So USDT is what's keeping TRX alive?

TastyChillySauce00

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Quote from: GreatArkansas on December 04, 2022, 07:45:25 PM

Seems the Tron network now got a huge TVL because of the Defi lending platform which is JustLend.
If you take a look, JustLend's Dominance is 65%, very far from other platforms inside Tron Network.
And if you go to JustLend, the highest supply there is Bitcoin is more than $ 1 billion.
So for me, it seems even if USDT will fail, the Tron network is still here.

Nothing gonna happen with TRON once USDT will fail or collapse. Tron has its as stable token called USDD. USDD is very similar with UST by luna which has been dead since a few months ago. The only good thing is USDD minted based on how much reserved funds that available on tron treasury yet we must always aware if any possibility for the bad things to happen will always there. As long as the CEO of tron won't do shady things like what happened with luna and FTX that was affecing so many lending platforms and just lend will still alive.
The liquidity must be kept safely to avoid the collapse from the platform.

GreatArkansas

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Seems the Tron network now got a huge TVL because of the Defi lending platform which is JustLend.
If you take a look, JustLend's Dominance is 65%, very far from other platforms inside Tron Network.
And if you go to JustLend, the highest supply there is Bitcoin is more than $ 1 billion.
So for me, it seems even if USDT will fail, the Tron network is still here.

WalkerIVIV

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yes, had it not caused by the fact that the platform has USDT it's probably already dead for long, this coin is even bad for investments considering the fact that it's ancient coin with minimal innovation, surely matic will be better option in term of choosing it for investments, I think USDT could always ditch this platform and choose to migrate over into the other if this coin continue to become lesser famous and losing volume.

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Quote from: Outhue on December 02, 2022, 08:48:14 AM

If USDT fails in future wouldn't TRX be the most affected? I said this because I don't see any other reasons why TRX is doing so well if not for a lesser gas fee/transaction when dealing with USDT.

Am I wrong? Is there any other good reason to use TRX ( TRON )?

It is possible that the collapse of USDT could have a negative impact on TRX. USDT on the TRX network is very popular and is cheaper for transactions, unlike Ethereum. So many people are buying TRX just to be able to send USDT transfers on the TRX network. I think this is one of the most important utilitarian features of TRX right now, and without USDT it will lose much of its capitalization and community. Algorithmic stablecoin USDD will definitely not replace USDT.

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Quote from: electronicash on December 04, 2022, 12:06:02 PM

Quote from: tomahawk9 on December 04, 2022, 07:25:04 AM

USDT is a ticking time bomb keeping everything alive give the supply. Should it go bust any second it would be a catastrophe

TRX? They can survive on their own.

no other concrete usecase even though there are other TRC20 projects. its crazy that with just only USDT they still stay afloat that TRX still on the top position despite this only utility. i think Sun will have some other plans for TRX or probably use it to another stablecoin that is not depegged.

if USDT go bust, its not just TRX that will be hit. a lot of coins will take a nose dive.

This is why I am curious why Justin Sun is offering billions of aid to FTX when in fact, their project is on the verge of collapsing?

https://www.reuters.com/technology/tron-founder-justin-sun-ready-give-billions-aid-ftx-bloomberg-reporter-2022-11-11/

Maybe just to create noise in the market. And jump on this drama. Though SBF has claimed he got $1B from Sun, along with OKX and Tether.
Sun should be doing something innovative to Tron platform, or else, this will suffer another exit in this industry.
If he has $1B to help FTX, then, more than likely he has still more to initiate strong developments on this platform.

so98nn

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TRX is so dead that I recalled it after reading this thread and title of it. Couldn’t help it but there are so many projects out there which were really good when they started and they also had enormous volume in the initial days. TRX is one of the example which is just getting dragged along the way and doing nothing about it. It does have good volume but it does not have purpose. Such coins are deadly for long term investments and one should be careful about it. Even USDT is talks with legalities so it’s either bitcoin or directly fiat for me!!

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Quote from: tomahawk9 on December 04, 2022, 07:25:04 AM

USDT is a ticking time bomb keeping everything alive give the supply. Should it go bust any second it would be a catastrophe

TRX? They can survive on their own.

no other concrete usecase even though there are other TRC20 projects. its crazy that with just only USDT they still stay afloat that TRX still on the top position despite this only utility. i think Sun will have some other plans for TRX or probably use it to another stablecoin that is not depegged.

if USDT go bust, its not just TRX that will be hit. a lot of coins will take a nose dive.

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Quote from: Outhue on December 02, 2022, 08:48:14 AM

If USDT fails in future wouldn't TRX be the most affected? I said this because I don't see any other reasons why TRX is doing so well if not for a lesser gas fee/transaction when dealing with USDT.

Am I wrong? Is there any other good reason to use TRX ( TRON )?

Trx has been used due to that reason and they also got an expanded trx application and not only due to that usdt is collapsing. If ever usdt go down I believe the entire market would be affected as well. We all knew that usdt is one of the highest paired volume token on different exchanges.

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Quote from: tomahawk9 on December 04, 2022, 07:25:04 AM

USDT is a ticking time bomb keeping everything alive give the supply. Should it go bust any second it would be a catastrophe

TRX? They can survive on their own.

I think that it was not about the fact that Tether is a dangerous asset for the entire crypto market, and more interested in the question of what the future of blockchain tron is if USDT is disconnected from them. I think then trx won't be any different from a bunch of other shitcoins that have been created a lot. TRX is one of those useless coins.

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USDT is a ticking time bomb keeping everything alive give the supply. Should it go bust any second it would be a catastrophe

TRX? They can survive on their own.

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Quote from: BitDane on December 02, 2022, 06:11:12 PM

Quote from: Vidarse on December 02, 2022, 01:06:59 PM

Now, I can say that Tron is only being used by the USDT, whether you are going to make transactions to another wallet or want to swap some Tron Coin. Secondly, the Tron has a faster transaction speed as compared to the polygon chain. I think, in the past, there was more usage of Tron as compared to now, and the reasons are above.

Isn't this a reason enough why TRX is alive and not because of USDT? TRX having fast confirmation and low fee is already a good feat. What else would we wanted to see with TRX? So I say, it isn't USDT that is keeping TRX alive but its feature. We can agree or disagree but USDT TRC20 is taking advantage of TRON blockchain feature why it is one of the sought after stablecoin network.

I don't think so, if you are looking for a blockchain with cheap and fast transaction fees, today we have a lot of similar blockchains, not just Tron, such as XRP, LTC, and Sol... all of them cheap and fast. Today, Tron is known almost exclusively as the blockchain for USDT, nothing more and nothing less, without the existence of USDT, Tron will soon be forgotten.

If you want to find a stablecoin that is not USDT, then Tron can also be an option, a coin with almost no volatility, Tron is no different from a stablecoin Grin

.

dwminer1

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Let's start with the fact that the collapse of USDT would be tragic for the entire crypto market. For TRX, it would be a double blow. Let's remember, however, that TRX is not only USDT, there are some applications on their blockchain, they also have their own stable coin - USDD (currently 55th place on CMC: https://coinmarketcap.com/currencies/usdd/). It is also Justin Sun's flagship project, whom you may not like, but you can't say that he doesn't know about this business. He would certainly use all his financial opportunities and contacts to stay in the game.

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Quote from: Maidak on December 03, 2022, 05:14:44 PM

I'm not sure about that, look what he did with other stablecoins like USDC, DAI, and TUSD...in which USDC is also the leading stable coin, even the market capitalization and trading volume is larger than BUSD. Until now USDT is too big to be eliminated immediately, but over time, he will also find a way to eliminate it and replace it with BUSD entirely.

Minted amount / marketcap doesn't give full picture. But BUSD has almost 200% of daily volume to USDC, and DAI isn't even in same league. I am not sure what the issue is with USDC and DAI but i am pretty sure they are going to be extra careful with stable coins after UST.

Meanwhile usdt has 334% more daily volume then BUSD. There's no competing against that. And the fact that they accept it means that people can deposit it to binance and trade there rather then elsewhere. It isn't all competition. CZ talks about going full decentralized in the future. That would mean there wouldn't necessarily be any fiat backed currency by binance.

Quote from: Maidak on December 03, 2022, 05:14:44 PM

I also don't think people will find a better and more reliable exchange than binance at this point, CZ knows that and he will take advantage of it. Currently USDT is still the stablecoin I use the most, but if I had to choose, I would choose binance over USDT.

This can all change in a heart beat, but the fact that i said that crash of usdt would crash everything goes for binance too. If binance crashes at this point, that would be something maybe too hard to recover from.

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Quote from: o48o on December 03, 2022, 03:08:37 PM

Quote from: Maidak on December 02, 2022, 05:47:48 PM

Not only you but we all use Trx for the sole reason of USDT, but those who use Binance may be changing their habits. Likely in the future, CZ will also remove USDT from Binance as he did with other stablecoins this year and look to promote BUSD.

He would be only lose by doing that, usdt is minted on BSC as well and that's the only chain i am using it with. IF USDT would be removed from binance people would just change to exchanges where you could trade against usdt pairs. It would be like removing eth to promote bnb.

I'm not sure about that, look what he did with other stablecoins like USDC, DAI, and TUSD...in which USDC is also the leading stable coin, even the market capitalization and trading volume is larger than BUSD. Until now USDT is too big to be eliminated immediately, but over time, he will also find a way to eliminate it and replace it with BUSD entirely.

I also don't think people will find a better and more reliable exchange than binance at this point, CZ knows that and he will take advantage of it. Currently USDT is still the stablecoin I use the most, but if I had to choose, I would choose binance over USDT.

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Quote from: Maidak on December 02, 2022, 05:47:48 PM

USDT has been entangled in bad rumors for years, and I wouldn't be surprised if USDT suddenly collapses one day. No matter how painful the market is, we will eventually recover, it's like other altcoins in the market, it is not the brains of the market but only a tiny part of the market.

Well i guess we get an answer to that in any day now as tether gets fully audited

Quote from: Maidak on December 02, 2022, 05:47:48 PM

Not only you but we all use Trx for the sole reason of USDT, but those who use Binance may be changing their habits. Likely in the future, CZ will also remove USDT from Binance as he did with other stablecoins this year and look to promote BUSD.

He would be only lose by doing that, usdt is minted on BSC as well and that's the only chain i am using it with. IF USDT would be removed from binance people would just change to exchanges where you could trade against usdt pairs. It would be like removing eth to promote bnb.

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What you are thinking is right, Trx will die if USDT fails. Today I am still using Tron for the sole purpose of USDT and I have no other reason to use Trx. If someone says Trx has cheap and fast transaction fees it is true but we also have many altcoins with similar features to Trx so there is no reason to use an ugly coin like Tron.

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Quote from: Vidarse on December 02, 2022, 01:06:59 PM

Now, I can say that Tron is only being used by the USDT, whether you are going to make transactions to another wallet or want to swap some Tron Coin. Secondly, the Tron has a faster transaction speed as compared to the polygon chain. I think, in the past, there was more usage of Tron as compared to now, and the reasons are above.

Isn't this a reason enough why TRX is alive and not because of USDT? TRX having fast confirmation and low fee is already a good feat. What else would we wanted to see with TRX? So I say, it isn't USDT that is keeping TRX alive but its feature. We can agree or disagree but USDT TRC20 is taking advantage of TRON blockchain feature why it is one of the sought after stablecoin network.

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Quote from: o48o on December 02, 2022, 05:06:26 PM

If usdt would fail, trx would be over, but frankly so would crypto as we know it. Prices would crash like nothing we seen before and recovery from that would take years. It would be longest bear run we ever had.

USDT has been entangled in bad rumors for years, and I wouldn't be surprised if USDT suddenly collapses one day. No matter how painful the market is, we will eventually recover, it's like other altcoins in the market, it is not the brains of the market but only a tiny part of the market.

Quote from: o48o on December 02, 2022, 05:06:26 PM

But about trx: Sending cheap usdt between exchanges is the only reason i have used it and funny enough only selling point from trx fanbois. I moved to BSC usdt long time ago and haven't looked back.

Not only you but we all use Trx for the sole reason of USDT, but those who use Binance may be changing their habits. Likely in the future, CZ will also remove USDT from Binance as he did with other stablecoins this year and look to promote BUSD.

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Quote from: Outhue on December 02, 2022, 08:48:14 AM

If USDT fails in future wouldn't TRX be the most affected? I said this because I don't see any other reasons why TRX is doing so well if not for a lesser gas fee/transaction when dealing with USDT.

Am I wrong? Is there any other good reason to use TRX ( TRON )?

If usdt would fail, trx would be over, but frankly so would crypto as we know it. Prices would crash like nothing we seen before and recovery from that would take years. It would be longest bear run we ever had.

But about trx: Sending cheap usdt between exchanges is the only reason i have used it and funny enough only selling point from trx fanbois. I moved to BSC usdt long time ago and haven't looked back.

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Quote from: Outhue on December 02, 2022, 08:48:14 AM

If USDT fails in future wouldn't TRX be the most affected? I said this because I don't see any other reasons why TRX is doing so well if not for a lesser gas fee/transaction when dealing with USDT.

Am I wrong? Is there any other good reason to use TRX ( TRON )?

You’re not wrong here, USDT seems the biggest user of TRX network and with that if there’s a panic with regards to USDT the probably TRX will be affected as well. I can’t find any other good reason to use TRX and they should already anticipate this and look for other opportunities. TRX seems to be more complacent with USDT but after the issues with stable coins, they have to start looking for other good reason. Investors will start to panic if USDT started to fall, but I’m confident USDT will not ended up just like the other failed stable coins.

Topic: So USDT is what's keeping TRX alive? (Read 185 times)