Sun Yuchen Responds to Zhao Changpeng’s Concerns About TUSD Market Making
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 promot
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
In this article, we will discuss the response of Sun Yuchen, the founder of TRON DAO Venture, to the concerns raised by Zhao Changpeng, the CEO of Binance, about the market making activities of TRON DAO Venture in TUSD. We will delve into the details of the purpose of depositing into TUSD, the contribution of the market makers to the stability of TUSD prices, and the measures taken by the team to rectify the unintended use of the funds.
Purpose of depositing into TUSD
Sun Yuchen responded to Zhao Changpeng on Twitter that 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. This indicates that the team was focusing on market making activities that would benefit the traders and exchanges of TUSD, rather than engaging in any promotional activities for TRON DAO Venture.
Contribution to the stability of TUSD prices
In the past few hours, the market makers of TRON DAO Venture have achieved a total trading volume of $40 million, which has contributed to the stability of TUSD prices. This indicates that TRON DAO Venture’s market making activities have had a positive impact on the market, as well as on the overall trading volume of TUSD. This illustrates the effectiveness of market making activities in stabilizing prices and increasing trading volume.
Rectifying the unintended use of funds
Unfortunately, some of the team members of TRON DAO Venture did not fully understand the intended use of these funds and unintentionally used some of them to participate in redemption activities. This implies that there was some confusion among the team members about the intended purpose of the funds deposited into TUSD, which led to their unintended use in the redemption activities. However, once the error was realized, the team immediately contacted the exchange team and arranged for a full refund. This indicates that TRON DAO Venture takes the responsibility of its actions seriously and is committed to rectifying any unintended consequences of its market making activities.
Conclusion
The response of Sun Yuchen, the founder of TRON DAO Venture, to the concerns raised by Zhao Changpeng, the CEO of Binance, highlights the main purpose of the team’s market making activities in TUSD, its contribution to the stability of TUSD prices, and the measures taken to rectify any unintended consequences of its activities. The effectiveness of market making activities in stabilizing prices and increasing trading volume is evident in the case of TUSD, and TRON DAO Venture’s commitment to responsible market making practices is commendable.
FAQs
Q1) What is TUSD?
A) TUSD is a USD-pegged stablecoin that is backed by actual US dollars held in reserve accounts.
Q2) What is market making?
A) Market making is the practice of creating liquidity in a market by buying and selling assets. It involves placing limit orders on both sides of the market to buy at slightly lower prices and sell at slightly higher prices than the prevailing market price.
Q3) What is the impact of market making on price stability and trading volume?
A) Market making can help stabilize prices by increasing liquidity and reducing the impact of large buy or sell orders. It can also increase trading volume by providing buy and sell orders for traders to trade against.
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