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B- Investment Grade

TRON DIGITAL ASSET REPORT

Introduction

TRON was founded in 2017 by Chinese entrepreneur Justin Sun. The project raised $180M to build an “advanced decentralized blockchain platform” shortly before ICOs were completely banned in China.

Since the launch, TRON has, however, been surrounded by controversy and criticism. The project’s whitepaper has been widely accused of plagiarism. Many of its parts were copied from the whitepapers of other projects (Filecoin and Interplanetary File System) without citation. The project also violated the GNU Lesser General Public License by copying the code from EthereumJ (one of the first Ethereum libraries), without the appropriate reference.

TRON’s founder, Justin Sun, has probably become the most controversial figure in the blockchain space. Some have named him “a perpetual marketing machine,” and  excessive hype and PR has earned Sun an army of haters across the crypto space. Sun even apologized for his excessive marketing antics in a letter to Chinese authorities.

Nevertheless, TRX, TRON’s native token, currently ranks 15th among the top cryptocurrency projects in the world, with a market cap of over $900M.

Furthermore, over the last year the project has significantly grown its mainnet to over 3.2M new accounts  with nearly 1M active dApp users.

Technologically, the project has already proven itself to not be just hype. TRON has built a delegated proof of stake network on top of the TRON virtual machine (TVM), which is analogous to Ethereum. In 2019, Tron was second by the number of dApps built on the platform (411 dApps), while Ethereum is still ahead (with 690 dApps).

The TRON ecosystem has been growing on the back of strategic acquisitions. Over the course of the last 2 years, the project has acquired the file-sharing service BitTorrent (with more than 100 million active users), the crypto exchange Poloniex, the content sharing platform Steemit, and several other projects. Given that the majority of the projects in the space are struggling with adoption and user acquisition, TRON’s strategy “to buy its way up” seems to be quite successful.

In fact, it can help the project build significant capitalization and community, even though its founder occasionally puts promotion before development.

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CONVEX PICK OF THE MONTH REPORT: CVX

Summary

Convex’s business model is built on Curve, a DeFi blue chip that continues to be one of the market leaders. It repackages Curve’s governance into a liquidity bootstrapping product that is already being used by projects like Abracadabra and Alchemix, and there is potential for more projects using it down the line. Ergo, Convex is one of the few examples of business-to-business models in crypto.

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