TRON 4.0 Online Conference: Terrance Fu — Head of JUST Project: The TRON DeFi Empire is Taking Shape
Hello, everyone, this is Terrance, the head of JUST project. It’s a great opportunity to talk to you and give you a comprehensive picture of the project we’re currently working on.
What I would like to share with you today is JUST is the next financial infrastructure for TRON.
Let me break it down to four parts. First, I will talk about the DeFi world we knew and then the objective of JUST. Just and I will look at the outlook of it.
So let’s start from the DeFi world we knew. Currently, the world of DeFi is experiencing a surge of both projects and capitals. The expectation of such an ecosystem is significantly changing the traditional finance industry. This is the result of the development of Blockchain technologies. DeFi projects are permitting every aspect of the financial industry from payment to insurance to law.
Among them, projects like JUST, compound, maker and syntax are in the spotlight.
We can see it from this picture. Since 2018, all have received potential growth that goes from zero to almost 2 billion USD. So as you can see, this is a very fast growing field in the Blockchain ecosystem. However, we also see some challenges. First is the risk. The complexity of the protocol makes some smart contracts hard to be reviewed, checked and defined. So this is easy to be hacked.
It’s a very big issue for quite a lot of the projects. Secondly, lack of standard makes it difficult for users to use and also for the developers to develop. This is causing some of the projects, eventually to be shut down. Also, a considerable amount of idle funds which actually can be used to bring in profit is now, however, stacked in contract and lost the liquidity.
So how to build an advanced, reliable and market friendly DeFi system has been on our minds since day one. As a project, JUST is not just dedicated to building a TRON stable market but is also exploring the responsibility for the DeFi system for TRON. And this is how we define the architecture of TRON DeFi world. We divide DeFi into five layers. The underlying layer is the public chain. A public chain is the foundation of DeFi and in JUST case. And then the second layer, the second layer is the token. This layer defines the asset as an object. As a token SDAGS is the most important concept of DeFi. Each token in the second layer represents an asset and users and developers can issue ecosystem based on TRC720 and 721. For instance, JUST token is a platform token and this is a simple coin for just.
And now, coming to the third layer. Also, the most important one which is the protocol. This layer is built upon the previous two layers and we’ll set uniform standards for the last fundamental finance protocols.
Such as the exchanges, credit, financial relatives and insurance and so on. And next is the fourth layer which is the application layer so basically, the basic applications of some protocols can be encapsulated and then called in this layer both in the terms of wide and APS services. Such features are available to developers and some users to use. And the fifth and final layer is the integrator. Just like its name, this layer is an integration of the application layer and stable input and output of the application layer is necessary to be a good financial product.
There will be cross over integration into protocols and applications in our long term plans and we also view JUST token as a governance token of the entire protocol. With a foundation like that, we will provide comprehensive financial services including underlying landing protocols and pricing protocols for our uses.
Okay, so what are the attributes of just the DeFi system compared to other DeFi projects? First of all, if the standardization and protocol layers. We want to define universal standards in three main aspects. So first is the financial protocols which will give us a standard interface for the financial events. Second, we want to define the security protocols and risk control. Third, we also have some generic protocols for common functionalities such as the proof and so on.
I think both the developers and users can benefit from the standard protocols, contracts will be safer for users and users can easily understand what products they are using.
And okay. So next what I want to talk about is to build a community based financial system. Community is the essential component of JUST. We believe all DeFi products should include a community governance module which encourages community users to participate in the governance of the DeFi project.
In the meanwhile, we also consider community promotion and incentives. We encourage more manners of community to join our projects and help us to build our industry. And the third very important things are collaborative development which is another attribute of JUST. As a critical milestone for the public chain, JUST will have collaboration with TRON and use chain layer infrastructure to provide stability functionality for our users. I will give you more information about this in the last section.
So next, let’s talk about something about JUST project itself and the JST token. You might already be quite familiar with JUST project but still I want to give you a very brief introduction of it. So JUST is currently the biggest DeFi project of TRON. It will provide an ecosystem with a reliable source of Stablecoin and issues for over governance. Users can stake TRX as collateral in smart contracts to generate USDJ Stablecoin.
And here are some stats after the release of JUST. So after two minutes after its launch in April 2020, JUST now accepts a total of over 20 million dollars TRX. Over 20 thousand community members in the society and also delivered 10,000 landing services with a total volume exceeding 100 million dollars. So I think our project is in a very good shape and in the correct direction.
And also I would like to talk something about JUST token itself and what role the JST token played in our DeFi system. First of all, after the token, it can be used to pay for borrowed interest and govern the platform. We are also launching it to TRX holders to further incentivize the users but JST is more than that.
It will function as the governance token for all future projects which means that JST will stand at the core of a stronger, more well rounded DeFi system.
So what is our expectation for JUST? I will say that I am on a steep learning curve gaining experience from the market to where the market is heading and Stablecoin is just the beginning of our DeFi projects.
More DeFi projects are in our pipeline. So two major ones including a landing financial system like compound and the decentralized exchange like uni swap. We’re also working for TRON network. It will help reach our financial system and help build a fully functional TRON DeFi world. Of course, it will be liberated throughout the whole system to incentivize users and stimulate corporations for the community.
In parallel, we would like to use TRON 4.0 functionality to fully support the transaction for our token like USDJ. We will also bring it to TRON using cross chain technologies to bridge BTC and TRON. We will also work with the TRON team by using the layer two solutions which provide more flexibilities and more customization to support JUST. As you can see, we are very ambitious to bring a whole bunch of DeFi together and bring more functionalities and business value.
It’s our strong belief that we will become the cornerstone of the next generation of decentralized finance and also JUST and TRON will definitely have more promising futures.
So that’s all from JUST. Thank you!