TRON Founder Justin Sun and BiKi Founder and CEO Winter Li AMA about JUST: Full Transcript
JST & BiKi Online AMA
Theme: JUST, a TRON-based stablecoin lending platform that lays foundation for a DeFi system.
Time: 2020/04/24 18:00 (GMT+8)
Questions:
1. First of all, I feel sorry , because of some reasons for the delay of 2 hours, the AMA at 6 pm was changed to 8 pm, thank you justin sun and everyone for your waiting and understanding.
BiKi encrypted focus AMA is happy to invite justin Sun here. Brother Sun and TRON are both famous.
Justin, please say hi to the community and give us a brief introduction of JUST.
Justin Sun:
Hello everyone, I’m Justin Sun. It’s a pleasure to join you guys in the BiKi AMA. First things first, what is JUST. JUST (JST) is a decentralized stablecoin lending platform where users can collateralize TRX in the CDPs on JUST to mint USDJ, a decentralized stablecoin pegged at 1:1 to US dollar. JST, the other token, is used for paying borrowing interest, participating in platform governance and using other blockchain features. The USDJ minted from the TRX collateral is at users’ free disposal. I personally have high hopes for JUST (JST) because lending is essential to DeFi. Any network that acquires a large user base in stablecoin lending will win over a large number of users and take a share in related ecosystems.This is why I think highly of JUST (JST) and offered financial and technical assistance to them. Stablecoin lending will further enrich TRON’s ecosystem in the future.
2. JUST is a great hit as far as we know. IEO will be launched on the two major platforms Poloniex and BiKi. What are your thoughts behind supporting a stablecoin lending platform like JUST on TRON?
Justin: Using smart contracts on TRON ensures complete transparency and data traceability, which guarantees 100% fairness and credibility of our platform.
The reason why we encourage users to mint USDJ with TRX is that we hope the process can be done on TRON blockchain so as to boost our ecosystem.
3. According to the information available now, JUST is a dual token system that includes stablecoins USDJ and JST. Could you talk about their respective functions in the entire financial service ecosystem?
Justin: Users can use tokens to repay the stability fee incurred during the USDJ lending process. In addition, token holders can choose one or more proposals to vote yes as their suggestions for the platform. The said mechanism ensures JST holders to fulfill their duties and manage the platform with fairness and justice. We believe that under effective community leadership, USDJ will fully live up to its potentials as stablecoins and be widely adopted in TRON network.
4. OK. JST is mainly the management of user stability fees and stablecoin ecology.
JUST is a TRON-based platform. Based on what we know, the upcoming IEO only accepts TRX for its subscription fee. Then how would USDJ, JST, and TRON react with one another in order to create a financial service system?
Justin: On JUST, users can receive USDJ by staking TRX. When repaying USDJ, they can use JST to pay the stability fee (service fee). All JST holders can also vote in the governing process of JUST, creating a fair environment for JUST.
5. The relationship between TRX USDJ JST is clear.
As we all know, TRON is not only a renowned public chain but also the biggest decentralized DApp ecosystem.
As another TRON-based project, how can JUST and TRON achieve a win-win situation?
Justin: Technology is TRON’s strong suit, so we are able to provide JUST with stable on-chain technical support, while JUST can bring more liquidity. It will make the financial system more well-rounded while enriching the TRON ecosystem.
6.
6/ TRON has technical support + scenario support, and JUST stablecoin will allow TRON to have better liquidity.
Recently, we have seen huge volatility in the crypto market, prices falling across the board. Interestingly, prices of stablecoins are on the rise. So how does USDJ, which is pegged to USD at 1:1, maintain its price in the volatile market?
Justin Sun: We have made great efforts optimizing USDJ, which spares it from the market volatility. For the moment, as a guarantee, over 150% worth of TRX is to be collateralized to issue USDJ, which will then begin to circulate in the market. Even in case of a plummeting price, JUST system will recover the USDJ in circulation by applying forced liquidation to debtor whose CDP account records a collateralization ratio lower than 150%, and then auction the collateral in a bid to maintain the amount of USDJ in supply and its price. It’s worth noting that the amount of USDJ in supply is correlated only to the value of collateral in the JUST system. Such a mechanism ensures the fairness of USDJ, and truly delivers the notion of decentralization. Therefore, we believe USDJ will be adopted by many users.
7. OK, What are the advantages of JUST, compared with The DAO of Ethereum?
Justin Sun: First, we own an equally massive user base as The DAO does, and the user engagement on our platform is as good as Ethereum’s. I feel that JUST outperforms The DAO in terms of UI design and functions, making it faster and easier to use. Also, at JUST, we do not charge additional fees apart from the stability fee.
8. Well, in my personal opinion, TRON’s TPS is higher than Ethereum, and the speed is very fast.
How is JUST going on right now? Could you release more details on your future roadmap?
Justin Sun：For more updates, please follow official releases from TRON and Poloniex. But I’m sure we won’t keep you waiting for too long. Our subscription campaign has proved to be a big hit. JUST got substantial attention and engagement from users when it was still under testing. In merely four days, over 120,000 USDJ were generated from staking with 481 times of operation and a collateralization ratio that’s been kept above 300%. Statistics on all fronts suggest the smooth running of the platform. We staunchly believe in the greater potential of JUST after its official launch on Poloniex Launchbase and BiKi.
9.
In the previous Q&A, you mentioned that DeFi sits at the center of TRON’s development plan this year. What other DeFi applications are you planning now in addition to JUST?
Justin Sun: I have said on many occasions that DeFi sits at the center of TRON’s strategy this year. In fact, our first step towards DeFi was taken a year ago when, for example, Tether issued the TRON-based TRC20-USDT stablecoin, whose circulation is about to pass the $800 million mark. The stablecoin has attracted a large number of users with its speedy service and zero transfer fee. A more recent project built on TRON public chain is Pool-X decentralized mining pool hatched by Team KuCoin. Pool-X delivers both Staking benefits and high liquidity. The team’s choice of TRON was made out of its deep trust in us.
10. BiKi also has supported TRC20-USDT , and has become the most mainstream option for deposit and withdrawal now . It’s really good, and the transfer speed is fast. Users love it .
BiKi, the official partner of TRON, will be the stage for the global debut of JST (JUST).
BiKi has made announcements on its support of JST’s subscription and airdrops.
Announcement on Launch of JST Subscription is here, https://www.biki51.com/en_US/noticeInfo/2537
This is not the first time you work together, what are your expectations?
Justin Sun: I’m personally very happy and excited about working with BiKi again. I’m sure our joint efforts will upgrade the JUST project to the next level.
Winter ：BiKi and TRON has cooperated a lot. BiKi opened the world’s first TRX trading area, supporting TRC20-USDT, TRX lending and leverage, JST IEO, etc. Looking forward to more in-depth cooperation in the future.
BiKi will also support JST airdrops , holding TRX on BiKi will get JST.
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