JUST is a new DeFi (decentralized finances) ecosystem which claims to be the next generation decentralized social network platform and fully scalable. It uses front-line blockchain technology to create a new user-centric social ecosystem.
This network is a two-token ecosystem constructed around the JUST (JST) and USDJ tokens. USDJ is a multi-collateral stablecoin. Its price depends on the value of the U.S. dollar (USD). In contrast, JST has a variety of roles on the platform, including maintaining the platform and participating in its governance, paying interest, helping to establish parameters like interest rates (stability fees) and the minimum collateralization ratio. This is one of the first mobile-enabled social currencies for regular people. Through transacting, chatting, browsing, and gaming, JUS is laying the basis for an inclusive, online ecosystem where people can earn their share of digital wealth.
What is JUST?
Being a popular DeFi ecosystem, JUST is built for the TRON blockchain. It is a whole suite of products that are typically centered around a decentralized stablecoin lending platform (JustStable).
This network offers two tokens:
1- JST: the native governance token of the platform
2- USDJ: the multi-collateral stablecoin of the platform
The platform launched in August 2020 after an IEO (initial exchange offering) on the Poloniex LaunchBase platform; however, JST has circulated since May 2020.
To obtain USDJ on this network, traders have to deposit collateral in the form of supported collateral tokens, including TRON (TRX), which are exchanged to PTRX tokens and locked as collateral, forming a CDP (collateralized debt position). Depending on the amount of collateral users deposit, they can mint and withdraw USDJ, which users must later repay to reclaim the initial collateral.
The platform provides a fair and borderless hub of decentralized finance products that any TRON user can access.
Its first decentralized application is JUSTALK. JUSTALK is a messaging and wallet application made for the crypto world, and it gained over 100,000 users after 30 days of launch. The app provides privacy for users through its point-to-point data transmission service. Users have full ownership and power over their data; therefore, they do not need to worry about information leaks.
Most other DeFi platforms only offer a single product that provides utility to a small subset of users. Conversely, JUST is trying to shape an entire suite of products that cover a range of DeFi use cases, creating the foundations of a complete DeFi ecosystem on TRON.
This network consists of five products that interoperate and provide additional utility to users. They are as follows:
1- JustStable: Its leading decentralized multi-collateral stablecoin platform.
2-JustLend: This TRON-powered money market protocol lets users take out low-interest cryptocurrency loans and add liquidity to lending pools.
3-JustSwap: This is an AMM (automated market maker) platform for trustless TRC-20 token swaps and the creation of permission-less liquidity pools.
4- JustLink: The first oracle system for the TRON network. It securely supplies smart contracts with real-world data.
5- Cross-chain tokens: Assets from other blockchains, including Bitcoin, Ethereum, and Litecoin, that have been tokenized on TRON.
JUST Foundation manages the JUST ecosystem. This project’s team includes individuals from Alibaba, Tencent, IBM, and other internet companies.
Some of the most noticeable individuals include Elvis Zhang (a blockchain researcher and a senior developer), Terance F (a blockchain expert and IBM and ex-Barclays employee), C Wu (a specialist in exchanges and wallets), and G.L. Kong (an experienced blockchain engineer and early crypto adopter).
The identity of much of its team is not public. Though, it appears that the project shares some overlap with the TRON team since the platform was publicized by TRON CEO and founder Justin Sun and has received financial and technical support from TRON.
Best known for starting the Tron platform, Justin Sun holds a B.A. in History from Peking University and an M.A. in East Asia Studies from the University of Pennsylvania. After he founded Tron, he introduced the JUST network.
This network presents two tokens:
1- JST: the native governance token of the platform. Users use it for participating in governance through voting, paying interest, platform maintenance, and other activities on the network. It allows all collateralization, transactions, and governance to be transparently executed on-chain.
2- USDJ: this is the multi-collateral stablecoin of the platform. Its price depends on the value of the U.S. dollar.