The amount of Tron’s TRX collateralized on Poloniex recently launched TRX-based lending platform JUST has exceeded 1 billion, that approximates 15 million USD.
The official Twitter handle for JUST announced the news in a tweet on Monday, May 18th. The announcement reads:
#JUST #TRX collateralization amount has already exceeded 1 billion, about 15 million USD.
The total supply of #USDJ has exceeded 4.12 million USD.”
As Crypto Economy reported, On April 6, 2020, crypto exchange and strategic partner of Tron, Poloniex, announced the release of LaunchBase, a token launching platform geared to promote the adoption of quality cryptocurrencies worldwide. The LaunchBase is actually a TRX-powered initial exchange offering (IEO) platform where TRX will be the only cryptocurrency for purchase at the platform.
With the release of LaunchBase, Poloniex also announced that the first project of this IEO platform will TRX-based lending platform called JUST (JST). Through JUST, user can stake TRX via JUST’s CDP portal to generate USDJ, a stablecoin pegged to USD at a 1:1 ratio.
The LaunchBase program completed its first token of JST on May 6th and Poloniex opened trade for JST on May 7th.
Now the amount of TRX collateralized on JUST to generate USDJ stablecoin has exceeded on billion and with this, USDJ total supply has also exceeded 4.12 USD.
Another announcement by JUST also revealed that JUST’s 24-hour transaction volume has ranked JUST up to top three in in finance DApps. The announcement reads:
“According to @DAppbirds
#JUST platform transaction volume stands in Top 3 amongst all DApp platforms!
Not bad for being a newly launched project.”
JUST is also going to airdrop JST token for TRX holders on May 20. According to terms and condition of this airdrop, Poloniex customers who hold at least 100 TRX at 00:00 UTC on the 20th of each month will receive an airdrop of JST. At 00:00 UTC on May 20th, the snapshot for the first air drop will be taken. A total of 217,800,000 JUST (JST), corresponding to 2.2% of the total supply, will be distributed among the winners.
A number of crypto exchanges and wallets announced the support for this airdrop. The latest support was announced by crypto exchange OKEx. Other include MXC Exchange, BIKI, KuCoin, DragonEx, Token Pocket, Cobo, and Hotbit.