In a surprising turn of events, Justin Sun, the founder of Tron blockchain, has recently taken to Twitter to outline his ambitious plans on how he would drive Ethereum, the world’s second most popular cryptocurrency, to reach a staggering $10,000. Intriguingly, he forecasts a hefty 35.9% price surge within the first week alone.
In a series of tweets, Sun detailed his five-step strategy, dubbed the “ETH to $10,000” plan. He began by saying that if he was in charge of the Ethereum Foundation (EF) and Ethereum, the very first action he would take is to “halt ETH sales and optimize revenue.” Sun proposed that the EF should cease selling ETH for a minimum of three years. To cover operational costs, Sun suggested using “AAVE lending, staking yields, and stablecoin borrowing,” thereby ensuring that the ETH supply remained unaltered. This strategic move would align with the objectives of making ETH deflationary and bolstering market confidence in the digital coin.
The second step in Sun’s plan involves imposing taxes on all layer-2 solutions, allowing Ethereum to generate a minimum of $5 billion per year in taxes. The tax proceeds would then be used by the Ethereum Foundation to repurchase and burn ETH in a decentralized manner. Sun accentuated the significance of this step in his ambitious plan.
For the third step, Sun proposed a major shake-up within the Ethereum Foundation itself. His plan is to “drastically downsize” the EF staff, retaining only the most capable team members. The remaining team members would then receive substantial salary raises, transforming the Foundation into a “purely merit-based system that rewards performance and results.”
Moving towards the final stages of his plan, Sun’s fourth step involves reducing node rewards and focusing exclusively on fee-burning mechanisms. This strategic approach would aid in maintaining Ethereum’s deflationary nature and reinforce its position as a store of value.
In his fifth and final step, Sun emphasized redirecting all resources towards the development of ETH core layer 1, “prioritizing scalability, security, and adoption.” This exclusive focus, according to Sun, would lead to Ethereum’s price soaring to $4,500 within the first week and then eventually hitting the $10,000 target.
Justin Sun’s audacious plan has certainly sparked a lively conversation within the crypto community. While some critics question the feasibility of his proposal, others commend his innovative approach. Only time will tell if these strategies could indeed propel Ethereum to such unprecedented heights.
