Poloniex launches token sale platform, with Tron’s decentralized stablecoin system as first project

Crypto exchange Poloniex has rolled out a new token issuance platform called “LaunchBase."

Announced on Sunday, the platform's first supported project is Tron’s decentralized stablecoin system called “JUST.”

JUST was initially named "Djed” when it was announced last week. It is the Tron Foundation’s MakerDAO-like stablecoin system.

"LaunchBase has selected as its first project a TRON-based stablecoin lending platform called JUST, and its associated token JST," said Poloniex, adding: "JUST is a decentralized lending platform where users can stake TRX via JUST’s CDP [Collateralized Debt Position] portal to generate USDJ, a stablecoin pegged to USD at a 1:1 ratio."

Poloniex further said that TRX will be the only eligible token for purchases via LaunchBase.

Tron founder Justin Sun said JUST aims to build a "fair" decentralized finance (DeFi) system that provides stablecoin lending and governance mechanisms for all users, and that he will "fully support" the LaunchBase platform and its future development.

Notably, Sun is one of the investors that acquired Poloniex from Circle late last year.

Poloniex joins a number of crypto exchanges with its token issuance platform, including Binance, OKEx and Huobi, among others. Last year, Coinbase was also evaluating the launch of such a platform.

AUTHOR

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

See More
Connect on

WHO WE ARE

The Block is a news provider that strives to be the first and final word on digital assets news, research, and data.

+ Follow us on Google News
Connect with the block on