Justin Sun appears keen to see Tron make a splash in the emerging decentralized finance (DeFi) scene.
Sun Eyes Tron-based DeFi Expansion
Tweeting on Friday (July 3, 2020), the Tron CEO announced three new DeFi products, namely; JUST Lend, JUST Swap, and JUST BTC. According to Sun, the JUST (JST) token will serve as the native coin for the TRON ecosystem.
As part of the tweet, Sun revealed that “JUST Lend” will enable TRON users to earn interests or borrow assets against collateral. “JUST Swap” will be a fully decentralized on-chain protocol for token exchange, while “JUST BTC” will be a TRC20 token pegged to Bitcoin 1:1.
The Tron CEO added:
“We can’t wait to see the series of JUST products’ all-rounded empowerment, community governance, and fully shareable dividend integrated into the #TRON DeFi ecosystem.”
Friday’s announcement comes amid a storm of interest in the DeFi ecosystem with ETH-based protocols stealing all the headlines. Sun, regarded as a polarizing figure in the industry, is known for jumping on popular crypto bandwagons. Back in March, the Tron CEO announced Djed, a stablecoin project backed by the U.S. dollar.
Many critics stated that it was similar to popular ETH-based DeFi lending protocol, MakerDAO, and there was nothing unique about the Djed project.
Never far from criticism, some crypto commentators have accused Sun of copying ideas from other projects. Even the Tron whitepaper is reportedly plagiarized. However, Sun stated that the original document was written in Chinese, and the translation process missed vital elements.
Ethereum DeFi Market on a High
Meanwhile, the ETH-based DeFi ecosystem continues to make headlines. Nexus Mutual, a decentralized platform that provides cover for users against vulnerabilities found in smart contracts, released a new staking system called “Pooled Staking.” This will supposedly offer better incentives for stakers.
Amid the boom in the DeFi ecosystem, CryptoPotato reported that the crypto data platform CoinMarketCap (CMC) created a separate section for the DeFi market. Liquidity mining on protocols like Compound and Balancer has attracted significant interest among industry participants even as the DeFi total locked value (TVL) is now worth over $1.8 billion.