JUST Review

What is Just?

The JUST platform was launched in August 2020 after an IEO (initial exchange offering) for its native governance token, JST, launched earlier the same year on the Poloniex LaunchBase platform. Nowadays JUST represents a DeFi ecosystem on the TRON blockchain with a set of products surrounding its decentralized stablecoin lending platform, JustStable.

How does Just work?

JUST aims to develop an entire set of DeFi products, thereby forming the basis for a complete DeFi ecosystem on the TRON blockchain. At the moment, the set is covering a range of use cases and consists of three interoperable products.

JustStable: a premier DeFi system of USDJ stablecoin designed for anyone.

JustLend: the first official lending platform on TRON offering high-yield lending pools and low-interest crypto loans.

Just Cryptos: a bridge that allows the use of cryptocurrencies from other blockchains (BTC, ETH, LTC, DOGE, and APENFT) tokenized on the TRON network. All assets are stored and can be swapped on Poloniex.

How to use Just?

USDJ is generated by depositing collateral assets into the Just app. Supported collateral assets include TRX, which needs to be exchanged for PTRX and sent in a separate transaction to the Just protocol when minting USDJ. Once the stablecoins are minted, the provided collateral assets are locked up on the platform and can only be redeemed for USDJ along with a stability fee Just collects in its utility token - JST. Once collected by the Just protocol, fees are burned and permanently removed from the token’s circulating supply. 

When creating collateralized debt positions (minting USDJ) users need to be aware of the maximum amount of debt that can be created by their position, as once its limit is reached, new USDJ can not be created unless previous positions are closed. 

Users are subject to liquidation due to the price volatility of their collateral, thus when depositing, the Just app shows them the current liquidation ratio expected for their deposit - if the ratio is set to low, then JST token holders have voted that they expect low price volatility of the collateral, while in the opposite case the ratio is set to high. 

The USDJ and JST tokens

JUST ecosystem has two tokens - USDJ and JST. 

USDJ is a collateral-based decentralized stablecoin pegged to USD at a 1:1 ratio. The coin stabilizes the exchange rate through an automatic feedback mechanism. Users can earn it through staking or trading.

JST supports a variety of functions, including paying interest and platform governance. Users can earn it by mining, trading, or participating in campaigns. The token is actively used in the governance of the project. 

JST's maximum supply is capped at 9,900,000,000, however, due to burning events and mechanics, its total supply is decreasing. The results of IEO for the JST token held on Poloniex are as follows: Seed Sale: 11%, Public Sale (the LaunchBase Allocation): 4%, Strategic Partnerships: 26%, Team: 19%, Airdrop (Only for TRX holders): 10%, Ecosystem: 30%.

Is Just safe?

The JUST Foundation behind the JUST platform brings together individuals from Alibaba, Tencent, IBM, and other top tech companies and the financial team from several global investment banks. JUST is also a staunch supporter of the TRON ecosystem.

The profiles of the JUST team members are not public. However, the project may have some interconnections with the TRON team, since the JustLink platform was announced by Justin Sun, the TRON CEO and founder. Just audits can be found in the protocol dashboard on this webpage.

Partners

In April 2021, The WINk team completed the acquisition of JustLink, the first decentralized oracle system for the TRON network used to securely supply smart contracts with real-world data. Later it was renamed to WINklink.

Another element of the ecosystem, JustSwap, an automated market maker (AMM) platform used for trustless TRC-20 token swaps and the creation of permissionless liquidity pools, was acquired by the SUN team and officially renamed to SunSwap.

What's next?

JUST Foundation does not have any roadmap available for the general public, however, it is clear that the project will continue to support the whole TRON ecosystem development in the future.

Links

https://just.network/docs/white_paper_en.pdf

https://justlend.just.network/#/vote