We are still in #februaryinleo and today's theme is #wednesdaytech which is quite a vast subject to tackle.
Tron blockchain seems to be in trouble, and some signs are there, for us to see it. I know, we have not been fans of Justin Sun since the Steem drama, and I was still wondering how this could last that much. Do you think is the government supporting him for some nefarious motives?
Well, the thing is that Circle will discontinue support for USDC on the Tron blockchain in a phased transition. 'Effective immediately' they will no longer mint USDC on Tron. Now those words - 'Effective immediately' - suggest some sense of urgency. Anyway, they support customers to transfer the USDC to other blockchains through February 2025. Not much left of February, I must add, so, if you have USDC on Tron, try to move it as fast as you can. Another option is to redeem the USDC you have on the Tron blockchain for fiat currency directly with Circle, as USDC is redeemable 1:1 for US dollars.
Not the fun starts. As they were saying, this is part of the Circle risk management framework, as they want USDC to remain trusted, transparent and safe. This makes me think that somehow on Tron they were not safe, or they did not trust Mr Sun enough, or something was not transparent in there (never war, never will be, but this is another story for another time).
So, they suggested that is risky to keep crypto on Tron blockchain, and they wanted out very, very quick, until the end of this month? What is happening? I never trusted Tron that much, but this is at least one interesting move from Circle. I am sure that USDT, as they think they are too big to fail, will gladly fill the void left by USDC. Wanna bet on this?
There are a lot of strange moves that happened with Tron lately, as for its decentralization, there are so many questions left unanswered. For example, USDC leaving them, quoting risk management, as any other blockchain token would have gone down at least 1-2%. Well after the Circle announcement, get this, the TRX token went up. Up! Can you believe it?
They (Tron blockchain) are a bit of a copycat, as we have seen recently when Binance showed interest in the Web3 streaming platform DeeStream (DST), quickly being followed by Tron investing massively in the DST tokens. But then, they also revealed a roadmap where they were talking about BTC L2 integration, well this is something that I want to see them trying. "Let's make Bitcoin fun again!" he said, reminding me of somebody else who shall not be named.
If you know more about this story, please tell me, as I am quite intrigued.
All the best,
George
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