After releasing its own decentralized token swap protocol yesterday, the Tron blockchain’s native token TRX fell in the market today, despite trading volume on the new protocol already surpassing USD 6 million, according to the team behind it.
Dubbed JustSwap, Tron’s new token swap protocol bears many similarities with the Ethereum (ETH) network’s better-known Uniswap protocol, and represents the latest step in Tron founder Justin Sun’s plan to create a new ecosystem for decentralized finance on Tron, dubbed “JUST DeFi.”
Celebrating the new launch, Justin Sun earlier today shared an “Open Letter to Crypto Lovers” on Twitter where he boasted about the success of JustSwap, saying “we’ve accomplished in a dozen hours what Uniswap took a dozen months to achieve,” adding that his platform offers a “far better trading experience than Uniswap.”
📢#TRON and #JUST team are going All-In on the #DeFi ecosystem.
✊We will not back down until we see the decentralized financial revolution end in triumph.#TRON #JUST #JST $JSThttps://t.co/BJ4w4ncfiR pic.twitter.com/tL284TRnJB
— Justin Sun (@justinsuntron) August 19, 2020
Commenting on the development, the community members took both sides of the discussion, with some questioning how Tron all of a sudden “has a whole new roadmap,” while another replied: “If you’re so worried, sell. I’d love to pick up some cheaper trx.”
Despite the buzz surrounding the launch of the token swap platform, however, the 15th coin by market capitalization did take a hit in the market today.
It was among today’s worst performers, posting a 24-hour drop of 4.5% as of press time (13:57 UTC). It’s currently trading at a price of USD 0.027, according to data from Coinpaprika.
However, TRX remained the best weekly performer among the top 30 cryptoassets by market capitalization, gaining 36% in the last seven days.
As reported, the launch of JustSwap is step 1 in a three-step plan to create an entire DeFi ecosystem around the Tron blockchain, with the next steps being the launch of JUST Stablecoin (USDJ) and JUST (JST) yield farming on August 31. Further, these additions to the Tron network will also be followed by the launch of a new decentralized oracle on Tron at a later date.