The TRON blockchain’s newly launched decentralized exchange, JustSwap, recorded over $10m of trade volume within the first 24 hours of its launch on August 18. Created as a TRON-based alternative to the runaway DEX success Uniswap, the eager adoption of JustSwap points to a yet unquenched desire for a broader selection of defi services across the cryptosphere.
JustSwap Explodes – $10m in 24 Hours
According to TRON founder and CEO Justin Sun, the JustSwap protocol was host to over 33,000 transactions in the first day after it went live. For some context, that makes JustSwap the second most utilized DEX in the world, behind only UniSwap v2, with over four times as many users as the next most used DEX, Balancer.
JustSwap acts as an onramp to the world of defi by offering fast, low-fee trading pairs between the TRX token and TRON’s burgeoning suite of decentralized services.
Foremost among them is JUST (JST) token, which forms a two-way mechanism with the JUST (USDJ) stablecoin to create the backbone of TRON’s defi ecosystem. Starting on August 31, JUST holders will be able to begin yield farming using the dual token combination.
TRON founder Justin Sun foresees the JUST token becoming a prominent part of the TRON network, which is expanding into numerous corners of the cryptocurrency space. Sun wrote:
“JST will become the core DeFi token of the entire #TRON DeFi ecosystem, which covers areas in decentralized loans, decentralized trades, and cross-chain.”
The value of the JST token exploded throughout July and August, climbing over 1,000% from the price at the token’s launch, and has already found listings on major exchanges such as Binance and Huobi.
BitTorrent Adopts TRON’s JUST Defi
On August 12 it was announced that another TRON-based token will now be compatible with JUST yield farming: BitTorrent Token (BTT). Justin Sun purchased BitTorrent Inc in 2018, creating a cryptocurrency token which is used to reward users of the BitTorrent torrenting software.
Following Sun’s acquisition and subsequent development, the BitTorrent software has since found a home on over 2 billion computers around the globe.
That could be good news for TRON participants, as the BTT token is set to become one of the assets which can be used as collateral in TRON’s defi ecosystem. BTT holders will be able to lock up their funds in return for regular payouts of the JST token.
Additionally, the JUST token will be added to BitTorrent’s own decentralized storage network, BTFS (BitTorrent File System). Hailed for its decentralized and scalable reach, JUST’s presence on BTFS will further connect the two related but distinct networks that are TRON and BitTorrent.
With over 100 million BitTorrent nodes around the world, and over 1,000 TRON full nodes, this latest collaboration forms possibly the largest, most decentralized distributed media sharing and storage networks the world has ever seen.
The partnership stands to benefit dApp developers especially, who will have access to a global audience, and a secure network to build on. TRON dApps currently make up 5 of the top 10 apps by daily user count, according to data from Dapp.com.