- Poloniex launches the token sale platform LaunchBase.
- The first project to host on the plattform will be the TRON-based lending platform JUST.
Through a publication in Medium, crypto exchange Poloniex announced the launch of its platform to sell tokens, LaunchBase. The first project of LaunchBase, according to the publication, is the lending platform based on TRON JUST, with its associated token JST.
The lending platform was released last week, as reported by Crypto News Flash. At first the plattform was called Djed, but Justin Sun decided to change the name. TRON CEO Justin Sun described the platform as “something new”. However, the platform was criticized for allegedly copying the system from the Ethereum-based lending platform, MakerDAO. The name of the platform was chosen by the TRON community through a survey, and it is not known what prompted the name change. But community members questioned the decision because the platform would have a name similar to that of TRON CEO, Justin.
LaunchBase operation and cooperation with TRON
According to Poloniex, LaunchBase will work with projects, community members and other partners in the crypto industry. One of LaunchBase’s objectives is to help “quality” blockchain projects to boost their growth and development. In addition, the platform will also encourage the adoption of “quality” cryptocurrencies from around the world by selling tokens on the platform. The tokens can be bought by candidates chosen by Poloniex:
All participants will be subject to eligibility and screening requirements. Unfortunately, due to local law requirements, members of certain jurisdictions may not be able to participate.
LaunchBase intends to offer services that other platforms do not have. In addition to being able to sell and buy tokens, projects on the LaunchBase platform will be able to receive professional advice and a guide for improvement “to help these blockchain businesses gain traction”.
As mentioned, their first collaboration will be TRON and its lending platform JUST. According to Poloniex, JUST is a decentralized platform where users can stake TRON’s native token, TRX using collateralized debt positions. These CDPs are used to generate USDJ, a stablecoin pegged to the US dollar in a 1:1 ratio.
TRON CEO Justin Sun celebrated the launch of the platform through his Twitter account. According to Sun, the JUST platform aims to be “fairer and more decentralized” for the DeFi industry in order to attract new developers to TRON. Sun added:
JUST leverages an array of benefits that TRON has to offer, including lower fees, greater speed, higher TPS and a well-rounded DApp ecosystem compared w/ other platforms. We look to further perfect TRON’s DeFi ecosystem centered on JUST to extend benefits to everyone.
However, Sun is one of Poloniex’s investors. Last year TRON CEO acquired the exchange from the financial technology firm, Circle. Although Sun has said that Poloniex would operate independently of the Tron Foundation, this claim has been questioned by the crypto community.
(1/6)Huge congrats on launching @Poloniex #LaunchBase, a world-leading token sale platform! As Poloniex’s strategic partner, @Tronfoundation and I will fully support the LaunchBase platform and its future development. https://t.co/amRgWKjNiH
— Justin Sun (@justinsuntron) April 5, 2020