Tron’s Justin Sun Rolls Out MakerDAO Style Stablecoin Platform Called Djed; Copy & Paste?
Justin Sun, the founder of Tron (TRX), announced on March 29 the launch of Djed, a collateralized loans system that has been labeled by many as a plagiarized MakerDAO (MKR) version.
— Justin Sun (@justinsuntron) March 28, 2020
Sun has teased TRX fans with a decentralized stablecoin supposed to be backed by TRX and the BitTorrent Token (BTT) ever since January 16. The Djed name was suggested by Mike McCarthy, a Tron fan who describes himself as a TRX whale. In ancient Egypt, Djed used to mean stability.
Dai’s Concepts Being Borrowed
Live on the Tronscan.org domain, the Djed platform has an interface similar to the Maker Oasisapp, cdp.makerdao.com, votemaker.dao.com and other Maker websites. While modified, it still looks a lot like the Maker’s Single Collateral Dai, as it’s based on the same principle, even if Tron users are going to commit TRX collateral in order to mint USDJ and not Dai. The token governing is JED, not MKR. There’s no need to take a look at the code because the platform resembles Maker a lot.
More Similarities with MakerDAO
As a lending platform, Djed uses Collateralized Debt Positions (CDP). Its users need to pay an interest rate called a Stability Feel on their loan, fee that’s determined through by the Interim Risk Team at Djed. The same terms are included in the MakerDAO features, not to mention the Djed smart contract code clones the Single Collateral Dai. Some name of Djed’s contract calls are DadFab, DaiFab, MomFab and so on, just like in Maker. Furthermore, it has the Sai name after introducing different forms of collateral, name that’s another version of the Dai term and explains why it accepts only TRX as collateral, and not BTT as promised.
Tron Accused of Plagiarism Before
Many other Tron projects have been labelled as plagiarized, with voices saying the entire Tron concept copies Ethereum. There’s also a very recent privacy feature that includes the Zcash (ZEC) code. However, it should be noted Djed is a Tronscan and not a Tron Foundation project. Copying open-source code shouldn’t be considered plagiarism, especially since Tronscan didn’t claim its program to be unique or in-house developed.