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

Exchanges • April 6, 2020, 8:15AM EDT
UPDATED: April 6, 2020, 8:23AM EDT
Photo by Visual China Group via Getty Images

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.

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"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.

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