Tron Founder Justin Sun Cashing In On DeFi’s Boom With Launch of JUST BTC, LEND, & SWAP
He is back!
As people in the crypto community have been expecting, Tron founder and CEO Justin Sun is here to ride the DeFi boom. But no TRX isn't being turned into a DeFi project, but he’s announcing new plans altogether.
The “marketer” of crypto space who called his creation a “shitcoin” took to Twitter on Friday to share that Tron-based IEO JUST (JST) — which was launched on the Sun acquired Poloniex exchange in early May and then airdropped to TRX holders — will be launching not one or two but three DeFi projects.
“JST will become the core DeFi token of the entire TRON,” said Sun adding this DeFi ecosystem will cover areas in decentralized loans, decentralized trades, and cross-chain.
JUST DeFi team will be launching three new DeFi products. The first one is “JUST Lend” that will allow Tron users to earn interests or borrow assets against collateral.
The second is “JUST Swap,” which is apparently a fully decentralized on-chain protocol for token exchange. The last is “JUST BTC,” a TRC20 token backed 1:1 by Bitcoin.
“We can’t wait to see the series of JUST products’ all-rounded empowerment, community governance, and fully shareable dividend integrated into the TRON DeFi ecosystem,” he said.
Sun warns about a DeFi Project
In separate news, Sun distanced himself and his company from a DeFi project called Oikos (OKS), which is built on Tron.
Earlier this week, Sun said the DeFi project was developed by the community and has “nothing to do with Tron” and himself.
He warned investors against this project, saying the smart contract wasn’t verified. Investors need to be cautious of their investment, and the risk of getting hacked as “Justin Sun would bear no responsibilities,” he said while referring to himself in the third person.
Also, he denies OKS having any relationship with IEO on Poloniex.
“OKS is at its early stage, the risk is very high, we don't encourage investors to participate/invest in this project,” said Sun.
Oikos has been a popular project among the Chinese crypto community, reports China-based 8btc.com. The token was reportedly listed on Chinese crypto exchange Hoo.com upon Sun’s recommendation and then on MXC exchange that saw OKS surging 4x.
Sun’s announcement resulted in the token briefly crashing 30% in minutes.