In 2017, Tron was the talk of the town. With its token, TRX, released during the height of the smart contract boom, many speculated it would be the one to kill Ethereum. The highlighted figure around Tron was its CEO, Justin Sun, who used his charisma and aggressive marketing to grow incredible demand around the platform.
Unfortunately for the Tron blockchain, the development came too late. By the time the blockchain had reached main net launch, the market had cooled down. It was also apparent that even though the blockchain was built, there were still many parts that needed work. The development tools were minimal, the block explorer was clunky and had issues, and the Tron version of MetaMask felt cheap and half translated.
Sun used many publicity stunts to try and stay in the spotlight, like the time he spent $4.6m to have lunch with Warren Buffett. The Tron Foundation was also the first to create an alternate version of the stablecoin, USDT, which was popular for a while. However, after years of the blockchain failing to gain the same utility and adoption of Ethereum, it looks as though the CEO has had enough. On 17 December 2021, Sun announced he would be quitting Tron as its CEO, and that the foundation he had created would be dissolved.
Sun will not be retiring after his blockchain venture but instead, he will be going into political office. With his resignation, he announced that he will be joining the government of Grenada as its new full-time ambassador to the World Trade Organization. Sun has stated that the legalization of Bitcoin in El Salvador influenced him to pursue building the legitimacy of cryptocurrencies, specifically in another Latin American country, Grenada.
Sun’s resignation from Tron goes into effect immediately but the Tron Foundation will not be dissolved until the summer of 2022. The development and control of the Tron blockchain will go into the hands of TRX holders, building a DAO in which such holders will be allowed to vote on proposals to keep the chain going forward.
Typically when a blockchain or project decides to go this route, it spells the end of the road. The competitiveness and growth of the technology will depend on only freelance developers and will likely never reach their ultimate goals.
We wish the best of luck to Justin Tron in the future!