On 4th April, Justin Sun the Founder/CEO of Tron tweeted an update on Tron’s upcoming stable coin ecosystem. Previously know as DJET has now been branded to JUST [Short for Justin] with JST as its tokens and USDJ as the stable coin.
As soon as the news went out of the rebranding and token name change along with the successful launch of the Mainnet, Twitteratis started exclaiming their views on the newly launched CDP [Colatralized Debt Position] Portal.
What’s the new token about?
To give a bit of background, MakerDAO one of the leading DeFi ecosystems of the cryptospace works around CDP. Users can create CDPs and lock their crypto as collaterals. In return for the collateralized crypto, users get DAI [MakerDAO’s native token] up to the ratio of 2:3 of the locked-up value. The DAI is a debt given to CDP users which they can convert into their preferred asset or convert it into fiat using exchanges. The collateralized crypto stays untouchable through MakerDAO’s smart contracts and is released once the CDP user pays up the borrowed DAI. If the user fails to return the debt the collateral crypto is ceased.
Similarly, Tron came up with its own CDP ecosystem with JUST tokens and USDJ Stable coins.
According to their official website, JUST CDP Portal is “ a one-stop service platform for managing CDP and USDJ….. Offering an entrance into decentralized finance”.
Further, the website explains,
“When a user adds collateral to their CDP their TRX is held in escrow inside a smart contract for which they are issued PTRX in return. Once staked, a users PTRX holdings can be viewed as a percentage share of the total pool of collateral assets. This model allows the JUST contracts to a dilute or inflate the size of the pool depending on how well users of the system respond to Liquidation sales, and how wisely voters have chosen to manage the Risk Parameters.
Pooled TRXer can be viewed as a derivative instrument that represents the total amount of Wrapped TRXer that has capitalized the system.”
[* No more official information about PTRX is provided]
Additionally, on 5th April Poloniex – the US-based crypto exchange announced its upcoming TRX powered IEO [Initial Exchange Offer] platform. Directing that crypto projects who are on a look-out to conduct ICOs can use Poloniex’s LaunchBase platform to issue tokens.
With all this, Twitteratis spammed Justin Sun announcements posts.
MetalGrow ( decentralization) @MetalGrow
Replying to @justinsuntron
“Looks like another @justinsuntron scam!”
Replying to @justinsuntron
“$JST –> #JUST another token in a long line of tokens. Would have been nice if he would have tended to adding value to the tokens that came before this one. #JUST saying….”
anayelis Hernandez @ladiva0712
Replying to @justinsuntron
“Wait justin this is another token, isn’t tron already producing more then the cap.. why are more tokens needed.. that make it tron ,btt,just,wink. All under tron. Why are u doing it like this ?? Can u make a statement for the people that’s been with u from beginning”
Patulacci Marcel Officiel @PatulacciOff
Replying to @justinsuntron
“The 50th USD stablecoin. So useless. What about an EURO stablecoin with potentially 340 millions people concerned?”