Sun Yuchen Responds to Zhao Changpeng Regarding TUSD Deposit

05/01/2023 08:41 • Blockchain Briefs • 82 views

According to reports, Sun Yuchen responded to Zhao Changpeng on Twitter that as a partner market maker of TUSD, TRON DAO Venture’s main purpose of depositing into TUSD is to promote market making between TUSD’s leading exchanges, thereby improving liquidity and trading volume, rather than participating in any exchange promotion activities. In the past few hours, our market makers have achieved a total trading volume of $40 million, contributing to the stability of TUSD prices. Unfortunately, some of our team members did not fully understand the intended use of these funds and unintentionally used some of them to participate in redemption activities. After realizing this error, we immediately contacted the exchange team and arranged for a full refund.

Sun Yuchen: Team members unintentionally used a portion of TUSD to participate in redemption activities, and have contacted the team for a full refund

As a Partner Market Maker of TUSD, TRON DAO Venture Aims to Promote Market Making and Trading Volume
Sun Yuchen, the founder of TRON and CEO of BitTorrent, recently responded to Zhao Changpeng on Twitter regarding the deposit of TUSD by TRON DAO Venture. According to reports, the main purpose of this deposit was to promote market making between TUSD’s leading exchanges, thereby improving liquidity and trading volume, rather than participating in any exchange promotion activities. In the past few hours, TRON DAO Venture’s market makers have achieved a total trading volume of $40 million, contributing to the stability of TUSD prices. Unfortunately, some team members misunderstood the intended use of these funds and unintentionally used some of them to participate in redemption activities. Immediately after realizing this error, TRON DAO Venture contacted the exchange team and arranged for a full refund.

The Purpose of TUSD Deposit by TRON DAO Venture

The primary purpose of the TUSD deposit by TRON DAO Venture was to promote market making and trading volume between TUSD’s leading exchanges. As a partner market maker of TUSD, TRON DAO Venture recognized the importance of improving liquidity and trading volume to ensure the stability of TUSD prices. By depositing funds into TUSD, TRON DAO Venture aimed to support the market makers in achieving higher trading volumes and greater liquidity on the TUSD exchange.

The Role of TRON DAO Venture’s Market Makers

TRON DAO Venture’s market makers played a crucial role in achieving greater trading volume and liquidity on the TUSD exchange. The team members were responsible for using the deposited funds for market making activities, which involved buying and selling TUSD on the exchange to provide liquidity to the market. The higher the trading volume and liquidity, the more stable the TUSD prices.

Misunderstanding and Refund

Unfortunately, some TRON DAO Venture team members did not fully understand the intended use of the deposited funds and inadvertently used some of them to participate in redemption activities. As soon as TRON DAO Venture realized this error, the team contacted the exchange team and arranged for a full refund of the mistakenly-used funds. The primary goal of TRON DAO Venture remains to promote market making and trading volume between TUSD’s leading exchanges, and it aims to achieve this goal ethically and transparently.

Conclusion

TRON DAO Venture’s TUSD deposit was not aimed at any exchange promotion activities but was intended to promote market making and trading volume for the stability of TUSD prices. The market makers achieved a total trading volume of $40 million, and any unintended use of the funds was immediately rectified with a full refund. TRON DAO Venture remains committed to promoting market making and trading volume in a transparent and ethical manner.

FAQs

Q1. What is the role of TRON DAO Venture in TUSD market making?
TRON DAO Venture is a partner market maker of TUSD, and its primary role is to promote market making and trading volume between TUSD’s leading exchanges for stability in TUSD prices.
Q2. What happened with some of the TUSD deposited by TRON DAO Venture?
Some of the deposited funds were inadvertently used by some TRON DAO Venture team members to participate in redemption activities. Once this error was realized, a full refund was arranged with the exchange team.
Q3. What is the outcome of TRON DAO Venture’s market making activities for TUSD?
TRON DAO Venture’s market makers achieved a total trading volume of $40 million, contributing significantly to the stability of TUSD prices.

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