By
Chimamanda U. Martha
April 25th, 2024
With JustSwap in place, TRON now has all the tools in place to provide a comprehensive decentralized finance solution for trading, speculating, gaming, lending, and borrowing.
While all eyes have been on defi, TRON has been gaining ground on Ethereum, shipping a string of products that have made the case for decentralized finance existing on other chains. The successful launch of Uniswap counterpart JustSwap on August 18, which racked up $10M of volume on its first day, has been followed by a flurry of new token liquidity pools on TRON’s decentralized exchange. A whitelisting process has also been announced, with tokens that meet certain criteria for volume and liquidity being prioritized.
All in all it’s been a prolific week for TRON, including positive developments for BitTorrent, whose BTT token can be used as collateral on the JUST lending platform. As TRON joins the islands that make up its crypto ecosystem, switching between TRC20 assets has gotten significantly easier, as has funneling funds between exchanges at low costs. With ETH fees showing no sign of abating any time soon, TRON’s ability to move tokens such as stablecoins at low cost has contributed to the rapid growth of JustSwap in its first week.
JustSwap Records 33K in a Day
On its first day, 33,000 transactions were made on JustSwap, whose interface will be familiar to anyone who’s traded on Uniswap or Mooniswap, its 1inch exchange competitor. One of the most popular assets on the DEX is JST, the governance token of JUST. Users can lock up crypto assets such as BitTorrent Token (BTT) and TRX and mind USDJ, a USD-pegged stablecoin. This can then be used for lending and borrowing. When yield farming launches on JUST, JST and BTT can be used, which will drive further demand for BitTorrent’s native token.
With BitTorrent having just passed the two billion mark for total installs of its desktop client, the file-sharing protocol is riding high. BitTorrent File System, which enables distributed storage of data for TRON dApps, is also going strong, aided by delays to Filecoin, which will be its closest competitor when the troubled IPFS-network finally launches.
TRON Welcomes DeFi in All Its Forms
While much of the defi growth on Ethereum has been driven by lending and liquidity mining protocols that have a valuable use case, novelty games have also contributed to the rise in gas costs. TRON is also now embracing the fun side of defi, with Definition (DZI) the latest asset to be released on TRON and listed on JustSwap. Although more of a social experiment than the future of money, it exemplifies the sort of innovation that can occur when developers aren’t hampered by high on-chain fees, which have impacted Ethereum’s suitability for hosting gaming dApps and low-cost transactions.
TRON still has work to do in convincing defi users to migrate from Ethereum en masse. It’s shipping new products at an impressive rate, however, and expectations are high for JUST capturing a slice of the lending market. With JustSwap in place, TRON now has all the tools in place to provide a comprehensive decentralized finance solution for trading, speculating, gaming, lending, and borrowing.
