Not content with Ethereum's market dominance! Tron launches three major DeFi products and receives exclusive Twitter symbol.

Looking back over the past few months, DeFi has dominated the headlines in the cryptocurrency market. Despite the delayed launch of Ethereum 2.0, Ethereum has maintained its lead in the public chain space with the help of the DeFi trend. In contrast to other public chain competitors that have been relatively quiet, Justin Sun, the founder of Tron, is not willing to let Ethereum monopolize the market. He announced the launch of three new DeFi products.

Background: JUST, a Collateral Platform Similar to MakerDAO

Looking back to early April, MakerDAO faced a financial deficit of about $4.5 million due to the failure of its liquidation mechanism during the 3/12 market crash. As a result, the system was busy with the debt auction of its governance token, MKR. It was during this time that TRON launched the stablecoin collateral platform called "JUST." The governance token on this platform is "JST," and the USD-pegged stablecoin is named "USDJ."

JUST operates similarly to MakerDAO, where users can collateralize TRX on JUST's CDP platform to generate the decentralized stablecoin USDJ pegged to the US dollar. The JST token is used to pay interest and acts as the governance token for the platform, further contributing to TRON's DeFi ecosystem.

JUST DeFi Introduces Three New Products

Justin Sun announced this news on Twitter, and the TRON Foundation did not provide much explanation, only retweeting Sun's tweet. The three DeFi products include:

1. JUST Lend: a lending platform (supported assets not specified)
2. JUST Swap: a decentralized on-chain trading protocol
3. JUST BTC: a TRC20 token backed 1:1 by Bitcoin

(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 🅣🌞🇬🇩 (@justinsuntron) July 3, 2020

Justin Sun emphasized that the JUST platform's governance token "JST" would become the core DeFi token for the entire system, covering lending, on-chain trading, and cross-chain fields. Despite criticism from the crypto community, when JST was first issued on the Poloniex exchange, it sold out within five minutes.

At the time, 396 million JST tokens were sold in the IEO. Calculated at the TRX price at the time, the initial price per JST token was approximately $0.00202, maintaining over a 100% increase compared to the lowest price since issuance. Prior to Sun's announcement of the new products, JST had been rallying since July 2, with a rise of about 60% at the time of writing.

Justin Sun concluded:

We can't wait to see the full release of the JUST product line, integrating community governance and fully shareable profits into the DeFi ecosystem.

Following BNB's token-exclusive symbol on Twitter, TRON also received its exclusive symbol today. Therefore, we may see more altcoin-specific emojis on Twitter in the future.