In the letter:
- The Tron team had been working on a DeFi platform called Djed.
- The mainnet was launched today, April 4th.
- The DApp was renamed JUST.
Decentralized finance or simply DeFi was one of the highly anticipated use cases for cryptocurrencies and blockchain in 2020. As the name suggests, DeFi plans to revolutionize the use of credit, credit, saving and investing on the blockchain through the use of smart contracts. Initially, all DeFi applications were created on the Ethereum network. However, the Tron (TRX) team has worked hard on their own DeFi solution, originally known as Djed.
Djed has been renamed to ONLY
Justin Sun today announced the rebranding of Djed to JUST to mark the platform’s mainnet launch. His tweet making the announcement can be found below.
Djed, the test network of the TRON stablecoin platform, has successfully completed the tests. We are happy to announce that we have decided to update Djed’s brand to #JUST (Token: $ JST Stablecoin: $ USDJ) and to launch the mainnet on April 4th. Link: https://t.co/8O7H1LGnmH pic.twitter.com/Ta2DLTGCU7
– Justin Sun🌞 (@justinsuntron) April 4, 2020
What exactly is ONLY?
The team went on to explain why they chose the name ONLY for the platform.
ONLY means “fair and just”. The JUST Foundation has set itself the goal of creating a TRON-based platform for lending stable coins, on which everything is based on contracts. All JST holders can participate in the governance of the USDJ monetary system and achieve decentralized autonomy where real equity and fairness can be guaranteed.
As mentioned above, Just is the Tron Foundation’s own stablecoins lending platform. By wagering TRX coins, users of JUST can generate USDJ pegged to the US dollar via Collateralized Debt Positions (CDP). Once the USDJ is generated, it can be withdrawn and used like any other stablecoin. At the time of writing, only Poloniex supports USDJ.
To unlock the collateral, the debt must be paid with USDJ and a stability fee must be paid with the platform’s JST token. The project whitepaper further explains JUST’s liquidation risk.
If a fall in the price of the collateral carries the risk of not being able to cover the debt, CDP liquidation is triggered and the collateral is auctioned for repayment. The remaining value minus the debt and penalty fee will be held in the CDP for withdrawal.
In conclusion, many Tron users and supporters of the project knew that it was only a matter of time before DeFi became a reality on the network. JUST will make those who admire the Tron network’s cheaper, faster transactions feel right at home.
(Courtesy Ricardo Gomez Angel at Unsplash.)
Disclaimer: This article is not intended as financial advice. Any additional opinion herein is solely that of the author and does not reflect the opinion of Ethereum World News or any of its other authors. Please do your own research before investing in any of the numerous cryptocurrencies available. Many Thanks.