As Ethereum continues to trade below its all-time highs (ATHs), Justin Sun, the founder of TRON, has put forward an ambitious vision to boost the altcoin’s value.
Sun’s Plan to Elevate the Ethereum Price
In a recent social media post on X (formerly Twitter), Sun outlined a strategy that he believes could push the Ethereum price to new heights, setting a target of $10,000. Central to Sun’s proposal is a radical transformation of the Ethereum Foundation (EF) and the Ethereum protocol itself.
The TRON founder suggests that by taking immediate and bold actions under his leadership, the ETH price could almost double its current peak. One of his key suggestions is to halt the sale of ETH for a minimum of three years to stabilize the currency’s supply and boost market confidence.
To cover operational expenses during this period, Sun recommends utilizing Aave (AAVE) lending, staking yields, and stablecoin borrowing to maintain the ETH supply while aligning with deflationary objectives.
In addition to stopping sales, Sun proposes imposing significant taxes on Layer 2 (L2) projects to generate at least $5 billion annually for Ethereum in stablecoins or tokens. The revenue from these taxes would be used to repurchase and burn ETH in a decentralized manner, enhancing scarcity and potentially driving up demand.
Significant Restructuring at Ethereum Foundation
Sun also advocates for streamlining operations within the Ethereum Foundation by reducing staff significantly and retaining only the most skilled team members. Those who remain would receive substantial salary increases, transforming the Ethereum Foundation into a merit-based organization that rewards high performance.
Furthermore, Sun calls for adjustments in node rewards and a stronger focus on fee-burning mechanisms to solidify Ethereum’s deflationary status and emphasize its role as a store of value.
The focus, according to Sun, should shift exclusively to Layer 1 (L1) development, emphasizing scalability, security, and wider adoption.
Sun is confident that these initiatives could drive the Ethereum price to surpass $4,500 within the first week of implementation, setting the stage for long-term success.
While Sun’s vision for the Ethereum price is speculative, his proposals could potentially be considered by the platform’s co-founders or developers if they prove effective in driving the altcoin’s value higher.
Currently, the Ethereum price is around $3,200, reflecting a 4% loss in the past 24 hours. This decline has widened the gap between the current price and its ATH of $4,878, representing a difference of 34.5%.
Featured image from DALL-E, chart from TradingView.com