In June 2025, TRON landed on Nasdaq through a reverse merger with US listed company SRM Entertainment (stock code: SRM), officially completing the world's first compliant listing of a Web3 entity with DeFi ecosystem as its core business. At this historical node, SunFlash Roundtable specially invited several investors and industry KOLs from the TRON ecosystem to deeply interpret three key propositions: the value revaluation opportunities provided by the compliant capital market for on-chain assets, the capital acceptance path formed by infrastructure such as JustLend DAO and SunPump, and the most explosive value capture points in the ecological leverage.

On June 16, Nasdaq-listed company SRM Entertainment announced that it had reached an agreement with TRON. SRM will spend $100 million to purchase TRX tokens, and will include TRX in the core component of the company's asset allocation, launching a phased increase plan. This move not only marks the first "balance sheet-level marriage" between TRON and traditional finance, but also injects strong momentum into the two-way flywheel model of on-chain finance and off-chain capital. At the level of ecological infrastructure, JustLend DAO's revenue model and SunPump's community potential form a capital closed loop. SunPump uses the AI tool SunGenX to realize the zero-threshold Meme creation mechanism of "posting tweets and issuing coins" to create a traffic entrance that breaks the circle. JustLend DAO builds a TRX value center with an annualized return of 20% through staking interest and USDD compound pool. The synergy between the two perfectly introduces stock market funds into the on-chain ecology.

This milestone event is driving the entire industry through a historic transformation from token speculation to asset reconstruction, and from community consensus to structured finance. This article will focus on the structural significance of TRON's listing on Nasdaq, and deeply analyze the capital flywheel and ecological leverage opportunities discussed at the Space roundtable.

1. The historic leap of TRX being included in the strategic reserves of listed companies

When TRX was included in the balance sheet of a listed company, TRON officially completed the compliance listing of the world's first Web3 entity with the DeFi ecosystem as its core business. This not only marks the first time that on-chain assets have penetrated the "dimensional wall" of the traditional financial system, but also means that the integration of Web3 and traditional capital has leapt from passive holdings of ETFs to active strategic reserves of enterprises. This revolution in capital, compliance and value cognition has officially begun.

Ning Fan pointed out sharply that the significance of TRX being included in the balance sheet of listed companies far exceeds that of ETFs. In his view, "This is essentially the first time that Web3 native assets have entered the main stage of the traditional financial system. Traditional capital is no longer just watching or indirectly holding through funds, but actively incorporating on-chain assets into its own books as core strategic reserves. " This means that crypto assets have torn off the label of "marginal speculative products" and officially transformed into "real assets that can be recorded and participate in valuation and financing", marking a key breakthrough in the era of compliant embedded capital.

Scarlett deeply agrees with this and emphasizes its structural breakthrough. She believes that compared with the secondary market price anchoring model of ETFs, the pioneering move of writing TRX as a reserve asset into financial reports is "like a marriage between on-chain assets and listed company capital." This builds a two-way driven value flywheel: listed companies can obtain on-chain income by staking TRX, while TRX is supported by continuous institutional demand.

MEJ Maomaojie concluded and emphasized that the demonstration effect of the TRON ecosystem will "ignite a new paradigm in asset allocation." From companies to sovereign funds, crypto assets may be incorporated into financial strategies, driving their transformation from speculative tools to "value stabilizers."

2. Financial report assetization × liquidity siphoning: TRON builds a cross-market dual-circulation flywheel

When TRX is written into the balance sheet of a listed company, injecting sustained institutional momentum into the TRON ecosystem, a more profound question surfaces: How can these values certified by financial reports achieve cyclical appreciation between on-chain protocols and off-chain funds?

0x Yi pointed out the core logic: " The balance sheet of listed companies is a siphon for traditional capital." He further explained: When TRX is included in the financial report to push up the price of the currency, traditional investors will indirectly invest in TRON through stocks, and listed companies will use financing funds to increase their holdings of TRX or invest in ecological projects to promote TVL growth. High TVL attracts more users to deposit assets to earn interest, increase on-chain activity and further stimulate the price of the currency , and finally form a cross-market positive cycle of "stock price increase → currency price increase → TVL increase → user increase → stock price and currency price continue to rise" .

The key hub of this cycle lies in the revenue conversion capability of the ecological protocol. Domingo_guo used the real case of Manila, Philippines, to reveal the role of JtusLend DAO as a "revenue amplifier" in this process. He pointed out that local users in Manila pledge TRX through JtusLend DAO to obtain energy and rent it out, with monthly income reaching thousands of US dollars (far exceeding the income of local doctors), converting on-chain assets into real income.

MEJ Maomaojie explained from another perspective how funds flow back to the project side from the traditional secondary market. She believes that " the breakthrough point of the capital cycle lies in the traffic fission effect of Meme ". In her opinion, complex operations such as pledge lending have a certain threshold for traditional investors, but Meme's entertainment attributes and social communication can "tear open the entrance to Web2 traffic" and eventually guide new users to settle in the pledge pool and DeFi protocol to complete liquidity migration. When the Meme craze promoted by Trump and the White House visit of Mr. Justin Sun, the founder of TRON, formed a public opinion synergy, TRON's SunPump used AI tools such as SunGenX to achieve zero-threshold coin issuance, which can better attract "retail stock traders to coin trading" and introduce external funds into the TRON ecosystem .

Ning Fan also believes that SunPump has the most explosive potential in the TRON ecosystem. He pointed out the pain point of the industry: "Crypto funds often flow in one direction, and only an empty shell is left after the project party withdraws the funds and leaves the market." TRON has built an on-chain version of the "consumer → bank → capital market" model through SunPump : the behavior of users purchasing Meme tokens is converted into initial capital flow, and the platform injects part of the handling fee into the reward pool to encourage users to participate in staking or community tasks. Users reinvest the proceeds in protocols such as JustLend DAO to increase TVL and create protocol income. The project party uses the income to feed back the ecosystem, forming a perpetual cycle of "behavior is capital injection". Coupled with BitTorrent's cross-chain capabilities, this flywheel extends to trillion-level markets such as the Internet of Things and enterprise applications .

3. AI+Meme Revolution——How does SunGenX ignite the on-chain traffic engine?

As a key hub for TRON to realize the dual circulation of on-chain protocols and off-chain funds, SunPump has laid the foundation for the accumulation of liquidity and user stickiness for the ecosystem. The maturity of this underlying architecture has spawned a more explosive traffic engine - SunGenX. Users only need to @Agent_SunGenX on X and describe the token information (such as name, symbol) to quickly create and deploy Meme coins to SunPump for free. It is not only an evolutionary extension of the SunPump ecosystem, but also a strategic weapon for TRON to push "emotional capitalization" to the extreme.

Ning Fan believes that "emotional pricing power has replaced technical narratives and become the new coordinate of capital flow". He pointed out that SunGenX launched by SunPump uses the "posting a tweet is issuing coins" function to compress creation, dissemination, and transactions to minutes, and users can earn income while playing memes, building a "Web3 version of TikTok + Xiaohongshu + Pinduoduo" trinity model. Ning Fan emphasized: "Community consensus is gunpowder, AI tools are fuses, and SunGenX is the nuclear button that detonates traffic." When users change from consumers to emotion producers, TRON has mastered the perpetual motion machine of the "on-chain attention economy". 0x Yi also pointed out that SunGenX has become a super siphon for the TRON ecosystem with a closed loop of "creating is spreading, and spreading is trading".

"The real traffic entrance is not a tool, but a collective carnival of people spreading from one person to another." Starting from the perspective of community consensus, Mr. Miss compared the WeChat emoji package dissemination mechanism and pointed out that the core breakthrough of SunGenX lies in simplifying "creation-dissemination-cash-out" into "one-click operation ". When users frantically forward a meme to chase a meme, they have already become the platform's zero-cost ground promotion army. This self-driven dissemination based on collective emotions is the ultimate weapon to crush the traditional customer acquisition model.

Scarlett added the capital efficiency of AI+Meme from the time dimension: "In the short term, Meme is king, in the medium term, AI agents improve efficiency, and in the long term, it is necessary to balance liquidity depth and user value." She believes that Meme is still the king of incremental entry in the short term due to its ultra-low conversion cost, but the long-term battle belongs to AI agents. In the future, the real winner must balance three points: emotional explosiveness, capital utilization, and ecological coupling. Scarlett emphasized that this is the unique advantage of TRON's three-level funnel (SunPump traffic → staking precipitation → protocol income).

IV. Conclusion

This roundtable is not only a discussion on the "listing behavior" of the TRON ecosystem, but also an observation of the future structural reconstruction of the entire industry. When traditional enterprises endorse TRX with real money and real silver strategic configuration, the TRON ecosystem transforms these capital deposits into self-reinforcing growth momentum through the JustLend DAO revenue engine and SunPump's community potential. From the viral spread of Meme to the precipitation of staking income, this set of progressive sticky mechanisms allows the native value on the chain to penetrate the iron wall of financial statements and reflect a broader future.