- The Tron foundation will be launching JustSwap on the 18th of August.
- JustSwap will be the first decentralized token exchange protocol on Tron (TRX).
- It will allow users to exchange TRC20 tokens as well as earn trading fees and mining rewards.
- JustSwap will revolutionize DeFi on the Tron ecosystem.
Justin Sun has on numerous occasions notified the crypto community on the upcoming launch of JustSwap. The latter will be the first decentralized token exchange protocol on Tron.
The launch fo JustSwap comes at a time when ETH gas fees have skyrocketed due to the DeFi boom on the Ethereum network. In one of his latest Tweets, Justin Sun pointed out the efficiencies of Tron over Ethereum as follows.
#Ethereum‘s gas fee has skyrocketed! #DeFi on #TRON has lower fees & 200x faster speed w/ instant settlement! It’s been proven that #USDT TRC20 & Dapps on #TRON is best! #Defi developers wanting better outcome for users should use #TRON. #TRX $ TRX
— Justin Sun (@justinsuntron) August 13, 2020
JustSwap Will Revolutionize DeFi on the Tron Network
With JustSwap about to be launched on the 18th of this month, it will allow users of the protocol to become liquidity providers. As part of their efforts, the said liquidity providers will earn trading fees and mining rewards thus providing incentives for more TRX and TRC20 holders to use JustSwap rather than going through the regular crypto exchanges that charge trading fees.
Furthermore, JustSwap will be a pivotal gateway for the Just (JST) DeFi project’s ecosystem. Users of Just use TRX as collateral to borrow USDJ. When paying the debt, users repay the USDJ in addition to a stability fee paid with the JST token. The latter two tokens are TRC20 tokens and JustSwap will be the perfect decentralized token exchange for Just (JST) users.
Also to note is that JustSwap is aptly named after the Just DeFi project hinting that one of its core purposes is to provide a solid foundation for the DeFi project.
Effect of JustSwap on the Price of Tron (TRX)
Taking a quick glance at the charts reveals that the value of Tron has had a considerable boost from the Wave partnership news. Additionally, the launch of JustSwap in the next few hours and its continued use, will have a positive effect on the value of Tron (TRX).
From the 13th of August to date, Tron has grown in value from $0.020 to a local peak f $0.02618. This is a 30% increment in value with the latter price acting as a significant resistance zone.
At the time of writing, TRX is currently trading at $0.02553 and looks set to break the aforementioned resistance zone ahead of the launch of JustSwap.
As with all analyses of Tron (TRX), traders and investors are advised to have an eye out for any sudden Bitcoin moves that might ruin the party. Stop losses and the use of low leverage is also advised when trading Tron on the various derivative platforms.