TRON founder Justin Sun has pledged to donate $1 million to any Decentralized Autonomous Organization (DAO) formed to advocate for the release of Telegram’s founder, Pavel Durov.

On Aug. 25, Sun tweeted:

“We should show the cryptocurrency industry’s unity by organizing a #FreePavel DAO to help Telegram founder Pavel Durov legally gain freedom. I’ll donate $1 million if it’s created in a decentralized way with enough community support.”

Sun’s statement highlights the widespread support Durov has received since his arrest in France on Aug. 23.

Durov, a French-Russian citizen, was detained by the French Air Transport Gendarmerie (GTA) after his private jet landed at Le Bourget airport. He was listed as a wanted person in France under a warrant that applied only if he was on French soil.

French authorities accuse Durov of complicity in crimes due to Telegram’s alleged failure to moderate content properly. He could face charges related to complicity in drug trafficking, child exploitation, and fraud.

#FreePavel

Over the weekend, prominent figures in the crypto industry—including Elon Musk, Ethereum co-founder Vitalik Buterin, Robert Kennedy Jr., and several others — voiced their support for Durov’s release using the #FreePavel hashtag.

Elon Musk was among the first to express support, tweeting the hashtag “#FreePavel.” True to his style, Musk later added a sarcastic comment referencing the increasing censorship in Europe. He wrote:

“POV: It’s 2030 in Europe, and you’re being executed for liking a meme.”

Similarly, Ethereum co-founder Vitalik Buterin stated that the arrest looks “very bad and worrying for the future of software and comms freedom in Europe.”

Meanwhile, Robert F. Kennedy, who recently exited the US presidential race to back former president Donald Trump, stressed the importance of protecting free speech. He tweeted:

“France just arrested Pavel Durov, founder & CEO of the encrypted, uncensored Telegram platform. The need to protect free speech has never been more urgent.”

In addition, renowned whistleblower Edward Snowden said Durov’s arrest was “an assault on the basic human rights of speech and association.” He added:

“I am surprised and deeply saddened that Macron has descended to the level of taking hostages as a means for gaining access to private communications. It lowers not only France, but the world.”

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Tron founder Justin Sun believes the blockchain’s revenue could soar to $4 billion within the next year if its current meme strategy proves successful.

In an Aug. 21 post on X, Sun projected that TRON’s total revenue might hit $3 billion over the next 12 months, with $1 billion burned and $2 billion distributed as rewards to stakers and for transaction subsidies. He added that revenue could rise to $4 billion if the meme strategy succeeds.

Notably, Sun reported that the network’s daily revenue reached an all-time high of $5.33 million, surpassing competitors like Ethereum and Solana during the same period.

Analysts have attributed Tron’s fee surge to the recent launch of the SunPump memecoin deployer on the network.

Interestingly, the Tron network deployer outperformed its Solana-based counterpart, Pump.fun, in daily activity and revenue. According to Dune Analytics, SunPump launched 7,351 tokens and generated $585,000 in revenue within 24 hours. In comparison, Pump.fun saw 6,701 new tokens created, generating $366,000 in the same timeframe.

USDD plans

In parallel, Sun shared plans to enhance USDD, a decentralized stablecoin on the Tron blockchain, to make it more competitive in the market.

Sun’s statement followed reports that the TRON DAO had quietly removed about 12,000 BTC from the stablecoin’s collateral without the DAO’s approval.

Although Sun did not address these allegations directly, he explained that USDD operates similarly to MakerDAO’s DAI. He noted that when collateral exceeds the system’s specified amount—typically between 120% and 150%—collateral holders can withdraw freely without approval. However, if collateral drops below a certain threshold—usually under 110%—it must be topped up, or it could trigger liquidation.

Sun also mentioned that USDD currently has a long-term collateralization rate exceeding 300%, indicating limited efficiency in capital utilization. As a result, the TRON DAO Reserve plans to upgrade USDD to better compete with other decentralized stablecoins like MakerDAO’s DAI.

According to its website, USDD has a total supply of around $744 million, backed by 10.9 billion TRX tokens valued at over $1.7 billion and $18.3 million USDT.

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MakerDAO, the decentralized autonomous organization behind the DeFi protocol Maker, has approved a proposal to halt new borrowing against BitGo’s wrapped Bitcoin (WBTC).

On Aug. 15, MakerDAO revealed that it was reducing the debt ceiling for all WBTC vaults to zero. This move effectively prevents any new borrowing from these vaults and lowers WBTC’s loan-to-value (LTV) ratio on SparkLend to 0%.

The protocol outlined the changes, stating:

“WBTC-A, WBTC-B, and WBTC-C have been removed from the Debt Ceiling Instant Access Module (DC-IAM). The debt ceilings for WBTC-A, WBTC-B, and WBTC-C are now set to 0 DAI.”

MakerDAO clarified that these changes will not affect existing borrowing positions within the Maker Protocol’s core WBTC vaults and SparkLend.

Etherscan data shows that two Maker’s smart contracts are among the top ten largest holders of WBTC, with more than 6,600 WBTC tokens valued at nearly $380 million.

Why MakerDAO removed WBTC

MakerDAO’s decision to remove WBTC is linked to recent community concerns over Tron founder Justin Sun’s involvement with the digital asset.

Last week, BitGo, the developer and custodian of WBTC, announced a partnership involving Sun and BiT Global to manage WBTC custody. This arrangement shifted custody from the United States to multiple jurisdictions, including Hong Kong and Singapore.

Following the news, several crypto stakeholders, including MakerDAO contributors, expressed concerns about the security of the tokens and Sun’s involvement with the project.

However, BitGo CEO Mike Belshe emphasized that Sun has no influence over the tokens and assured that the crypto entrepreneur had no access to the crypto custodian’s asset keys.

Over $30 million WBTC burned

Nevertheless, these assurances appear to have had no impact on crypto investors’ confidence.

On-chain data shows that crypto investors were reducing their exposure to WBTC by burning and redeeming their assets. According to its dashboard, approximately 575 WBTC, worth over $30 million, have been burned during the last seven days, with crypto exchange Crypto.com and Galaxy Digital leading the charge.

Meanwhile, WBTC’s rivals, like tBTC, have seen a growth in their numbers. According to the Dune Analytics dashboard, tBTC holders surpassed 1,000 during the past week, while its total supply stood at 3,107.36 tBTC as of press time, equivalent to more than $180 million.

Additionally, Coinbase has hinted at launching its own wrapped Bitcoin product soon.

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Justin Sun, Tron’s blockchain founder, has called on the crypto community to support a pro-crypto candidate in the forthcoming US presidential elections in November.

Sun made this appeal in a May 26 social media post, emphasizing the importance of aligning with a candidate who endorses cryptocurrencies to ensure the industry’s voice is heard and interests protected. He said:

“We should support a presidential candidate who endorses cryptocurrencies. We need to demonstrate to the candidate that the cryptocurrency community, companies, and protocols are significant stakeholders whose voices should be heard and whose interests should be protected.”

So, the upcoming election presents a crucial opportunity for the crypto community to influence the regulatory environment by backing a candidate who supports the industry’s growth and integration into the broader economy.

Biden, Trump jostle for crypto

Sun’s statement comes amid a changing regulatory landscape in the US regarding cryptocurrencies.

Recently, crypto has become a hot political topic, with bipartisan support for two crypto-related bills—SAB121 and the FIT21 Act. These bills aim to enhance the industry’s regulatory framework and provide the necessary clarity for it to thrive.

Additionally, the traditionally crypto-skeptic Securities and Exchange Commission (SEC) unexpectedly approved spot Ethereum exchange-traded funds (ETFs) 19-b filings, marking a pivot from its previous stance on the asset.

Stakeholders see these developments as a significant shift for President Joe Biden‘s administration, which previously favored strict regulation of the emerging industry. The White House has also shown interest in collaborating with Congress on effective crypto regulations.

Experts attribute these changes to former President Donald Trump‘s newly acquired pro-crypto stance, which has bolstered his re-election prospects. According to Polymarket, Trump has a 56% chance of winning the election, compared to Biden’s 38%. While Trump was president, he was overtly against crypto, calling it “based on thin air.”

In recent months, Trump’s chances have risen following a series of pro-crypto actions and statements. This weekend, the former president said the United States must be a leader in the crypto sector while pledging to release the imprisoned founder of Silk Road, Ross Ulbricht. Furthermore, his re-election campaign now accepts crypto donations in various digital assets, including Bitcoin, making him the first major candidate to do so.

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Tron blockchain founder Justin Sun says the US Securities and Exchange Commission (SEC) would not approve an Ethereum exchange-traded fund (ETF) in May.

In an April 28 post on X (formerly Twitter), Sun noted that the crypto industry still needs to prepare for a long-term education with regulators, especially in helping them understand how the emerging industry operates.

“My honest opinion (NFA) is that an Ethereum ETF won’t be approved in May. The crypto industry still needs to prepare for a long-term education with regulators, focusing on helping them understand crypto,” Sun said.

Sun’s stance echoes the sentiments of numerous market analysts anticipating the SEC dismissing the pending Ethereum ETF applications.

For instance, Bloomberg ETF analyst Eric Balchunas placed the chances of the SEC greenlighting a spot Ethereum ETF in May at 25%. He attributed this skepticism to the SEC’s less active involvement in the application process than the Bitcoin ETF period.

Also, recent speculations suggest the Gary Gensler-led agency has initiated efforts to classify ETH as security, prompting the Consensys lawsuit against the Commission.

Additionally, feedback from recent meetings with the SEC indicates a pessimistic outlook, with approval prospects appearing bleak.

These revelations have dwindled the likelihood of an Ethereum ETF approval to 11%, its lowest level this year, as indicated by Polymarket data.

Nevertheless, some optimism persists as ETF issuers like BlackRock and Grayscale continue to update their applications despite the silence and expectation of rejection.

Notably, asset management firm Franklin Templeton’s spot Ethereum ETF appeared on the Depository Trust and Clearing Corporation (DTCC) website despite the SEC deferring its decision on the ETF application on April 23.

Craig Salm, Grayscale’s Chief Legal Officer, said the US SEC’s lack of engagement with spot Ethereum ETF applicants wouldn’t be a decisive factor hindering the prospects of such products.

“Investors want and deserve access to Ethereum in the form of a spot Ethereum ETF and we believe the case is just as strong as it was for spot Bitcoin ETFs,” Salm said.

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