Space Review | Farewell to the era of "narrative as a windfall", TRON rebuilds market confidence with real returns.

In the past year, the crypto world seems to have fallen into a maze of “narrative loops.” The expectations of interest rate cuts have repeatedly “teased,” while new stories such as RWA, AI+ Crypto, and the revival of Memes have taken turns appearing. Each favorable policy and narrative shift has been seen as a potential market catalyst, yet the market has remained stuck in a state of low activity and volatility. The once prevalent market logic that “narrative equals opportunity” seems to be losing its efficacy, and there has emerged an inexplicable depeg between favorable policies and price movement.

When “stories” can no longer easily pry open funds and confidence, we have to start reflecting: is this a temporary silence under macroeconomic pressure, or has the industry entered a “fatigue period” of narrative overload? In today's rapidly merging traditional finance and encryption world, do markets expect a grander new story, or do we need to re-examine the underlying logic of value creation? This issue of SunFlash Roundtable starts from such confusion, attempting to explore the path of rebuilding market confidence at the cyclical turning point where consensus is blurred.

Why have policies and narratives failed? The market trust crisis under signal overload.

Guest LongTian pointed out that the current market has fallen into a dual dilemma of “information expansion” and “information overdraft.” The intense bombardment of favourable information has led to aesthetic fatigue among investors, while many commitments have failed to translate into actual increments, gradually eroding market trust. “Investors have shifted from 'entering the market as soon as they hear favourable information' to 'let's wait and see, so as not to be deceived again.'” This change in mentality has directly led to the failure of policy signal transmission.

She further raised the structural issue of “threefold depeg”: the depeg between Favourable Information and funds, the depeg between trends and trading structures, and the depeg between expectations and ecological landing. Institutions hesitate due to unclear regulations, while retail investors hesitate due to being trapped multiple times. Even if funds enter the market, it is difficult to form a combined force due to the highly concentrated market chips. Most ecological projects still remain at the conceptual stage, lacking real users and application scenarios, which leads to repeated failures in expectations.

The guest pointed out that when Favourable Information becomes the norm instead of a rare event, investors' reaction thresholds significantly increase. “Just like the previous easing of local policies and the entry of institutions, being in a long-term Favourable Information environment has led to a continuous decline in the market's freshness and expectations for a single policy.” The guest Qiwun described the same phenomenon in more straightforward language: “It's not that there is a lack of Favourable Information now; it's that there is too much information, and the market has become numb.” He likened it to “The Wolf is Coming,” pointing out that the daily bombardment of Favourable Information has made it difficult for investors to discern truth from falsehood, and the repeated discounts upon landing have further destroyed the foundation of trust.

0xOld Mage also believes that we are in a fatigue period of narrative bubbles. “The past narrative rhythm was too intense, and the market simply did not have time to digest, verify, and settle.” He pointed out that most narratives had not exited the product stage before being overdrawn by expectations in the secondary market, leading to narratives becoming short-term speculative games. He proposed a key turning point: the narrative-driven approach is shifting from “imagination-driven” to “results-driven.” In the future, narratives that can survive must connect with reality, bringing real benefits or institutional trust.

Narrative failure,兑现为王: TRON responds to the market's core demands with real returns and a deflationary mechanism.

When asked about the most critical deficiency in the current market, all the guests gave a surprisingly unanimous answer: the market lacks not narratives, but deliverables. Fangyuan pointed out sharply that many projects are still stuck in the “PPT stage,” attracting users through grand narratives and community operations, but lack a sustainable incentive loop and tangible products. “If it’s just about expressing emotions without bringing actual benefits, people won’t buy it.” He emphasized that users will ultimately be retained by real product experiences, and market fatigue stems from an excess of narratives but a lack of deliverables.

Dark circles systematically summarize this viewpoint as: what the market lacks most is “the ability to narrate and realize value” and “verifiable investment certainty.” He explained that the former relates to whether the story can be grounded, while the latter addresses whether funds are willing to enter the market. Many popular track projects have only built a basic framework, and the core functions have not been realized. Some DeFi protocols attract users with high annual returns, but the source of profits still comes from the funds of latecomers, which cannot form sustainable trust.

Regarding the birthplace of the next industry consensus, the guests' outlook focuses on two key directions: first, institutional assets that can bring real returns, and second, cross-application scenarios that can achieve breakthroughs in user benefits. The consensus among the guests has precisely found a realistic footnote in the TRON ecosystem. This ecosystem does not chase the hottest short-term narratives, but instead focuses on building financial infrastructure that can generate real returns and provide certainty.

l Real Yield Engine and Fund Circulation

According to calculations, as of November 3, the risk-free yield of stablecoins on the TRON chain can reach 8%, significantly higher than the 3%-5% level of other mainstream public chains, with its platform token TRX maintaining a staking yield of 6.88%. According to CoinGecko, the TRX price has also achieved an annual growth rate of up to 78%, forming a dual advantage of “yield + appreciation.”

This outstanding performance is rooted in the solid and active ecological foundation of TRON. As the core hub for the circulation of stablecoins globally, the TRON network carries over 50% of the USDT circulation, providing ample liquidity and system stability for the entire ecosystem through its efficient and low-cost payment infrastructure.

Based on this, a complete and self-consistent value cycle system has been constructed by the DeFi matrix consisting of core protocols such as JustLend DAO, SUN.io, USDD, and SunPerp. These protocols deeply collaborate in scenarios such as staking, lending, trading, and derivatives: users can not only deposit and borrow in JustLend DAO to earn basic income by staking TRX, but also obtain a fixed annualized return of 12% by staking USDT through SunPerp, and even engage in liquidity mining on SUN.io. The sTRX obtained from staking TRX can also be through

The USDD platform mints the decentralized stablecoin USDD through collateralization and deposits it into the JustLend DAO for secondary earnings, achieving circular arbitrage. This not only effectively promotes the closed-loop flow of funds within the ecosystem but also continuously creates and captures value through a composite product portfolio, forming a scale effect and sustainable development capability that is difficult for a single product to achieve.

Token deflation builds market confidence

On the solid foundation of real returns, the TRON ecosystem further conveyed a clear and strong value signal to the market through the continuous buyback and burn mechanism of JST and SUN tokens.

Among them, all revenue from the JustLend DAO protocol, along with the excess earnings from the USDD stablecoin, is systematically used to buy back JST and destroy it. Notably, a buyback and destruction plan for JST valued at approximately sixty million US dollars has been steadily launched, and its scale and determination stand out prominently among similar operations in the industry. Currently, the first large-scale buyback and destruction of JST tokens has been successfully completed, with the amount destroyed (559,890,753 JST) reaching about 5.66% of the total supply of JST tokens, showcasing the strong execution power of ecological empowerment of token value.

Meanwhile, the buyback and destruction of SUN tokens is also progressing steadily. As of now, the total number of SUN tokens destroyed has reached 648,535,242.90. Among them, 362,655,328.09 tokens were bought back and destroyed using trading income from SunSwap V2, and 285,879,914.81 tokens were bought back and destroyed using income from the SunPump platform.

This series of transparent and continuous deflationary operations has directly enhanced the scarcity value of the TRON ecosystem tokens and has genuinely returned the dividends generated by the thriving ecosystem to every token holder. This kind of behavior of “speaking with real money” is the most direct and effective way to build “verifiable investment certainty” and strongly responds to the current market's core demand for value realization and confidence rebuilding.

In a market maze where narratives frequently change and policy effects diminish, this roundtable reveals a clear shift: the crypto world is moving from an era of “listening to stories” to an era of “seeing results.” The market's coolness is not the end of the stories, but a necessary purification. It forces the industry to shed extravagance and restlessness, returning to the essence of value creation. The consensus of the new cycle will not be born from some stunning slogan but will be nurtured in sustainable profit models like TRON's, verifiable ecological data, and the conviction of every real user.