TRON makes a move to enter the DeFi space

Written by: Ali Raza
July 7, 2020
  • TRON's Justin Sun recently announced the project's plans to enter the DeFi space.
  • Sun announced three new DeFi products that are about to arrive and use the new JST token.
  • The crypto community criticized the move, accusing Sun of copying Ethereum.

The DeFi space has been a very hot topic in the crypto industry lately, and many have predicted that it will become as big as the ICO trend used to be in 2017. In fact, some have already voiced concerns about this, noting that this could ruin the DeFi sector, which has major potential.

As it was to be expected, the success of DeFi already started attracting other crypto/blockchain projects. TRON seems to be among the first ones to jump on the new bandwagon, according to Justin Sun’s recent announcement.

Justin Sun announces three DeFi products

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

The CEO of TRON, Justin Sun, recently published a three-part announcement on Twitter, stating that TRON’s new JUST DeFi team will soon launch 3 DeFi products.

Sun then went on to explain what the products will be, listing JUST Lend, JUST Swap, and JUST BTC.

JUST Lend will be a place where TRON users can borrow assets against collateral and earn interest. JUST Swap will act as a decentralized protocol for token exchange, while JUST BTC will be TRC-20 token, which will be backed by Bitcoin. Each JUST BTC will be backed by 1 BTC, with its value being the same as that of BTC.

The second part of the announcement included a few details about the new JST token, which is to become the core token of the TRON DeFi sector.

Lastly, the third part of the announcement said that the team behind TRON is excited to see an entire series of other JUST products that would help develop the DeFi ecosystem.

Tip: looking for an app to invest wisely? Trade safely by signing-up with our preferred choice, eToro: visit & create account

The community’s reaction

With the DeFi trend growing more and more popular, TRON developers likely expected excitement. However, Sun’s announcements faced a lot of criticism, instead.

Many have accused him of continuing to copy Ethereum and of being quick to ride the new wave instead of leading and introducing something new and unique.

Others have questioned TRON’s own decentralization, and have even called sun an ‘egomaniac’ for naming the new token after himself.

It is safe to say that the community was not impressed, and it still remains to be seen how popular TRON’s own DeFi sector is going to be.