Sun Yuchen: Web3.0 is arriving at an accelerating pace, and Huobi will become Asia's Coinbase
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Sun Yuchen: Web3.0 is arriving at an accelerating pace, and Huobi will become Asia's Coinbase
Since the launch of the Dominica DID jointly introduced by TRON and Huobi, the number of applicants has exceeded 200,000; Huobi is striving to become the Coinbase of Asia in advancing the development of Web3.0 driven by DID.
Navigating Web3 tides with focused insightsOn February 9, Justin Sun, member of Huobi Global Advisory Board and founder of TRON, joined a live online dialogue with Western hip-hop stars French Montana and Dr. Watney, founder of JAZ DID. The discussion, themed "DID: The Infrastructure of SocialFi," explored the current state and future prospects of Decentralized Identifiers (DID). Hosted by Tracy Fanara, a female scientist from the Mars Colonization Program, the event was broadcast live on Huobi Live.
Justin Sun revealed that since the launch of the Dominica DID—a collaboration between TRON and Huobi—the number of applicants has exceeded 200,000. He added that Huobi aims to become the Coinbase of Asia by driving Web3.0 development powered by DID technology.
The Dominica DID is the first digital identity issued by a sovereign nation. According to Sun, applications on the Huobi platform have surpassed 200,000—nearly three times Dominica’s actual population. The DID can be used for KYC verification, bridging the real and virtual worlds, and applied across GameFi, SocialFi, DeFi, CeFi, banking, and other sectors, helping solve numerous real-world financial challenges.
Discussing the widely watched stablecoin market, Sun explained that centralized stablecoins such as USDT and TUSD are fiat-backed digital representations of the U.S. dollar and operate under government regulation. Decentralized stablecoins, on the other hand, are either over-collateralized crypto assets or algorithmically generated without collateral—such as USDD and USDJ on the TRON network. Users obtain decentralized stablecoins by pledging assets, enhancing capital efficiency and leverage. These instruments are popular due to their non-custodial nature and lack of KYC requirements.
"USDD maintains a collateral ratio exceeding 150%, which is very healthy. Global USDD holders can conduct real-time checks 24/7," said Sun. "Code is law. TRON imposes no KYC requirements, allowing users to enjoy the convenience of decentralized stablecoins. Leveraging our leadership in the stablecoin space, TRON will gradually expand into the NFT sector and further collaborate with Huobi to strengthen its influence in this domain."
Sun also noted that JustLend currently holds $3.56 billion in total deposits and $150 million in loans. These DeFi platforms serve as prime examples of blockchain and cryptocurrency application, significantly boosting activity and growth within the TRON ecosystem.
Regarding Huobi's 2023 development roadmap, Sun reiterated the goal of positioning Huobi as the Coinbase of Asia.
He believes 2023 will usher in a new bull cycle for crypto, with the Asian market leading the recovery and serving as one of the key drivers. Huobi aims to become the gateway to Asia’s crypto market. Currently focusing its core resources and efforts on Asia, Huobi will continue expanding its user base, improving user experience, and promoting widespread education and adoption of cryptocurrency to help people better understand how digital assets can enhance their lives.
Recently, Hong Kong has shown a positive and open stance toward the crypto industry. Huobi stated it is considering launching operations in the region. Sun expressed his hope to make greater contributions within Hong Kong’s regulatory framework for stablecoins.
During the discussion, Dr. Watney shared insights on the future of Web3.0 and the interaction between virtual and physical worlds, outlining JAZ DID’s development roadmap—including plans to launch multiple Web3.0 games. French Montana highlighted the revolutionary impact of cryptocurrency on artists worldwide. All three panelists, including Sun, agreed that the Web3.0 era is rapidly approaching, and 2023 will be a transformative year for the Web3.0 ecosystem.
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