TRON’s DeFi Takeover Gains Ground as JustSwap Hits $20m Trade Volume
It’s been a busy few weeks for TRON. Not only did its new decentralized token exchange (DEX) JustSwap launch, but cryptocurrencies such as JUST (JST) and stablecoin USDJ came into the world. There’s the small matter, too, of BitTorrent’s distributed file-sharing network (BTFS) and the BitTorrent Token (BTT) that powers it. With the flurry of announcements, TRON has become a major player in the booming DeFi market, its ecosystem a sort of “super city” within the vast crypto ecosystem.
When JustSwap recorded a total trade volume of $10 million within 24 hours of its August 18 launch, many heads turned. Then it hit $20m inside five days as it added a succession of TRC20 tokens to its liquidity pools. And with USDJ and JST scheduled to fully launch on August 31, the momentum isn’t likely to stop anytime soon. JST has recorded 24-hour trading volume of $266 million, having been added to major exchanges in recent weeks including Binance.
Notwithstanding their reputation as a Marmite brand – people tend to either love or hate TRON and its messianic figurehead Justin Sun – no-one can accuse the company of resting on its laurels. By integrating three vast ecosystems in JST, BTFS, and BTT, and continually highlighting Ethereum’s scaling problems while releasing dApps at a rate of knots, TRON is assuming the status of a true crypto heavyweight.
Going All in on DeFi
JustSwap is, let’s not forget, at the base of the mountain in its quest to upset the DEX apple cart. When it comes to decentralized spot trading – a smart contract-based trustless market where traders can exchange their crypto tokens with one another – Uniswap is the undisputed DeFi king, racking up well over $100 million volume in any 24-hour period.
The Ethereum DEX doesn’t inspire awe in Sun, however. In a recent letter to TRON and JST community members, he stated, “We’ve accomplished in a dozen hours what Uniswap took a dozen months to achieve. It is no mean feat for a newly-launched AMM DeFi product. Moreover, the TRON-powered JustSwap offers far better trading experience than Uniswap.
“I have faith that as long as we race against time and keep upgrading our products, JustSwap will one day become the powerhouse of 100x cryptos and TRON will build a DeFi protocol that parallels Ethereum’s.”
At the moment, JustSwap has listed the likes of WINK, DICE, USDT, USDJ, and ANK, with plans afoot to expand the range of supported cryptos.
BTFS Network Could Be the Final Piece of the Puzzle
And what of the BTFS network which aims to set the standard for decentralized file sharing? According to TRON, the network continues to attract global miners, with BTT creating an incentivized economy for provisioning and utilizing distributed storage. TRON has long been known for its high throughput and low fees and having now added its own liquidity pools and dApp storage network, there’s little doubt it will continue attracting compelling DeFi projects to TRON and chipping away at Ethereum’s empire.