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On February 9, Justin Sun, TRON founder and a member of Huobi's global advisory board, joined a live stream with two other guests, the American big-name rap star French Montana and JAZ DID founder Dr. Watney. Under the theme of "DID and Social-Fi Infrastructure", the guests shared their views on where DID stands now and where it will head in the future, among other topics. The event was hosted by Tracy Fanara, a female scientist working on Mars colonization, and was live streamed by Huobi Live.
Sun revealed that the number of Dominica DID applicants had exceeded 200,000 since the launch by TRON and Huobi, and Huobi strives to reinvent itself as the Coinbase of Asia during its Web 3.0 construction powered by DID.
More than 200,000 applications for Dominica DID have been submitted on Huobi, almost tripling the population of Dominica, Sun commented. Dominica DID can be used for KYC verification and linking the physical world to its virtual counterpart. It also fits in with many use cases, such as GameFi, SocialFi, DeFi, CeFi, and banks, addressing plenty of financial headaches in real life.
With regard to the stablecoins that are most sought-after these days, Sun explained that centralized stablecoins such as USDT and TUSD are mapped from the U.S. dollar in the real world and are government-regulated. Decentralized stablecoins, on the other hand, are minted either through algorithms or the over-collateralization of on-chain crypto assets, with TRON-based USDD and USDJ as two examples. This type of stablecoin has been gaining traction as it can be obtained through collateralization and help holders secure profits and ensure effective fund utilization with no KYC requirements.
"With an industry-leading collateral ratio of over 150%, USDD allows its global users to access its auditing report 24/7," said Sun. "Code is the law. TRON removes any KYC check to truly extend the benefits of these decentralized stablecoins to all. TRON will keep on leveraging its strength in stablecoins into the building of the NFT realm and work closely with Huobi to grow its presence in this field."
According to Sun, the total supply and borrowing volume on JustLend have amassed to $3.65 billion and $150 million, respectively. The two DeFi platforms, viewed as the epitomes of blockchain's integration with encrypted technology, have been supercharging the growth of TRON's ecosystem.
On the blueprint for Huobi's growth, Sun plans to build the exchange into the Coinbase of Asia.
In his belief, 2023 will usher in a bull run primarily driven by the reviving Asian markets, and Huobi, envisioned as Asia's answer to Coinbase, will become the gateway to the region's crypto market. With a focus on Asia, Huobi has poured most of its resources into the region, aiming to expand its customer base and improve user experience. Meanwhile, it is dedicated to the mass adoption of crypto through educational campaigns on the basics of cryptocurrency and how it can benefit people.
As Hong Kong starts to show a positive and open attitude toward the crypto industry, Huobi is considering plans to set up operations in the region. It is hoped that the Hong Kong government will drive meaningful changes to the regulatory framework on stablecoins, Sun noted.
During the session, Dr. Watney talked about the future of Web3, interactions between the virtual and physical worlds, and the roadmap for JAZ DID, which includes developing multiple Web3 games. French Montana, the musician, shared crypto's implications on global artists. All three guests, including Justin Sun, believe that Web3 is turning a corner and 2023 will be a year of major transformations in the Web3 landscape.
About Huobi Group
As a world-leading company in the blockchain industry, Huobi Group was founded in 2013 with a mission to make breakthroughs in core blockchain technology and integration blockchain technology with other industries. Huobi Group has expanded into public blockchains, digital assets trading, wallets, mining pools, proprietary investments, incubation, digital asset research, and more. Huobi Group has established a global digital economy industry ecosystem by investing in over 60 upstream and downstream companies in the blockchain industry.
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