Sun launches plans for Asian DeFi market
Sun also discussed TRON’s possible expansion into India. According to him, the popularity of BitTorrent in India will allow Tron to expand the user base of Tron. According to Sun, BitTorrent has over 20-25 million users in India, a number that Tron plans to use for its own DeFi ambitions in the future. Regarding the development of the crypto market in terms of an East-West divide, Sun explained that while the crypto and blockchain sector inventions were first made in the West, they are now being developed in the East. Thus, Sun noted that the crypto trading market was previously dominated by companies from the US and the West.
This changed massively in 2018 and 2019 when Binance entered the market. As Sun notes, crypto trading is now dominated by Binance. The same thing is happening in the futures trading market, where BitMEX dominated and Asian companies are now gaining large market shares. Sun is hoping for a similar effect for TRON:I think similiar things gonna happen in the smart contracts [market]. Before it was Ethereum dominated. Right now you can see Asian player like TRON and others gaining in this market. I think think this is actually a good sign of globalization […]. So we gonna see the companies with different backgrounds compete with each other.
Sun also stressed that it has never been easy for Asian projects and companies to gain a foothold in the US and the West. As an example, Sun cited Tencent, who first had to adapt their products to the Western market.
First of all, the initial focus is Asian market. I don’t know if you even noticed. Even USDT is widely used in Asian markets, rather than Western. It’s more like a offshore currency in Asian market. […] That’s why the first focus will be Asian market and then we will gradually expand to western markets.
Selkis also pointed out, however, that in order to compete with Ethereum in the DeFi space, Tron must target certain regions such as China or India, where cryptocurrencies tend to be viewed more critically. In Japan and Korea, according to Selkis, Ethereum is already widely accepted.
Author : Jake Simmons