Understand Justin Sun.
In October, Paris, the capital of art, quietly opened a blockbuster special exhibition. The entire version of "The Nose", the representative work of Swiss national treasure surrealist artist Giacometti, is exhibited to the public for the first time.
What is somewhat surprising is that behind this blockbuster special exhibition is Justin Sun, the blockchain tycoon who has been silent in the art auction for some time. As one of the most eye-catching highlights of this special exhibition, "The Nose" (1964 version) collected by Sun Yuchen was publicly unveiled offline for the first time.
"The Nose" (1964 version) collected by Justin Sun is displayed in the special exhibition of "The Nose" by Giacometti in Paris
During Singapore TOKEN 2049 in September, Justin Sun participated in dialogue sessions at multiple forums as an important guest, and also announced Huobi’s English brand upgrade. After experiencing major blows such as the collapse of LUNA and the collapse of FTX, Justin Sun and TRON are obviously more important to the blockchain industry.
Justin Sun participated in the 2023 Singapore TOKEN 2049 Forum event
In the past year, Sun Yuchen has been repeatedly shrouded in negative news that is difficult to distinguish between true and false. However, judging from recent trends, he has emerged from the early turmoil and is returning to a confident and comfortable zone, that is, an "OG" in the blockchain industry that is constantly exploring and crossing borders.
But before strolling around, Sun won a thrilling game-breaking battle.
dormant
In 2023, Justin Sun got off to a bad start.
In the first quarter, the attention caused by the personnel adjustment of Huobi HTX and the lawsuit filed by the U.S. Securities and Exchange Commission (SEC) once again put Justin Sun at the forefront of public opinion.
For a time, the whereabouts of Justin Sun, TRON, and Huobi HTX attracted great attention. The last time Justin Sun sparked public opinion was the Buffett lunch incident, but that incident was more of a collective carnival for melon-eating people. Although the controversy was not small, Justin Sun also achieved the "breaking circle" from a niche field to the public for the first time.
However, this incident corresponds to the attention of US regulatory agencies and global media, which is a dangerous test.
Fortunately, the US regulatory stick represented by the SEC is not just targeting Justin Sun alone, but the entire encryption industry.
As a result, Sun Yuchen quickly responded: "SEC needs to establish clearer rules instead of pursuing lawsuits against industry participants one by one.； If the United States continues to tighten regulations on cryptocurrencies, it will only be detrimental to the United States in the long run, not the cryptocurrency industry."
As for the personnel adjustment of Huobi HTX, Justin Sun clarified the adjustment ratio previously circulated on the Internet, saying that the personnel adjustment ratio is about 20%, and the structural adjustment is expected to be completed in the first quarter.
“It is not easy to survive the winter in a bear market. ”Justin Sun confessed.
Judging from the current review, Sun Yuchen's dormant attitude in dealing with the test at the beginning of the year is quite forward-looking.
The drastic changes in the U.S. regulatory environment are certainly driven by the limits of the jurisdictional divisions of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), but the greater driving force is the public’s call for stricter regulation of the encryption industry after the collapse of FTX. The process of an emerging thing moving from the wild to the mainstream is bound to be accompanied by constant battles and advances and retreats with regulatory agencies. Judging from Justin Sun's past, it has always been his dream to promote the mainstreaming and compliance of the industry. Therefore, he has always emphasized the need to maintain communication and exchanges with regulatory agencies.
Calling on the SEC and others to clarify the regulatory framework and proposing that excessive regulation harms the competitiveness of the U.S. encryption industry, Sun's constructive views have now become the consensus of practitioners in the global encryption industry.
On October 24, the U.S. Court of Appeals in Washington, D.C., formally ruled in Grayscale’s favor in the lawsuit against the SEC, that is, the SEC needs to reconsider Grayscale Investments’ application to convert its flagship GBTC fund into a spot Bitcoin ETF. This fact seems to be consistent with Sun's view that many of the SEC's decisions may not be wise and correct.
Recently, the biggest news in the industry is the settlement between Binance, CZ and relevant US law enforcement agencies. The final settlement of the incident provided the industry with a direction to strengthen communication and understanding with regulatory authorities. It is foreseeable that in the subsequent development of the industry, the framework of regulatory policies will be formed and eventually standardized. It is expected that a compliant industry based on meeting compliance KYC, obtaining licenses and improving anti-money laundering risk control systems will be developed. At the same time, it also means that regulatory authorities such as the United States still hope to adopt and supervise the application and development of encryption technology within their own control, and ultimately realize their own national strategic planning on this track.
After the multi-party settlement, the cryptocurrency market continues to maintain an upward trend, indicating that the industry and users understand that although this settlement partially "sacrificed" CZ and Binance, it is good news for the entire industry. It also indicates that the pending litigation between US regulators and other crypto institutions and founders may have a reference precedent. The industry’s biggest “boot” has landed.
In the second quarter of this year, many well-known institutions such as Binance successively started layoffs, which also verified Sun Yuchen's foresight in planning for the winter in advance. “Although the adjustments at the beginning of the year encountered some difficulties and challenges, these adjustments were very timely and necessary. For us, the most difficult moment has passed. In the future, we will be able to focus more on our various businesses. ”In June this year, Sun Yuchen said in an internal communication.
Justin Sun attended the 2023 Milken Institute Asia Summit
march eastward
To sleep does not mean to lie down.
Dramatic changes in the U.S. regulatory environment not only affect Chinese encryption tycoons such as Sun Yuchen and CZ and the organizations they founded. In this context, some encryption agencies headquartered in the United States had to choose to go overseas.
Since the end of last year, Hong Kong and Japan have released strong signals of friendly encryption policies. Heading East is becoming a trend, with Gemini expanding operations in the Asia-Pacific region and Coinbase registering in Bermuda are just a few examples of this trend.
Justin Sun never left the East, so he was able to seize the opportunity to move eastward. He was one of the first celebrities in the encryption industry to express support for the new encryption policy in Hong Kong, China.
Since the beginning of this year, Justin Sun has frequently attended various industry summits in Asia, including the Web3 Carnival in Hong Kong, Japan, the "WebX" Conference in Japan, the Korean Blockchain Week, the Meta Era Summit 2023, Token 2049, the Milken Institute Asia Summit, etc. This has also dispelled many unfounded rumors about Justin Sun and TRON.
Justin Sun delivered a keynote speech at Japan WebX Conference
TRON and Huobi HTX have made new progress in their eastward expansion. In August this year, TRON became an associate member of Japan Cryptoasset Business Association (JCBA), a well-known industry association in Japan. The mainnet token TRX became one of the first 34 tokens to be listed on the Binance Japan exchange. Previously, TRX had achieved wide recognition in South Korea.
In September this year, the Huobi HTX international brand was officially upgraded to HTX. The new upgrade of the HTX brand also means that under Justin Sun’s new layout, the Huobi HTX ecosystem is ushering in a new stage of development.
“As an important base for the development of encryption technology, Asia can not only provide the industry with more use cases, but also provide more regulatory clarity, thereby promoting the development of the encryption industry in the United States. ”This is how Justin Sun explained his strategic intention of “ALL IN” Asia.
Break the situation
The dormant and eastward strategies have expanded the living space for Justin Sun, TRON and even Huobi HTX in the cold winter.
At the same time, TRON’s dominant business, stablecoin, performed well. Recently, Humble Farmer Army Research, a well-known overseas research team, pointed out in a research report that the weekly stablecoin settlement volume of TRON on the chain is about 70 billion US dollars. Therefore, in terms of stablecoin transaction volume, TRON has recently overtaken Ethereum and become the blockchain with the highest stablecoin transfer volume.
The latest data shows that the total number of TRON accounts has exceeded 197 million, the total pledge volume (TVL) has exceeded US$19.9 billion, and the average daily transfer volume of stablecoins has exceeded US$11.6 billion. TRON has long been the largest issuance base chain of USDT, accounting for most of the USDT circulation.
On the other hand, affected by multiple factors such as optimism about the prospect of approval of Bitcoin spot ETFs, Bitcoin halving prices, and expected changes in the U.S. macroeconomic environment, many cryptocurrencies have experienced a wave of market prices recently, and Bitcoin has broken through key price levels several times.
For cyclical industries, a warming market can solve 99% of crises and problems.
Understand Justin Sun
In the circles of the Internet and blockchain, Sun Yuchen is almost unknown to everyone.
He is one of the earliest evangelists of blockchain in China. He is the founder of TRON, former Grenada’s permanent representative to the World Trade Organization, Ambassador Extraordinary and Plenipotentiary, and a member of the Huobi HTX Global Advisory Committee. He is a pivotal figure in the industry. On the other hand, he is recognized as a business and marketing genius. For example, he has promised to pay off Luo Yonghao's debts, funded the medical treatment of retired NetEase employees, photographed Buffett's lunch, and spent huge sums of money to take pictures of sky-high-priced paintings. His actions are often unpredictable. A series of seemingly cynical and traffic-consuming past has made him controversial.
It is undeniable that whether we like Justin Sun or not, he is a figure that cannot be ignored among post-90s entrepreneurs. In particular, when most entrepreneurs born in the 1990s ushered in a short period of glory and few continued to develop, Sun Yuchen's continuous growth is so unique.
Justin Sun is different from other successful entrepreneurs. He is neither a ground-breaking innovator like Satoshi Nakamoto nor a technological innovation leader like Vitalik, so his road to breakthrough is even more difficult. His strength is the rare ability to market and seize market opportunities. From this point of view, he has some similarities with Jack Ma. Neither is a technical expert, but he can firmly seize the opportunities of the times. At the same time, he also has the tenacity and forward-looking vision that is different from ordinary people.
Whether it is in the chaotic period of the development of the encryption industry, or in the early stages of the development of the stablecoin track and RWA, Justin Sun can always make bold plans in advance, and then move to the next field before the influx of imitators. At the same time, he has unique insights into blockchain technology and can continuously achieve innovation. For example, TRON, as a five-year-old public chain, its technical solutions and system architecture can still maintain leading performance. His comprehensive layout of the TRON system has always allowed the ecosystem to continue to remain competitive.
It is precisely by relying on forward-looking layout and being good at playing against the wind that Justin Sun has survived 11 years in the extremely cruel blockchain industry. He is obviously not a flash in the pan. Almost all of his peers who entered the industry at the same time have left the industry, only Justin Sun is still there. From this perspective, blockchain is obviously not just a tool for Sun Yuchen to gain fame and fortune. As Justin Sun said: “If I were just pursuing fame and fortune, I would have gained a lot before joining the blockchain entrepreneurship. After being in the blockchain industry for so long, why would I persist? Just like a person can eat up to 5 steamed buns in one breath, any more will lose the pleasure of satisfying hunger. The experience of fame and fortune also conforms to the law of diminishing marginality in economics. ”
The movie "The Grandmaster" once said that a person's life is a process of seeing the world, seeing all living beings, and seeing himself. When you first get to know Bitcoin and enter the new world, you see the world. When you create TRON and continue to cross boundaries, you see all sentient beings. When you don't forget your original intention and stick to the blockchain industry, you see your true heart.
While controversy and criticism are still clinging to the past, Justin Sun has already "see himself" as a returner.
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