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TRON launches the DeFi platform JustSwap

  • The TRON-based DeFi platform JustSwap was launched successfully and recorded a trading volume of 10 million US dollars in the first 19 hours.
  • Primitive Ventures’ founding partner Dovey Wan has warned the crypto community of possible scams on JustSwap.

JustSwap, the decentralized exchange announced at the end of July this year as part of TRON’s strategy to expand the DeFi sector, was successfully launched yesterday. To celebrate the launch, TRON CEO Justin Sun hosted a live stream that drew 763,000 viewers of the Chinese periscope variant Yizhibo. Additionally, Sun’s YouTube channel posted a minute-long video explaining JustSwap.

Sun has advertised JustSwap as “accessible to all” and as an “alternative to UniSwap”, an Ethereum-based decentralized exchange. JustSwap is TRON’s first decentralized exchange protocol that allows users to instantly trade TRC-20 tokens with no commissions for the exchange. Users can also earn transaction fees by providing liquidity to the decentralized exchange, as explained in the introductory video:

Users can exchange TRC-20 tokens with infinite liquidity. There is unstoppable liquidity for thousands of traders and hundreds of uses. Executing it immediately is quick and convenient without having to wait in line for a buy match. On the other hand, market makers can make profits without any hindrance. JustSwap is an access tool for all (…)

TRON continues to expand its DeFi sector

The introduction of the decentralized exchange protocol is in line with TRON’s strategy of competing directly with Ethereum. In the past few months, Ethereum’s DeFi sector has grown relentlessly and has exceeded all expectations. At the time of writing, $ 6.37 billion was trapped in the various Ethereum DeFi protocols.

JustSwap’s direct competitor, Uniswap, is one of the most popular protocols valued at $ 170 million. TRON is committed to expanding its platform to take advantage of the growth and popularity of decentralized financing. According to the JustSwap official Twitter account, the log’s total liquidity reached $ 3.5 million in less than 24 hours. In addition, JustSwap’s trading volume reached $ 10 million in the first 19 hours.

Although the log’s initial numbers are positive, there has been criticism from the crypto community. Primitive Crypto’s founding partner, Dovey Wan, specifically targeted the TRON platform and its CEO, advising potential investors to exercise caution. Wan called Sun a fraud and questioned the decentralized nature of the DeFi sector at TRON.

OG scammers like Justin can only keep things under control in a highly centralized setup in a truly permissionless setup. Anyone can do a front run, anyone can hack, so you can’t just manipulate the market the old way.

Now, Tron fans who got straight at Justswap are asking Sun for a refund because “it’s your chain, is your swap, can’t you just check and approve first?” When OG scammers get scammed, what a shame.

Wan also warned the crypto community of possible scams using the JustSwap protocol. While sharing the picture below, Wan claimed it listed counterfeit tokens that could pose an investment risk. As can be seen in the picture, many of these fake investments try to imitate popular tokens on Ethereum’s DeFi such as YAM, LINK, YFI:

Trons Justswap just went live and in a decentralized world there is no way to stop scammers from cheating on the OG scammer. Tons of TRC20 version of the ERC20 top defi coin were immediately listed, hopefully people there won’t be scammed.

TRON TRX

Source: https://twitter.com/DoveyWan/status/1295740000743518208/photo/1

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