Tron (TRX) Jumps Into DeFi Frenzy with Three New Products
Crypto-project Tron is joining the DeFi bandwagon. Founder Justin Sun tweeted early on June 3 the team will launch three products meant for DeFi interactions, all centered around Just (JST) tokens.
JUST Network – Tron’s Answer to DeFi
First up is “JUST Lend” a DeFi marketplace where JST users earn interests or borrow assets against collateral. This is similar to how protocols like Compound operate, where users can collectively pool funds to generate collateral for themselves based on token holdings.
The second is “JUST Swap,” described by Sun as a fully decentralized on-chain protocol for token exchanges. Protocols like UniSwap and other DEXs provide such products in the crypto industry, allowing users to exchange tokens for any pairing while experiencing no slippage or late trades (in theory).
Last is “JUST BTC,” touted as a TRC20 token backed 1:1 by Bitcoin. This product mirrors Wrapped Bitcoin and renBTC, which issue Bitcoin on Ethereum chains and custody actual BTC with firms like BitGo.
The three projects will be run on JST, will no clarity on if TRX tokens – Tron’s native asset – will find a place.
(1/3) JUST DeFi team will launch 3 new DeFi products: (1) “JUST Lend”- place where TRON users can earn interests or borrow assets against collateral (2) “JUST Swap-a fully decentralized on-chain protocol for token exchange (3) “JUST BTC”-a TRC20 token backed 1:1 by Bitcoin.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) July 3, 2020
Sun said $JST will become the core DeFi token of the entire #TRON DeFi ecosystem, which covers areas in decentralized loans, decentralized trades, and cross-chain.
He added:
“We can’t wait to see the series of JUST products’ all-rounded empowerment, community governance, and fully shareable dividend integrated into the #TRON DeFi ecosystem.”
A website called just.network has been launched and is live at press time. It remains to be seen if the project will eclipse popular DeFi platforms like Balancer and Compound, or fall into the world of money grabs.
Criticism Follows Announcement
Commentators on the Twitter thread said Just Network was Sun’s latest effort to money grab funds as DeFi catches on.
Started a new scam now? Want to scam people using the Defi hype.
— Mav (@kishelap) July 3, 2020
Their comments come as Tron has been criticized in the past to have copied its whitepaper, over-promoting its ICO, along with building projects and products that have zero real-world usage.
Another concern is Sun’s massive TRX holdings, leading to some calling the project highly centralized and an outright scam. Whether Sun’s foray into the DeFi space helps him get into critics’ good books remains to be seen.
