Polo_Brad: Hello everyone, I am Brad, the head of marketing at Poloniex. I would like first to give you guys a brief introduction about Poloniex LaunchBase.
Founded in 2014, Poloniex, an established crypto asset exchange, has been growing at a steady pace. Over a period of 6 years, Poloniex has launched hundreds of quality projects and gained rich experience in project-screening as well as a huge pool of premium project resources.
I feel that launching Poloniex LaunchBase indeed meets the expectation of the general public and community users, as Poloniex has the experience and capacity to filter premium quality community projects for our investors. So LaunchBase goes beyond a platform for selling digital assets.
In our talk with Poloniex, we’ve learned on top of being a platform for community members to trade crypto assets, Poloniex also offers professional guidance and suggestions to facilitate these blockchain projects to take shape and move into implementation swiftly.
Today I am very pleased to invite Terence F to this AMA. We have prepared some questions here already. Now let’s start talking with Terence F!
How’s going Terence.
TerenceF: Hello, community!
Polo_Brad: Welcome to our AMA, here is my first question.
Terence, can you briefly introduce yourself and JUST Platform?
TerenceF: JUST is a smart contract-powered decentralized lending ecosystem on the TRON network. Acting as a decentralized stablecoin system, it has introduced the first decentralized stablecoin, USDJ, on the TRON network. Pegged at 1:1 with USD, USDJ is issued by collateralizing sufficient TRX on JUST, while the other token JST is used for decentralized governance and paying stability fees.
Polo_Brad: For those who are new here and haven’t done any homework, can you give us a more detailed introduction of JUST Platform? What is the mission of JUST? What kind of pain points is JUST looking to address?
TerenceF: With JUST, anyone can collateralize TRX to generate the USD-pegged stablecoin USDJ in smart contracts on the TRON network, and they can do it anywhere, anytime. USDJ contracts are all open-source and transparent. Additional issuance is completely backed by collateral.
There is no black-listing feature so users can take full control of their assets. Also, the mechanism taken by JUST to generate stablecoins through collateralization will be complemented by TRON’s DApp ecosystem to let users extract the most profits possible from their investments.
Polo_Brad: My next question is, how is JUST different from other crypto lending platforms?
TerenceF: Before JUST, there were other lending platforms on TRON, which, however, feature no stablecoin system of their own and depend only on external stablecoins like USDT. On top of that, the majority of these platforms operate under centralized governance, which is contrasted by the JST-centered governing mechanism on JUST. With no need for lending, general users can simply deposit TRX into a pool to convert them into PTRX so as to reap the benefits offered by the system.
JUST is dubbed by many as the TRON version of MakerDAO, but the truth is, powered by the strong TRON network, JUST has surpassed MakerDAO on all fronts including the level of decentralization, user experience, transaction speed and anti-fragility of the system.
In this sense, JUST is the first-ever truly decentralized and transparent stablecoin lending system built on TRON that extends benefits to everyone.
Polo_Brad: Thank you, building on this further, who are your immediate competitors and what are your advantages over them?
TerenceF: As far as I know, we are the first-ever TRON-based system that combines decentralized stablecoin with decentralized lending.
Compared with our peer platforms that feature crypto lending or stablecoin based on other networks, we enjoy the following advantages:
Convenience: powered by the strong TRON network, users can make speedy and almost fee-free USDJ transfers.
Freedom: anyone can open an account for free and have their own USDJ, which can be used freely and unbounded by borders.
Security: underpinned by blockchain smart contracts, USDJ naturally comes with great security.
Fairness: anyone that owns JST can participate in the governance of the USDJ system, achieving true fairness through decentralized self-governance.
Prosperity: JUST is integrated to the thriving TRON ecosystem, where diverse DApps extend benefits to everyone.
Polo_Brad: Moving on to my next question, can you share more info about JST and USDJ tokens and how will they be used?
TerenceF: Sure, I will begin with USDJ.
USDJ is a stablecoin generated when users collateralize TRX on the JUST platform. Unlike USDT, it is minted automatically by smart contracts and is truly decentralized. How to generate USDJ then? Smart contracts of the system will automatically generate USDJ which will be at the user’s free disposal after they stake TRX in CDP on JUST in the form of pooled TRX (PTRX).
Naturally, the value of the USDJ generated is greater than that of the current collateral. The collateralization ratio is currently set at no lower than 150%, and can be adJUSTed manually by users based on actual circumstances.
Liquidation will be triggered if the collateralization ratio falls below the 150% mark as the collateral’s market price changes. The collateral is then sold to pay off the debt and an additional liquidation penalty (currently 13%) is charged.
Therefore, higher collateralization ratio means less pressure of being liquidated. In fact, liquidation sales occur only in extreme circumstances. If everything goes fine, you may pay a stability fee and redeem the collateral if you want to, as is the case with bank loans where you pay the interest to take your collateral back. Then what do you use to pay the stability fee? You can pay it with USDJ, but I would say a better option is JST, which I will go into now.
Generating USDJ to pay the stability fee is one of JST’s two main use cases. The other, also important, is in community governance. All JST holders can participate in governing the community ecosystem, for instance, in determining the floor collateralization rate (currently at 150%) and stability fee rate (currently at 0.5%) based on the market condition. Meanwhile, JST is a deflationary token.
All JST used for paying stability fees will be burnt automatically by the smart contract. In this sense, participation in community governance is not a zero-return job for JST holders, because when the community achieves sound development, they may earn from JST appreciation. This will greatly motivate JST holders in voting for new proposals, so that everyone, not JUST the project team, is engaged in decision making on the project. The JUST platform also stands to benefit from decisions that are made based on the rational thinking of the many participants. In a word, it’s definitely a win-win for both JST holders and the JUST platform.
Polo_Brad: Thanks Terence, so what has JUST achieved so far, and what is the future roadmap?
TerenceF: There are three major milestones to reach:
We are off to a good start by launching the mainnet of the lending platform, the explorer and its community governance platform, and getting USDJ listed on major exchanges across the globe.
The next step for us is to further expand the decentralized ecosystem centered on JUST, including but not limited to setting up decentralized exchange/secondary lending market/decentralized oracle machine,etc, all for a thriving decentralized financial ecosystem.
Moving forward, JUST will support pledging more TRON-based premium assets on the lending platform. We will also consider introducing cross-chain assets to the ecosystem after improving the cross-chain mechanism so as to deliver benefits to more crypto-holders.
Polo_Brad: So how can JUST cooperate with TRON to create the best collateral platform available in the market?
TerenceF: So far we have secured full support from TRON Foundation and Mr. Sun. Next our focus will be on:
Fully leveraging TRON’s prosperous DApp ecosystem. A large number of TRON-based DApps have expressed strong interest in integrating into the JUST ecosystem. We seek to expand the JUST ecosystem exponentially by further upgrading our protocol and Accessibility Developer Guide.
Fully leveraging the fast and cost-effective transfers on the TRON network and promoting USDJ to become the most widely used stablecoin on all blockchains.
Attracting top developers, DApps and investors to join and improve JUST protocol through Hackthon/OpenDay/bug bounty programs launched by the Foundation.
Polo_Brad: Thanks very much for your answer Terence, that’s all of my questions today.
TerenceF: Thanks, Brad
Polo_Brad: Today’s ama is all over, thank you all for participating. Have a good one!