On December 13, Sun Yuchen, the founder of TRON, delivered a video speech at the Taipei Blockchain Week event in Taiwan, where he deeply analyzed the future development of the cryptocurrency industry and shared his understanding of the new concept of PayFi, injecting new vitality into the industry.
Sun Yuchen stated in his speech that 2024 is an extremely important year in the history of the cryptocurrency industry, with many significant events impacting the future direction of the industry happening simultaneously, while new tracks and products are constantly emerging. 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 supported by TRON, SunPump, has successfully injected vitality into the sluggish market, activating more users and developers, and promoting the development of the crypto bull market.
In addition to the Meme culture, Sun Yuchen also conducted an in-depth discussion on the development of the Bitcoin ecosystem. He believes that although this year's market is led by Bitcoin, the Bitcoin ecosystem's development has stagnated after the wave 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 multiple Bitcoin Layer 2 protocols to inject new vitality into the Bitcoin network.
In addition, Sun Yuchen emphasized the importance of cross-ecosystem information and asset interoperability. He pointed out that to achieve seamless interoperability 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, Sun Yuchen also shared his understanding of the concept of PayFi. He believes that PayFi represents a new model for constructing financial markets, creating financial primitives and product experiences around the time value of money. By establishing a programmable currency 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 industry 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 worldwide.
At the end of his speech, Sun Yuchen expressed his confidence in the future development of the cryptocurrency industry and looked forward to witnessing the glorious chapter of the cryptocurrency era with more friends. His speech not only provided profound industry insights for the 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 discuss the future development of blockchain technology. Sun Yuchen's speech was undoubtedly one of the highlights of the event, bringing new thoughts and insights to the industry.
