Tron Attempts To Replicate Uniswap’s Success With “JustSwap”

Tron attempts to replicate the success Uniswap had by launching “JustSwap” as we are learning more about it in the Tron TRX news today.

On Twitter, there’s an image of Justin Sun, the founder of Tron standing beside a sign with the catchphrase “Dare to DeFi” during CoinDeks’s Consensus conference. The reason why the photo shot up on social media is that the catchphrase seems funny as Tron had little involvement in the space of decentralized finance. But this is starting to change. Tron and its developers are making a huge effort to break into the DeFi space as its competitor Ethereum saw a huge influx of investment activity and development.

🚀Numbers #JUST keep going UP 📈#JustSwap launch day, and surpassing ONE MILLION 🚀 pic.twitter.com/lA8GXxkk7T

— JUST (@DeFi_JUST) August 18, 2020

DeFi saw huge growth over the recent months and according to DeFi pulse, it has recorded the total value of tokens locked in contracts rallying by 1000 percent this year. the value of tokens pertaining to this sector increased above $10 billion. But not all blockchains have been benefiting from the craze. DeFi is a trend only relegated to Ethereum.

LOL Tron's Justswap went live just now and in a decentralized world there is no way to keep scammers scamming the OG scammer

Tons of TRC20 version ERC20 top Defi coin were listed instantly hopefully ppl don't get scammed there pic.twitter.com/IEuLSPMkwC

— Dovey 以德服人 Wan 🪐🦖 (@DoveyWan) August 18, 2020

However, Tron attempts to put a foot in the sector. The TRON-based JUST project named after Sun himself, released a trading platform called “justSwap” which is a special type of decentralized exchange called Automated Market Maker which removes the concept of order books from trading. JustSwap reported over $1 million worth of volume and $1.7 million worth of liquidity across the trading pairs. The platform seems like an attempt at replicating Uniswap which is a prominent automated market maker able to process more than 100,000 transactions per day and more than $100 million worth of volume every day.

Uniswap is so big that it is processing more transactions than most blockchains as Litecoin do and it also facilitates more volume than some top exchanges. Unfortunately, Dovey Wan reported that Just Swap saw a lot of issues out of the gate. The tRX cryptocurrency benefited from Tron’s pivot from the blockchain-based gaming and gambling to decentralized finance over the recent weeks. According to the data, the altcoin gained 46 percent over the past week and 67 percent in the past month. The asset is 15^th by market cap right behind Stellar and Tezos. TRX is down by 8.5 percent in the past day as BTC and ETH fall from their Monday highs.