By
Mayowa Adebajo
May 14th, 2024
LaunchBase will become something more than just an issuance and exchange tool. Large ventures promise to offer professional help to novice businesses.
Poloniex, LaunchBase and TRON Foundation promise to offer professional help to the selected teams who will manage to appear in the LaunchBase. The new projects will gain traction, adoption, and recognition thanks to Poloniex userbase.
LaunchBase set for a collaboration with the investors, project CEOs, members of the community and all kinds of partners to promote the ventures issuing tokens. Poloniex will browse through the entries to pick some coins and list them on the main exchange. Of course, there are requirements for each project. Unfortunately, due to the local jurisdiction, some users will not be able to join the bandwagon.
The first project is JUST, a stablecoin lending website. It has its token called JST. In terms of the decentralized exchange JUST, users are staking TRX. You also can generate the USDJ stablecoin, with a 1:1 peg to the United States Dollar. The JST token is useful in paying the interest, or for the maintenance of the service. As soon as you don’t need the USDJ, easily convert them back to TRX or JST and withdraw.
Poloniex Claims LaunchBase Follows First-Come, First-Serve Rule
LaucnhBase says that TRON was the first venture who came to them in front of the massive update. That’s why TRX will be the only available currency for purchases. Such an option on the platform adds TRX a bit of uniqueness. However, strange that the exchange will not take Bitcoin as the additional mean of payment.
Let’s hope that the recent lawsuits filed against 11 Bitcoin companies, including TRON Foundation, won’t have an impact on the development of TRON-based services. It would be a pity to understand that such a fresh idea got busted by the regulators for violating Some Law.
It is also unclear whether LaunchBase will perform extensive checks regarding the true identity of the token issuers. A fiduciary duty is yet another good concern to think about because wealthy traders tend to file lawsuits even against honest companies.
Poloniex is one of the oldest exchanges in the field. Despite they had certain troubles with Ethereum Classic withdrawals back in 2017, the exchange still serves a hefty of traders worldwide. The numerous claims of traders on Reddit that Polo freezes payments and steal currencies seem like the attribute of past since the recent investment made by Justin Sun in Poloniex.