Justin Sun Announces Launch of New TRON Based DeFi Products

Justin Sun wants to see Tron leap forward in the decentralized finance (DeFi) scene.

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Justin Sun Announces Launch of New TRON Based DeFi Products

Tron CEO, who tweeted on Friday, July 3, 2020, announced three new DeFi products; JUST Lend, JUST Swap and JUST BTC. According to Sun, the JUST (JST) token will serve as the local coin for the TRON ecosystem.

As part of the tweet, Sun has announced that “JUST Lend” will enable TRON users to earn interest or borrow assets in return for collateral. While “JUST Swap” will be a completely decentralized chain protocol for token exchange, “JUST BTC” will be a TRC20 token fixed to Bitcoin 1: 1.

Tron CEO uses the following statements regarding the issue:

“We look forward to seeing the versatile authorization of JUST products integrated into the TRON DeFi ecosystem, community management and a fully shareable dividend series.”

Friday’s announcement witnessed a storm on the DeFi ecosystem with ETH-based protocols that adorned all news headlines. Seen as a polarizing figure in the industry, Sun is known for jumping into popular crypto wagons. In March, Tron CEO announced Djed, a stabilcoin project backed by the US dollar.Many critics stated that the Djed project was similar to the popular ETH-based DeFi credit protocol MakerDAO, and stated that there was no feature to make the project different.

Some of the critics accused Sun of copying ideas from other projects. Even the Tron white paper is reported to be plagiarism. However, Sun said that the original text was written in Chinese and that the translation process missed vital elements.

Ethereum Based DeFi Market on the Rise

Meanwhile, the ETH -based DeFi ecosystem remains the subject of headlines. Nexus Mutual, a decentralized platform that supports users against vulnerabilities in smart contracts, has released a new stake system called “Pooled Staking”. This system will offer better incentives for stakers.

In the midst of the explosion in the DeFi ecosystem, the crypto data platform CoinMarketCap (CMC) appears to be a separate segment for the DeFi market.In protocols such as Compound and Balancer, liquidity mining has received considerable attention among industry participants, although DeFi’s total locked value (TVL) is currently over $ 1.8 billion.

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