More on Leadership
Alexander Nguyen
3 years ago
A Comparison of Amazon, Microsoft, and Google's Compensation
Learn or earn
In 2020, I started software engineering. My base wage has progressed as follows:
Amazon (2020): $112,000
Microsoft (2021): $123,000
Google (2022): $169,000
I didn't major in math, but those jumps appear more than a 7% wage increase. Here's a deeper look at the three.
The Three Categories of Compensation
Most software engineering compensation packages at IT organizations follow this format.
Minimum Salary
Base salary is pre-tax income. Most organizations give a base pay. This is paid biweekly, twice monthly, or monthly.
Recruiting Bonus
Sign-On incentives are one-time rewards to new hires. Companies need an incentive to switch. If you leave early, you must pay back the whole cost or a pro-rated amount.
Equity
Equity is complex and requires its own post. A company will promise to give you a certain amount of company stock but when you get it depends on your offer. 25% per year for 4 years, then it's gone.
If a company gives you $100,000 and distributes 25% every year for 4 years, expect $25,000 worth of company stock in your stock brokerage on your 1 year work anniversary.
Performance Bonus
Tech offers may include yearly performance bonuses. Depends on performance and funding. I've only seen 0-20%.
Engineers' overall compensation usually includes:
Base Salary + Sign-On + (Total Equity)/4 + Average Performance Bonus
Amazon: (TC: 150k)
Base Pay System
Amazon pays Seattle employees monthly on the first work day. I'd rather have my money sooner than later, even if it saves processing and pay statements.
The company upped its base pay cap from $160,000 to $350,000 to compete with other tech companies.
Performance Bonus
Amazon has no performance bonus, so you can work as little or as much as you like and get paid the same. Amazon is savvy to avoid promising benefits it can't deliver.
Sign-On Bonus
Amazon gives two two-year sign-up bonuses. First-year workers could receive $20,000 and second-year workers $15,000. It's probably to make up for the company's strange equity structure.
If you leave during the first year, you'll owe the entire money and a prorated amount for the second year bonus.
Equity
Most organizations prefer a 25%, 25%, 25%, 25% equity structure. Amazon takes a different approach with end-heavy equity:
the first year, 5%
15% after one year.
20% then every six months
We thought it was constructed this way to keep staff longer.
Microsoft (TC: 185k)
Base Pay System
Microsoft paid biweekly.
Gainful Performance
My offer letter suggested a 0%-20% performance bonus. Everyone will be satisfied with a 10% raise at year's end.
But misleading press where the budget for the bonus is doubled can upset some employees because they won't earn double their expected bonus. Still barely 10% for 2022 average.
Sign-On Bonus
Microsoft's sign-on bonus is a one-time payout. The contract can require 2-year employment. You must negotiate 1 year. It's pro-rated, so that's fair.
Equity
Microsoft is one of those companies that has standard 25% equity structure. Except if you’re a new graduate.
In that case it’ll be
25% six months later
25% each year following that
New grads will acquire equity in 3.5 years, not 4. I'm guessing it's to keep new grads around longer.
Google (TC: 300k)
Base Pay Structure
Google pays biweekly.
Performance Bonus
Google's offer letter specifies a 15% bonus. It's wonderful there's no cap, but I might still get 0%. A little more than Microsoft’s 10% and a lot more than Amazon’s 0%.
Sign-On Bonus
Google gave a 1-year sign-up incentive. If the contract is only 1 year, I can move without any extra obligations.
Not as fantastic as Amazon's sign-up bonuses, but the remainder of the package might compensate.
Equity
We covered Amazon's tail-heavy compensation structure, so Google's front-heavy equity structure may surprise you.
Annual structure breakdown
33% Year 1
33% Year 2
22% Year 3
12% Year 4
The goal is to get them to Google and keep them there.
Final Thoughts
This post hopefully helped you understand the 3 firms' compensation arrangements.
There's always more to discuss, such as refreshers, 401k benefits, and business discounts, but I hope this shows a distinction between these 3 firms.
Solomon Ayanlakin
3 years ago
Metrics for product management and being a good leader
Never design a product without explicit metrics and tracking tools.
Imagine driving cross-country without a dashboard. How do you know your school zone speed? Low gas? Without a dashboard, you can't monitor your car. You can't improve what you don't measure, as Peter Drucker said. Product managers must constantly enhance their understanding of their users, how they use their product, and how to improve it for optimum value. Customers will only pay if they consistently acquire value from your product.
I’m Solomon Ayanlakin. I’m a product manager at CredPal, a financial business that offers credit cards and Buy Now Pay Later services. Before falling into product management (like most PMs lol), I self-trained as a data analyst, using Alex the Analyst's YouTube playlists and DannyMas' virtual data internship. This article aims to help product managers, owners, and CXOs understand product metrics, give a methodology for creating them, and execute product experiments to enhance them.
☝🏽Introduction
Product metrics assist companies track product performance from the user's perspective. Metrics help firms decide what to construct (feature priority), how to build it, and the outcome's success or failure. To give the best value to new and existing users, track product metrics.
Why should a product manager monitor metrics?
to assist your users in having a "aha" moment
To inform you of which features are frequently used by users and which are not
To assess the effectiveness of a product feature
To aid in enhancing client onboarding and retention
To assist you in identifying areas throughout the user journey where customers are satisfied or dissatisfied
to determine the percentage of returning users and determine the reasons for their return
📈 What Metrics Ought a Product Manager to Monitor?
What indicators should a product manager watch to monitor product health? The metrics to follow change based on the industry, business stage (early, growth, late), consumer needs, and company goals. A startup should focus more on conversion, activation, and active user engagement than revenue growth and retention. The company hasn't found product-market fit or discovered what features drive customer value.
Depending on your use case, company goals, or business stage, here are some important product metric buckets:
All measurements shouldn't be used simultaneously. It depends on your business goals and what value means for your users, then selecting what metrics to track to see if they get it.
Some KPIs are more beneficial to track, independent of industry or customer type. To prevent recording vanity metrics, product managers must clearly specify the types of metrics they should track. Here's how to segment metrics:
The North Star Metric, also known as the Focus Metric, is the indicator and aid in keeping track of the top value you provide to users.
Primary/Level 1 Metrics: These metrics should either add to the north star metric or be used to determine whether it is moving in the appropriate direction. They are metrics that support the north star metric.
These measures serve as leading indications for your north star and Level 2 metrics. You ought to have been aware of certain problems with your L2 measurements prior to the North star metric modifications.
North Star Metric
This is the key metric. A good north star metric measures customer value. It emphasizes your product's longevity. Many organizations fail to grow because they confuse north star measures with other indicators. A good focus metric should touch all company teams and be tracked forever. If a company gives its customers outstanding value, growth and success are inevitable. How do we measure this value?
A north star metric has these benefits:
Customer Obsession: It promotes a culture of customer value throughout the entire organization.
Consensus: Everyone can quickly understand where the business is at and can promptly make improvements, according to consensus.
Growth: It provides a tool to measure the company's long-term success. Do you think your company will last for a long time?
How can I pick a reliable North Star Metric?
Some fear a single metric. Ensure product leaders can objectively determine a north star metric. Your company's focus metric should meet certain conditions. Here are a few:
A good focus metric should reflect value and, as such, should be closely related to the point at which customers obtain the desired value from your product. For instance, the quick delivery to your home is a value proposition of UberEats. The value received from a delivery would be a suitable focal metric to use. While counting orders is alluring, the quantity of successfully completed positive review orders would make a superior north star statistic. This is due to the fact that a client who placed an order but received a defective or erratic delivery is not benefiting from Uber Eats. By tracking core value gain, which is the number of purchases that resulted in satisfied customers, we are able to track not only the total number of orders placed during a specific time period but also the core value proposition.
Focus metrics need to be quantifiable; they shouldn't only be feelings or states; they need to be actionable. A smart place to start is by counting how many times an activity has been completed.
A great focus metric is one that can be measured within predetermined time limits; otherwise, you are not measuring at all. The company can improve that measure more quickly by having time-bound focus metrics. Measuring and accounting for progress over set time periods is the only method to determine whether or not you are moving in the right path. You can then evaluate your metrics for today and yesterday. It's generally not a good idea to use a year as a time frame. Ideally, depending on the nature of your organization and the measure you are focusing on, you want to take into account on a daily, weekly, or monthly basis.
Everyone in the firm has the potential to affect it: A short glance at the well-known AAARRR funnel, also known as the Pirate Metrics, reveals that various teams inside the organization have an impact on the funnel. Ideally, the NSM should be impacted if changes are made to one portion of the funnel. Consider how the growth team in your firm is enhancing customer retention. This would have a good effect on the north star indicator because at this stage, a repeat client is probably being satisfied on a regular basis. Additionally, if the opposite were true and a client churned, it would have a negative effect on the focus metric.
It ought to be connected to the business's long-term success: The direction of sustainability would be indicated by a good north star metric. A company's lifeblood is product demand and revenue, so it's critical that your NSM points in the direction of sustainability. If UberEats can effectively increase the monthly total of happy client orders, it will remain in operation indefinitely.
Many product teams make the mistake of focusing on revenue. When the bottom line is emphasized, a company's goal moves from giving value to extracting money from customers. A happy consumer will stay and pay for your service. Customer lifetime value always exceeds initial daily, monthly, or weekly revenue.
Great North Star Metrics Examples
🥇 Basic/L1 Metrics:
The NSM is broad and focuses on providing value for users, while the primary metric is product/feature focused and utilized to drive the focus metric or signal its health. The primary statistic is team-specific, whereas the north star metric is company-wide. For UberEats' NSM, the marketing team may measure the amount of quality food vendors who sign up using email marketing. With quality vendors, more orders will be satisfied. Shorter feedback loops and unambiguous team assignments make L1 metrics more actionable and significant in the immediate term.
🥈 Supporting L2 metrics:
These are supporting metrics to the L1 and focus metrics. Location, demographics, or features are examples of L1 metrics. UberEats' supporting metrics might be the number of sales emails sent to food vendors, the number of opens, and the click-through rate. Secondary metrics are low-level and evident, and they relate into primary and north star measurements. UberEats needs a high email open rate to attract high-quality food vendors. L2 is a leading sign for L1.
Where can I find product metrics?
How can I measure in-app usage and activity now that I know what metrics to track? Enter product analytics. Product analytics tools evaluate and improve product management parameters that indicate a product's health from a user's perspective.
Various analytics tools on the market supply product insight. From page views and user flows through A/B testing, in-app walkthroughs, and surveys. Depending on your use case and necessity, you may combine tools to see how users engage with your product. Gainsight, MixPanel, Amplitude, Google Analytics, FullStory, Heap, and Pendo are product tools.
This article isn't sponsored and doesn't market product analytics tools. When choosing an analytics tool, consider the following:
Tools for tracking your Focus, L1, and L2 measurements
Pricing
Adaptations to include external data sources and other products
Usability and the interface
Scalability
Security
An investment in the appropriate tool pays off. To choose the correct metrics to track, you must first understand your business need and what value means to your users. Metrics and analytics are crucial for any tech product's growth. It shows how your business is doing and how to best serve users.
Joe Procopio
2 years ago
Provide a product roadmap that can withstand startup velocities
This is how to build a car while driving.
Building a high-growth startup is compared to building a car while it's speeding down the highway.
How to plan without going crazy? Or, without losing team, board, and investor buy-in?
I just delivered our company's product roadmap for the rest of the year. Complete. Thorough. Page-long. I'm optimistic about its chances of surviving as everything around us changes, from internal priorities to the global economy.
It's tricky. This isn't the first time I've created a startup roadmap. I didn't invent a document. It took time to deliver a document that will be relevant for months.
Goals matter.
Although they never change, goals are rarely understood.
This is the third in a series about a startup's unique roadmapping needs. Velocity is the intensity at which a startup must produce to survive.
A high-growth startup moves at breakneck speed, which I alluded to when I said priorities and economic factors can change daily or weekly.
At that speed, a startup's roadmap must be flexible, bend but not break, and be brief and to the point. I can't tell you how many startups and large companies develop a product roadmap every quarter and then tuck it away.
Big, wealthy companies can do this. It's suicide for a startup.
The drawer thing happens because startup product roadmaps are often valid for a short time. The roadmap is a random list of features prioritized by different company factions and unrelated to company goals.
It's not because the goals changed that a roadmap is shelved or ignored. Because the company's goals were never communicated or documented in the context of its product.
In the previous post, I discussed how to turn company goals into a product roadmap. In this post, I'll show you how to make a one-page startup roadmap.
In a future post, I'll show you how to follow this roadmap. This roadmap helps you track company goals, something a roadmap must do.
Be vague for growth, but direct for execution.
Here's my plan. The real one has more entries and more content in each.
Let's discuss smaller boxes.
Product developers and engineers know that the further out they predict, the more wrong they'll be. When developing the product roadmap, this rule is ignored. Then it bites us three, six, or nine months later when we haven't even started.
Why do we put everything in a product roadmap like a project plan?
Yes, I know. We use it when the product roadmap isn't goal-based.
A goal-based roadmap begins with a document that outlines each goal's idea, execution, growth, and refinement.
Once the goals are broken down into epics, initiatives, projects, and programs, only the idea and execution phases should be modeled. Any goal growth or refinement items should be vague and loosely mapped.
Why? First, any idea or execution-phase goal will result in growth initiatives that are unimaginable today. Second, internal priorities and external factors will change, but the goals won't. Locking items into calendar slots reduces flexibility and forces deviation from the single source of truth.
No soothsayers. Predicting the future is pointless; just prepare.
A map is useless if you don't know where you're going.
As we speed down the road, the car and the road will change. Goals define the destination.
This quarter and next quarter's roadmap should be set. After that, you should track destination milestones, not how to get there.
When you do that, even the most critical investors will understand the roadmap and buy in. When you track progress at the end of the quarter and revise your roadmap, the destination won't change.
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Stephen Moore
3 years ago
Trading Volume on OpenSea Drops by 99% as the NFT Boom Comes to an End
Wasn't that a get-rich-quick scheme?
OpenSea processed $2.7 billion in NFT transactions in May 2021.
Fueled by a crypto bull run, rumors of unfathomable riches, and FOMO, Bored Apes, Crypto Punks, and other JPEG-format trash projects flew off the virtual shelves, snatched up by retail investors and celebrities alike.
Over a year later, those shelves are overflowing and warehouses are backlogged. Since March, I've been writing less. In May and June, the bubble was close to bursting.
Apparently, the boom has finally peaked.
This bubble has punctured, and deflation has begun. On Aug. 28, OpenSea processed $9.34 million.
From that euphoric high of $2.7 billion, $9.34 million represents a spectacular decline of 99%.
OpenSea contradicts the data. A trading platform spokeswoman stated the comparison is unfair because it compares the site's highest and lowest trading days. They're the perfect two data points to assess the drop. OpenSea chooses to use ETH volume measures, which ignore crypto's shifting price. Since January 2022, monthly ETH volume has dropped 140%, according to Dune.
Unconvincing counterargument.
Further OpenSea indicators point to declining NFT demand:
Since January 2022, daily user visits have decreased by 50%.
Daily transactions have decreased by 50% since the beginning of the year in the same manner.
Off-platform, the floor price of Bored Apes has dropped from 145 ETH to 77 ETH. (At $4,800, a reduction from $700,000 to $370,000). Google search data shows waning popular interest.
It is a trend that will soon vanish, just like laser eyes.
NFTs haven't moved since the new year. Eminem and Snoop Dogg can utilize their apes in music videos or as 3D visuals to perform at the VMAs, but the reality is that NFTs have lost their public appeal and the market is trying to regain its footing.
They've lost popularity because?
Breaking records. The technology still lacks genuine use cases a year and a half after being popular.
They're pricey prestige symbols that have made a few people rich through cunning timing or less-than-savory scams or rug pulling. Over $10.5 billion has been taken through frauds, most of which are NFT enterprises promising to be the next Bored Apes, according to Web3 is going wonderfully. As the market falls, many ordinary investors realize they purchased into a self-fulfilling ecosystem that's halted. Many NFTs are sold between owner-held accounts to boost their price, data suggests. Most projects rely on social media excitement to debut with a high price before the first owners sell and chuckle to the bank. When they don't, the initiative fails, leaving investors high and dry.
NFTs are fading like laser eyes. Most people pushing the technology don't believe in it or the future it may bring. No, they just need a Kool-Aid-drunk buyer.
Everybody wins. When your JPEGs are worth 99% less than when you bought them, you've lost.
When demand reaches zero, many will lose.
Vivek Singh
3 years ago
A Warm Welcome to Web3 and the Future of the Internet
Let's take a look back at the internet's history and see where we're going — and why.
Tim Berners Lee had a problem. He was at CERN, the world's largest particle physics factory, at the time. The institute's stated goal was to study the simplest particles with the most sophisticated scientific instruments. The institute completed the LEP Tunnel in 1988, a 27 kilometer ring. This was Europe's largest civil engineering project (to study smaller particles — electrons).
The problem Tim Berners Lee found was information loss, not particle physics. CERN employed a thousand people in 1989. Due to team size and complexity, people often struggled to recall past project information. While these obstacles could be overcome, high turnover was nearly impossible. Berners Lee addressed the issue in a proposal titled ‘Information Management'.
When a typical stay is two years, data is constantly lost. The introduction of new people takes a lot of time from them and others before they understand what is going on. An emergency situation may require a detective investigation to recover technical details of past projects. Often, the data is recorded but cannot be found. — Information Management: A Proposal
He had an idea. Create an information management system that allowed users to access data in a decentralized manner using a new technology called ‘hypertext'.
To quote Berners Lee, his proposal was “vague but exciting...”. The paper eventually evolved into the internet we know today. Here are three popular W3C standards used by billions of people today:
(credit: CERN)
HTML (Hypertext Markup)
A web formatting language.
URI (Unique Resource Identifier)
Each web resource has its own “address”. Known as ‘a URL'.
HTTP (Hypertext Transfer Protocol)
Retrieves linked resources from across the web.
These technologies underpin all computer work. They were the seeds of our quest to reorganize information, a task as fruitful as particle physics.
Tim Berners-Lee would probably think the three decades from 1989 to 2018 were eventful. He'd be amazed by the billions, the inspiring, the novel. Unlocking innovation at CERN through ‘Information Management'.
The fictional character would probably need a drink, walk, and a few deep breaths to fully grasp the internet's impact. He'd be surprised to see a few big names in the mix.
Then he'd say, "Something's wrong here."
We should review the web's history before going there. Was it a success after Berners Lee made it public? Web1 and Web2: What is it about what we are doing now that so many believe we need a new one, web3?
Per Outlier Ventures' Jamie Burke:
Web 1.0 was read-only.
Web 2.0 was the writable
Web 3.0 is a direct-write web.
Let's explore.
Web1: The Read-Only Web
Web1 was the digital age. We put our books, research, and lives ‘online'. The web made information retrieval easier than any filing cabinet ever. Massive amounts of data were stored online. Encyclopedias, medical records, and entire libraries were put away into floppy disks and hard drives.
In 2015, the web had around 305,500,000,000 pages of content (280 million copies of Atlas Shrugged).
Initially, one didn't expect to contribute much to this database. Web1 was an online version of the real world, but not yet a new way of using the invention.
One gets the impression that the web has been underutilized by historians if all we can say about it is that it has become a giant global fax machine. — Daniel Cohen, The Web's Second Decade (2004)
That doesn't mean developers weren't building. The web was being advanced by great minds. Web2 was born as technology advanced.
Web2: Read-Write Web
Remember when you clicked something on a website and the whole page refreshed? Is it too early to call the mid-2000s ‘the good old days'?
Browsers improved gradually, then suddenly. AJAX calls augmented CGI scripts, and applications began sending data back and forth without disrupting the entire web page. One button to ‘digg' a post (see below). Web experiences blossomed.
In 2006, Digg was the most active ‘Web 2.0' site. (Photo: Ethereum Foundation Taylor Gerring)
Interaction was the focus of new applications. Posting, upvoting, hearting, pinning, tweeting, liking, commenting, and clapping became a lexicon of their own. It exploded in 2004. Easy ways to ‘write' on the internet grew, and continue to grow.
Facebook became a Web2 icon, where users created trillions of rows of data. Google and Amazon moved from Web1 to Web2 by better understanding users and building products and services that met their needs.
Business models based on Software-as-a-Service and then managing consumer data within them for a fee have exploded.
Web2 Emerging Issues
Unbelievably, an intriguing dilemma arose. When creating this read-write web, a non-trivial question skirted underneath the covers. Who owns it all?
You have no control over [Web 2] online SaaS. People didn't realize this because SaaS was so new. People have realized this is the real issue in recent years.
Even if these organizations have good intentions, their incentive is not on the users' side.
“You are not their customer, therefore you are their product,” they say. With Laura Shin, Vitalik Buterin, Unchained
A good plot line emerges. Many amazing, world-changing software products quietly lost users' data control.
For example: Facebook owns much of your social graph data. Even if you hate Facebook, you can't leave without giving up that data. There is no ‘export' or ‘exit'. The platform owns ownership.
While many companies can pull data on you, you cannot do so.
On the surface, this isn't an issue. These companies use my data better than I do! A complex group of stakeholders, each with their own goals. One is maximizing shareholder value for public companies. Tim Berners-Lee (and others) dislike the incentives created.
“Show me the incentive and I will show you the outcome.” — Berkshire Hathaway's CEO
It's easy to see what the read-write web has allowed in retrospect. We've been given the keys to create content instead of just consume it. On Facebook and Twitter, anyone with a laptop and internet can participate. But the engagement isn't ours. Platforms own themselves.
Web3: The ‘Unmediated’ Read-Write Web
Tim Berners Lee proposed a decade ago that ‘linked data' could solve the internet's data problem.
However, until recently, the same principles that allowed the Web of documents to thrive were not applied to data...
The Web of Data also allows for new domain-specific applications. Unlike Web 2.0 mashups, Linked Data applications work with an unbound global data space. As new data sources appear on the Web, they can provide more complete answers.
At around the same time as linked data research began, Satoshi Nakamoto created Bitcoin. After ten years, it appears that Berners Lee's ideas ‘link' spiritually with cryptocurrencies.
What should Web 3 do?
Here are some quick predictions for the web's future.
Users' data:
Users own information and provide it to corporations, businesses, or services that will benefit them.
Defying censorship:
No government, company, or institution should control your access to information (1, 2, 3)
Connect users and platforms:
Create symbiotic rather than competitive relationships between users and platform creators.
Open networks:
“First, the cryptonetwork-participant contract is enforced in open source code. Their voices and exits are used to keep them in check.” Dixon, Chris (4)
Global interactivity:
Transacting value, information, or assets with anyone with internet access, anywhere, at low cost
Self-determination:
Giving you the ability to own, see, and understand your entire digital identity.
Not pull, push:
‘Push' your data to trusted sources instead of ‘pulling' it from others.
Where Does This Leave Us?
Change incentives, change the world. Nick Babalola
People believe web3 can help build a better, fairer system. This is not the same as equal pay or outcomes, but more equal opportunity.
It should be noted that some of these advantages have been discussed previously. Will the changes work? Will they make a difference? These unanswered questions are technical, economic, political, and philosophical. Unintended consequences are likely.
We hope Web3 is a more democratic web. And we think incentives help the user. If there’s one thing that’s on our side, it’s that open has always beaten closed, given a long enough timescale.
We are at the start.
Ryan Weeks
3 years ago
Terra fiasco raises TRON's stablecoin backstop
After Terra's algorithmic stablecoin collapsed in May, TRON announced a plan to increase the capital backing its own stablecoin.
USDD, a near-carbon copy of Terra's UST, arrived on the TRON blockchain on May 5. TRON founder Justin Sun says USDD will be overcollateralized after initially being pegged algorithmically to the US dollar.
A reserve of cryptocurrencies and stablecoins will be kept at 130 percent of total USDD issuance, he said. TRON described the collateral ratio as "guaranteed" and said it would begin publishing real-time updates on June 5.
Currently, the reserve contains 14,040 bitcoin (around $418 million), 140 million USDT, 1.9 billion TRX, and 8.29 billion TRX in a burning contract.
Sun: "We want to hybridize USDD." We have an algorithmic stablecoin and TRON DAO Reserve.
algorithmic failure
USDD was designed to incentivize arbitrageurs to keep its price pegged to the US dollar by trading TRX, TRON's token, and USDD. Like Terra, TRON signaled its intent to establish a bitcoin and cryptocurrency reserve to support USDD in extreme market conditions.
Still, Terra's UST failed despite these safeguards. The stablecoin veered sharply away from its dollar peg in mid-May, bringing down Terra's LUNA and wiping out $40 billion in value in days. In a frantic attempt to restore the peg, billions of dollars in bitcoin were sold and unprecedented volumes of LUNA were issued.
Sun believes USDD, which has a total circulating supply of $667 million, can be backed up.
"Our reserve backing is diversified." Bitcoin and stablecoins are included. USDC will be a small part of Circle's reserve, he said.
TRON's news release lists the reserve's assets as bitcoin, TRX, USDC, USDT, TUSD, and USDJ.
All Bitcoin addresses will be signed so everyone knows they belong to us, Sun said.
Not giving in
Sun told that the crypto industry needs "decentralized" stablecoins that regulators can't touch.
Sun said the Luna Foundation Guard, a Singapore-based non-profit that raised billions in cryptocurrency to buttress UST, mismanaged the situation by trying to sell to panicked investors.
He said, "We must be ahead of the market." We want to stabilize the market and reduce volatility.
Currently, TRON finances most of its reserve directly, but Sun says the company hopes to add external capital soon.
Before its demise, UST holders could park the stablecoin in Terra's lending platform Anchor Protocol to earn 20% interest, which many deemed unsustainable. TRON's JustLend is similar. Sun hopes to raise annual interest rates from 17.67% to "around 30%."
This post is a summary. Read full article here