Justin Sun’s DeFi Platform Flash Token Sale: $JST Tokens Sold Out in Just 4 Minutes 26 Seconds
JUST (JST) Token
The founder of Tron, Justin Sun, launched its new crypto project called Djed, the DeFi platform, in March 2020, which then rebranded to JUST one month later.
On May 5, the Poloniex’s IEO platform, LaunchBase, offered the flash sale of $JST tokens. After the completion of the initial exchange offering of JST tokens, Sun took to Twitter to celebrate the successful ending of the token sale. According to him, people grabbed the tokens in just 4 minutes 26 seconds.
Flash Sale via Poloniex’s LaunchBase
Tron founder said in a tweet:
“$JST tokens sold out in 4 minutes 26 seconds! Winning participants from the token flash sale will now be able to see your $JST in your #Poloniex account. Once $JST is listed on #Poloniex, full trading, withdrawals, and deposits will be enabled.”
People, interested in buying tokens, bought them with TRX, the native cryptocurrency of Tron’s main blockchain. One token is sold out at $ 0.003, and in total, JUST coins worth $8,000 were sold out in less than 5 minutes. One was obliged to buy coins with TRX up to $ 5000.
In April 2020, when the platform rebranded from ‘Djed’ to ‘JUST’, the project was severely criticized by the crypto community as many claimed that the Tron project is shifting from decentralized network to centralized one. But
Sun defended it by saying:
“JUST means “fair and Just.” JUST Foundation aims to create a RON-based stablecoins lending platform where everything is contract-based, any JST holders can participate in governing the USDJ currency system and achieve decentralized autonomy, where true justice and fairness can be guaranteed.”
JUST has both Altcoin and Stablecoin
The DeFi platform built on the Tron’s blockchain will have native altcoin as well as stablecoin. $JST is the native altcoin of JUST while USDJ is the stablecoin of the crypto project.
Sun elaborated:
“USDJ is a new currency generated through decentralized smart contracts on the TRON network. Anyone can pledge TRX as collateral to generate USDJ. USDJ enters into free circulation as any other cryptocurrency does once generated. It is pegged to the US dollar through Collateralized Debt Positions (CDPs), and also has autonomous feedback mechanisms.”
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