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Justin Sun renames decentralized lending platform built on Tron to "JUST"

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Justin Sun renames decentralized lending platform built on Tron to "JUST"

Despite the series of impacts brought by the global coronavirus pandemic, marketing strategist Sun Yuchen never stops finding ways to make headlines for his projects. After completing the testing of his stablecoin collateral platform Djed, he officially announced the mainnet launch and rebranded the platform with his English name Justin Sun as JUST.

  • Decentralized collateral platform Djed renamed as JUST
  • JST, as the platform governance and interest-bearing token, will be listed on Poloniex's IEO platform

Sun Yuchen has always been a controversial figure in the crypto industry. Just in the past few months, events such as bidding for a charity lunch with Warren Buffett, charity donations for the coronavirus, the passing of NBA legend Kobe Bryant, and the collapse of the mining exchange FCOIN have all been utilized by Sun Yuchen to promote his cryptocurrency.

Despite the backlash from the crypto community after announcing that the stablecoin collateral platform Djed will be named after himself, with criticisms calling the project "Dust" and "Scam," he once again successfully captures public attention.

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JUST

There have been reports about the Djed platform before, which shares many similarities with MakerDAO on Ethereum. In a Twitter statement by Justin Sun, JUST has completed testing for a new stablecoin, and the platform's governance token will be named "JST" along with the USD-pegged stablecoin "USDJ."

JUST operates similarly to MakerDAO, where users can collateralize TRX on JUST's CDP platform to generate the USD-pegged decentralized stablecoin USDJ. The JST token will be used to pay interest and as the governance token of the platform, further contributing to Tron's DeFi ecosystem.

Poloniex Launches Token Sale Platform

On April 5th, Poloniex officially announced the launch of its token sale platform, LaunchBase, in their Blog, with JUST (JST) being the first token to be issued on LaunchBase, with TRX as the only designated subscription token.

Source : Poloniex

Poloniex, founded in 2014, has been continuously expanding its project adoption since Justin Sun and an Asian investment group acquired Poloniex together in November last year, including listing TRX, BitTorrent, and TRC10 and TRC20 tokens.

After the hype surrounding IEOs (Initial Exchange Offerings) in 2019, it has rarely been mentioned since, and the global economic turmoil has left many investors in a wait-and-see mode. With Poloniex choosing to launch the token issuance platform LaunchBase at this time, could IEOs make a comeback?