The Block, crypto research and news outlet, released statistics of Poloniex’s market share and it has begun to trend downwards since mid-November.
On November 13th, Justin Sun, founder of TRON and CEO of BitTorrent admitted to being part of the investment group that acquired Poloniex from Circle. This is almost exactly when their market share began to trend downwards.
On one hand, the decrease in users could have more to do with a change in management rather than Sun’s involvement. Even when my local taco place said “under new management,” I had this instinctual urge to never go back, because I liked how it was.
On the other, Justin Sun has an unquestionably controversial reputation because of the impression that TRON is more centralized than they advertise to be, he started a fund to censor journalism and kicked DigiByte’s coin off of Poloniex a day after the founder criticized the exchange.
Immediately after the acquisition, Poloniex purchased TRONs most popular “decentralized exchange.” People joked that you can’t buy a decentralized exchange, but in a recent piece, we clarified that even in DeFi there is no truly decentralized institution. This month, Poloniex also said that there would be no listing fees for any TRON based assets.
Here’s Justin Sun essentially thanking his one company for helping his other out:
— Justin Sun (@justinsuntron) December 3, 2019
Obviously, people who are media trained and keep up with the crypto space daily will understand that Sun is playing 4d chess with all of his businesses. That might be the reason why their market share had started decreasing so quickly. The exchange still might have a fighting chance in the future if they play their cards right.
Now that Sun has merged his projects together, it might be best for Poloniex’s market share to just stop talking about TRON. Eventually, new people will enter the space and others will forget about the affiliations.