Justin Sun formally launched JustSwap on August 18th at a live stream event introduced JustSwap to JUST (JST) and Tron ecosystem users. JustSwap, the first exchange token protocol on Tron (TRX), is expected to open the Tron blockchain users to the DeFi world, a space that has seen a splendid rise over the past year. Released in testnet beta, the new protocol will be powered by Tron-based oracle AlphaLink.
A quick primer: JustSwap essentially enables its users to make exchanges instantaneously between any TRC-20 token, thus, making system pricing as well as several other operations seamless.
Meanwhile, it will act as a decentralized cryptocurrency exchange protocol for the purpose of attracting users through low latency, fast transactions, and periodic liquidity rewards. In addition, the new instrument will be part of the JUST lending/borrowing system built around USDJ stablecoin.
In another update, JustSwap’s official Twitter handle revealed that the total volume broke 6 million in less than 24-hours after the launch. In an open letter, Tron Foundation CEO, Justin Sun stated,
“TRON and Just team are going All-In on the DeFi ecosystem. We will not back down until we see the decentralized financial revolution end in triumph.” He further added
“I have faith that as long as we race against time and keep upgrading our products, JustSwap will one day become the powerhouse of 100x cryptos and TRON will build a DeFi protocol that parallels Ethereum’s.”
DeFi has swept across the cryptocurrency industry, and Tron’s exploration of space is crucial, given that it is one of the largest blockchain networks in the industry.
JustSwap will give users the opportunity to earn transaction fees by becoming a liquidity provider and ensure that they receive trading costs and mining rewards. This, in turn, will encourage more holders of TRX and TRC20 to use JustSwap instead of regular crypto-exchanges charged for trading fees.
It is no secret that Ethereum has been facing inflation issues with its rising Gas fees as a result of severe conjestion in the blockchain. This could prove an opportune time for Tron’s JustSwap to enable its users to participate in the open financial market place as the DeFi craze continued to brew in the backdrop.
JustSwap is said to have flooded with the fake tokens of the popular projects following the launch. The fake token filtering feature has yet to be integrated into the platform. Justin Sun has assured in the open letter that this feature will be added soon, he said in the open letter
“JustSwap team will crack down on fake tokens by reviewing each and every token in the dropdown list, making sure those which get on to the list are fully legit., In parallel, a report channel for fake tokens will be opened (report@JustSwap.org) and any identified fake token will be immediately delisted”