build compatible smart contracts and maximize user asset security.
In his speech, Justin Sun also shared his understanding of the PayFi concept. He believes that PayFi represents a new financial market construction model, creating financial primitives and product experiences around the time value of money. By establishing a programmable monetary system, PayFi aims to provide users with economic sovereignty and self-custody capabilities, effectively addressing pain points such as funding flow disruptions faced by Web3 practitioners. At the same time, PayFi can enhance the diversity of underlying assets in the crypto market, benefiting a large number of small and medium-sized enterprises, aligning with TRON’s vision of achieving financial freedom for 8 billion people globally.
At the end of his speech, Justin Sun expressed his confidence in the future development of the crypto industry and looked forward to witnessing the glorious chapter of the cryptocurrency era with more friends. His speech not only provided profound industry insights to attendees but also showcased TRON's efforts and achievements in promoting the development of blockchain technology.
Taipei Blockchain Week 2024 will be held from December 12 to 14 in Taiwan, themed 'Onboard', attracting over 200 speakers and more than 60 sponsors and partners to jointly explore the future development of blockchain technology. Justin Sun's speech was undoubtedly a highlight of the event, bringing new insights and reflections to the industry.
