JUST, also known as JST Coin, is a prominent decentralized finance (DeFi) ecosystem specifically designed for the TRON blockchain. It encompasses a comprehensive range of products with a central focus on a decentralized stablecoin lending platform called JustStable.
The platform officially launched in August 2020 after conducting an initial exchange offering (IEO) on the Poloniex LaunchBase platform earlier the same year. However, the native governance token, JST Coin, has been in circulation since May 2020.
This DeFi ecosystem operates through a dual-token system, comprising USDJ and JST tokens. USDJ, a multi-collateral stablecoin, is pegged to the US dollar (USD) value, while JST plays various roles within the platform. JST Coin is used for paying interest, supporting platform maintenance, participating in governance activities, and defining parameters such as interest rates (stability fees) and the minimum collateralization ratio.
Obtaining USDJ on the JUST platform involves depositing collateral in the form of supported tokens, including TRON (TRX). These tokens are converted into PTRX tokens and serve as collateral for creating collateralized debt positions (CDPs). Users can then mint and withdraw USDJ, provided they repay it to recover their initial collateral. JST aims to provide a decentralized, inclusive hub for DeFi products accessible to all TRON users.
Meet the Minds Behind JST
The JUST ecosystem is managed by the JST Foundation, which comprises individuals from Alibaba, Tencent, IBM, and various other renowned internet companies. The financial analysis team at JUST has its roots in several global investment banks.
Key figures within the JST project include Terance F, a blockchain expert with experience at Barclays and IBM, Elvis Zhang, a senior developer and blockchain researcher, C Wu, a specialist in wallets and exchanges, and GL Kong, an experienced blockchain engineer and early cryptocurrency enthusiast.
While the full details of the JST team are not public, there appears to be some overlap with the TRON development team. This is evident from the fact that the project was announced by TRON CEO and founder Justin Sun and has received technical and financial support from TRON.
The Uniqueness of JST
JST stands out from most DeFi platforms by aiming to offer not JST a single product but an entire suite of products catering to various DeFi use cases. It aims to establish the foundations of a complete DeFi ecosystem on the TRON blockchain.
As of January 2021, the JST ecosystem encompasses five distinct products designed to interoperate and enhance user utility:
- JustStable: The flagship decentralized multi-collateral stablecoin platform.
- JustLend: A TRON-powered money market protocol allowing users to provide liquidity to lending pools and secure low-interest cryptocurrency loans.
- JustSwap: An automated market maker (AMM) platform for trustless TRC-20 token swaps and permissionless liquidity pool creation.
- JustLink: The first decentralized oracle system for the TRON network, ensuring secure supply of real-world data to smart contracts.
- Cross-chain tokens: Assets from other blockchains, such as Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC), tokenized on TRON for utilization within the JUST ecosystem.
Securing the JUST Network
The JUST Network’s security is underpinned by the TRON blockchain, specifically as a TRC-20 token. Unlike platforms relying on energy-intensive proof-of-work (PoW) consensus mechanisms, TRON employs the energy-efficient delegated-proof-of-stake (dPOS) system.
In this system, TRON (TRX) token holders elect super representatives responsible for generating blocks and processing transactions. The 27 super representatives collectively ensure network security, upholding the integrity of the blockchain and guarding against potential threats.
Zatrun.com has conducted a comprehensive examination of the JUST (JST) Coin ecosystem, providing valuable insights into its functionality, applications, and the team behind this innovative DeFi platform.
