Built on the TRON blockchain, JUST represents a DeFi ecosystem developed primarily to support a decentralized stablecoin lending platform JustStable. The platform itself was launched in August 2020 after an initial exchange offering that was conducted on Poloniex earlier in April. For Poloniex, it has become the first project to be listed on the launchpad.
The platform features two tokens, each serving specific goals. Launched in May 2020, the utility token JST helps users to conduct a variety of actions on the platforms. With its help, it is possible to participate in the governance, pay interest, maintain the platforms and vote for different aspects such as interest rates, collateralization ratio, etc. The token can also be used for covering fees and other utility functions.
Another token fueling the platform is USDJ which is a stable coin pegged to the value of the US dollar. Apart from purchasing this coin on an exchange, it is also possible to obtain it via staking TRX or other supported coins via JUST’s CDP portal. Having locked some amount of coins on the platform, users mint USDJ which they can later use to get back their collateral.
The key products offered on the platform include three options, each of which is heavily dependent on the tokens mentioned above.
First, the platform offers a decentralized finance system JustStable which relies on USDJ and offers its services to everyone and anywhere. Among its key advantages are fairness, borderlessness, and the possibility to make a profit via dApps.
The second product JustLend represents the first official lending platform on TRON. It enables users to borrow, lend and deposit their assets in a secure and fully decentralized manner without having any third party to govern the process. At the same time, the underlying blockchain makes all these transactions fast and cost-effective. The protocol enables users to establish fund pools with the rates being determined by the supply and demand of TRON assets.
Finally, there is another product Just Cryptos that represents a bridge aiming to connect “premium cryptocurrencies” from various networks and public chains. With its help, users can swap their other assets and make use of them within TRON’s ecosystem. At the time of writing, the Just Cryptos supports a very small number of assets that include BTC, ETH, LTC, and DOGE. Also, users can swap their Ethereum-based NFTs to the TRON blockchain and vice versa.
Features and advantages of JUST
Since JUST is running on the TRON blockchain, it comes with the same features and provides the same level of security as the underlying platform. On the official website, the platform boasts of the following characteristics.
JUST claims to be trust and authorization-free ensuring the availability of its services to anyone without getting authorized through any third parties. At the same time, transactions are secured and automatically executed by smart contracts. The platform utilizes standardized financial protocol and contract-based DeFi factors. The smart contracts, in turn, enable third-party audits thanks to the transparency provided by the blockchain. Finally, JST holders can perform the governance actions in a fully decentralized way.
The governance principles utilized on JUST are worth mentioning separately. The procedure is carried out with the help of various proposals that JST holders place in the system. JST holders can vote for the smart contracts that they consider relevant for the system. The contracts with the biggest number of votes turn into legitimate proposals which are after that implemented on the network.
The proposal contracts are classified into two key types. Single action proposal contracts can only be executed after gaining the root access, as they apply changes to the system immediately and get deleted after that. Delegating proposal contracts continuously use the root access through second layer governance logic and can implement more complex actions. Proposals can be initiated by any TRON account which contributes to the freedom and the democratic principles of the platform.
As the token sale started and ended on May 5th, 2020, the JST tokens were distributed as follows. OUt of the total number of 9.9 billion tokens, 30% was allocated to produce the ecosystem, 26% was dedicated to strategic partners, 19% was assigned to the job improvement staff, 11% was sold during the seed stage, 10% was allotted for airdrops and the remaining 4% was distributed through LaunchBase. In total, 396 million JST tokens were sold during the general round.
With TRX as the main accepted currency, the token sale has helped the project to raise the hard cap of nearly $800k. The minimum purchase amount was equal to 5,000 JST while the public sale token price made up 0.124 TRX per JST.
Apart from Poloniex, some of the top exchanges where JST can be purchased include Binance, Huobi Global, KuCoin, Bithumb, and many more. Since JST is a TRC-20 token, it can be stored on the native TRON wallet, cold wallet Ledger, and online wallets provided by exchanges.
JST team and partners
The platform is backed by the JUST Foundation that consists of individuals that come from such business giants as Tencent, Alibaba, and IBM. The website claims that the financial analysts of the project come from investment banks all over the world.
Most of the team members prefer not to share their names publicly. Some third-party resources name Terance F, a blockchain expert and an ex-Barclays and IBM employee, Elvis Zhang, a senior developer, and blockchain researcher, and C Wu specializing in wallets and exchanges. However, none of their names is mentioned on the official website. Also, the project seemingly shares some team members with TRON including its CEO and founder Justin Sun who is a truly remarkable persona with great influence in the blockchain industry.