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TRON (TRX) launches DeFi platform JustSwap, 763,000 Chinese watching

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

JustSwap, the decentralised exchange announced at the end of July this year as part of TRON’s strategy to expand its DeFi sector, was successfully launched yesterday. To celebrate the launch, Justin Sun, CEO of TRON, held a live stream that attracted 763,000 viewers on the Chinese periscope variant, Yizhibo. Furthermore, Sun’s YouTube channel posted a 1-minute video explaining JustSwap.

Sun has promoted JustSwap as “accessible to all” and an “alternative to UniSwap”, an Ethereum based decentralized exchange. JustSwap is TRON’s first decentralized exchange protocol that allows users to trade TRC-20 tokens instantly without commissions to the exchange. Users can also earn transaction fees by providing liquidity to the decentralized exchange, as the introductory video explains:

Users can exchange TRC-20 tokens with infinite liquidity. There is unstoppable liquidity for thousands of traders and hundreds of applications. Instant execution is fast and convenient without having to wait for a buy match in the queue. On the other hand, market makers can make profits without any barriers. JustSwap is an access tool for all (…)

TRON is further expanding its DeFi sector

The introduction of the decentralized exchange protocol is in line with TRON’s strategy to compete directly with Ethereum. In recent months, Ethereum’s DeFi sector has grown inexorably and has exceeded all expectations. At the time of publication, $6.37 billion were locked up in the various Ethereum DeFi protocols.

JustSwap’s direct competitor, Uniswap, is one of the most popular protocols with a total value of $170 million. TRON is committed to expanding its platform to take advantage of the growth and popularity that decentralized finance is experiencing. According to data from JustSwap’s official Twitter account, the protocol’s total liquidity reached $3.5 million in under 24 hours. In addition, JustSwap’s trading volume reached $10 million in the first 19 hours.

Although the first figures of the protocol are positive, there was criticism from the crypto community. Aiming especially at the TRON platform and its CEO, Primitive Crypto’s founding partner Dovey Wan advised caution to potential investors. Wan referred to Sun as a fraudster and questioned the decentralized nature of the DeFi sector on TRON.

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

Now Tron fans who got rekt on Justswap is asking Sun for refund as “it’s your chain, is your swap, can’t you just verify and approve first?”. When OG scammer is scammed what a shame.

Wan also warned the crypto community about possible scams using the JustSwap protocol. While sharing the picture below, Wan claimed that fake tokens were listed 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:

Tron’s Justswap went live just now and in a decentralized world there is no way to keep scammers scamming the OG scammer. Tons of TRC20 version ERC20 top Defi coin were listed instantly hopefully people don’t get scammed there.

TRON TRX

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

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Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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