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Jun

JUST (JST) Launched an Airdrop for TRON Holders

Published April 15, 2020 10:04 PM EST
Updated May 12, 2020 10:05 PM EST
JUST (JST) Launched an Airdrop for TRON Holders

          On May 20, 2020, JUST Foundation will initiate it’s first airdrop of JUST (JST) to TRON holders. The snapshot will be taken at 00:00 UTC on May 20th. Based on this snapshot, JUST Foundation will initiate it’s first airdrop of 217,800,000 JUST (JST), corresponding to 2.2% of the total supply. JST will be airdrop to all the addresses running on TRON’S blockchain that have a TRX balance greater than 100 TRX. The airdrop will be automatically distributed to the TRX holders regardless of whether their TRX are frozen or not.

JUST (JST) Airdrop Timeline

May 20, 2020 - Initial airdrop of 217,800,000 JST

June 20, 2020 - May 20, 2021 (12 months) Amount of JST airdropped on the 20th of each month: 237,600,000

June 20, 2021 - May 20, 2022 (12 months) Amount of JST airdropped on the 20th of each month: 257,400,000

June 20, 2022 - October 20, 2022 (5 months) amount of JST airdropped on the 20th of each month: 277, 200, 000

Airdrop’s snapshot will be initiated on the 20th of each month at 0:00 UTC. https://medium.com/@TronFoundation/just-jst-airdrops-for-tron-trx-holders-ef0c68cc8267

JUST Stablecoin (USDJ)

          USDJ is a stablecoin of TRON. It’s generated through decentralized smart contracts on the TRON Network. Anyone can pledge TRX as collateral to generate USDJ. USDJ enters into free circulation as any other cryptocurrency does once generated. It is pegged to the US dollar through Collateral Debt Positions (CDPS), and also has an autonomous feedback mechanism. USDJ pegged with USDT at the ratio of 1:1, which was generated by pledging TRX on the CDP lending platform of JST. JST holders have decision making power over the JUST lending platform and can control the operations of the JUST Network. JST can be used to pay interest on a CDP. Project is governed by JUST community members based on the number of JST they hold. Proposals are voted by the whole ecosystem.

Token Details

Name: JUST GOV(JST)

Ticker: JST

Total supply: 9,900,000,000

Official Website: https://www.just.network

Whitepaper: https://www.just.network/docs/white_paper_en.pdf

Block explorer: https://tronscan.org/#/token20/TCFLL5dx5ZJdKnWuesXxi1VPwjLVmWZZy9

Guide on how to generate USDJ on JUST CDP: https://tronscanorg.zendesk.com/hc/en-us/articles/360041737852-Step-by-step-instructions-on-how-to-generate-USDJ-on-JUST-CDP

Price: 0.01 USD
          0.794282 TRX

Guide on how to generate USDJ on JUST CDP

          Here is a quick guide on how to generate USDJ on JUST CDP. You need to stake your TRX to generate USDJ. The total value of staked TRX must be at least 150% more than that of USDJ you’d like to generate. Open a CDP before staking TRX for USDJ.

Open CDP in your web browser and login with tronlink and click “Open CDP”.

CDP1

          The balance of TRX, USDJ, JST in your TronLink is available on your CDP interface. Click the button “Create CDP” in the middle, then you will see the following page:

CDP2

          The column to the left is where you enter the amount of TRX to be staked, and the amount of USDJ you would like to generate in the right column. Please note that the collateralization ratio should be no less than 150%, ie. The total value of TRX staked divided by that of USDJ should be at least 150%. Open a CDP (where later we will stake TRX for USDJ) and then stake TRX in the CDP and generate USDJ in the CDP. Now, you can stake 500 TRX for 4 USDJ. Users are required to stake more than 100 TRX, so you need to deposit adequate TRX into TronLink. We then stake 500 to borrow 4 USDJ. The number of USDJ to be generated makes your CDP vulnerable to liquidation.

CDP3

          To be safe, set the number of USDJ to be generated to 2, making the collateralization ratio stand at 345.325%, almost 200% higher than the 150% required.

CDP4

Click “Stake to generate USDJ”:

CDP5

          A window will pop up for you to confirm, where you then check the box “I have read and accepted The Terms of Service” and click “Finalize and create CDP”.

CDP6

          You will get a message pop-up from TronLink asking you to confirm the transaction. Click Accept to confirm the transaction. Wait for the transaction to be confirmed:

CDP7

          After the transaction is confirmed, you will see a message saying that the CDP has been created. Then we will see the following page:

CDP8

Take note on these terminologies:

#58: This is the ID of the CDP I created is 58. Each CDP has a unique id.

Collateralization ratio: this is the ratio between the value of TRX collateral in the CDP and that of USD

Minimum ratio: define the minimum ratio for CDP to be liquidated.

Current price: Market price of TRX.

Liquidation penalty: when the CDP is liquidated, a proportionate penalty fee based on the amount of USDJ generated will be charged. The fee will be deducted from the TRX collateralized in the CDP.

Stability fee: this is the interest incurred on the USDJ generated from the CDP based on an annualized borrowing rate, which should be paid by the CDP holder when closing/paying back the CDP. The fee is valued in USDJ and could be paid with JST token.

You can see on the right that the number of USDJ has changed to 3.99. The 2 USDJ is what we get from staking TRX in the CDP.

Deposit - Add another 200 TRX to the CDP

As mentioned before, in the operations above we actually merged 3 steps into one:

  • Create a CDP (later we will stake TRX into the CDP and generate USDJ from the CDP)
  • Stake TRX into CDP
  • Generate USDJ in the CDP

The later two steps can be done separately. Here we talk about staking TRX into the CDP.

Note that there are four buttons:

CDP9

  • Deposit: deposit more TRX into this CDP; the more TRX you stake, the more USDJ you can generate; if you are not intended to generate more USDJ, you can still deposit to raise your staking ratio to stay away from the 150% mark of being liquidated.
  • Withdraw: opposite to Deposit, it means taking the TRX you have staked out from the CDP. Please note that you can only withdraw TRX when your staking ratio is higher than 150%.
  • Payback: pay back USDJ in CDP, you can pay back USDJ to increase your liquidation ratio when it is close to 150%. This operation lowers the risk of being liquidated. A stability fee will be charged when paying back USDJ.
  • Generate: continue to generate USDJ from the CDP. This operation will drive down the CDP staking ratio.

Now, let’s deposit another 200 TRX into the CDP. Click Deposit, enter 200 TRX in the pop-up window on the right.

CDP10

Then wait until the transaction is confirmed. After the transaction is confirmed, we’ll see that the staking ratio has increased drastically.

CDP11

Generate - Generate another 1 USDJ

          Generating another 1 USDJ is also simple. Click the grey Generate button and enter 1 USDJ in the pop-up window on the right. Then simply click the red Generate button.

CDP12

Wait until the transaction is confirmed. The USDJ balance in this account has increased by 1 USDJ to 3.99 USDJ:

CDP14

Payback - Payback 1.0 USDJ to the CDP

          Now let’s try repaying USDJ. To do this, we simply need to click on "Repay". Note here that we do not have enough JST to pay the stability fee that is charged when repaying USDJ. Our recommendation is to repay debt with just USDJ (when paying stability fee with USDJ, we are actually using a smart contract to convert USDJ into JST based on JST’s market price). Choose to pay the stability fee with USDJ:

CDP15

          Then wait until the transaction is confirmed and click accept. The repayment is successful.

CDP16


Close the CDP

Now we need to completely close the CDP with steps including:

  • Repay all the generated USDJ from CDP
  • Pay the stability fee
  • Retrieve all the staked TRX

We will also choose “Use USDJ to pay the stability fee”, then click “Close”:

CDP17

CDP18

          Once the transaction is confirmed, we can say goodbye to our CDP. Meanwhile, you will notice changes in your TRX account:

CDP19

          Six days ago Justin Tron announced on Twitter to check out their DEFI solution, the new platform JUST. DEFI solution is a cloud-based loan origination platform that helps small to large businesses automate and manage lending programs. Designed for banks, credit unions and auto lenders, the centralized platform enables users to configure rules, simply processes and gain operational efficiency at all levels. It integrates with third party software, which allows users to combine data and improve funding decisions. JUST is TRON's stablecoins lending platform. By staking TRX, JUST users can generate USDJ and USDJ can be withdrawn and used as any other stablecoin. JST holders can govern the USDJ currency system.

          Since TRON is the most active blockchain in terms of daily active dapp users, I really think this new platform will also be recognized by crypto investors. Atomic wallet, Poloniex Exchange, Biki.com and MXC Exchange already announced their support in this new project. The JUST Foundation will airdrop JST tokens every month during the next two and a half years and the only users who are eligible for the airdrop are TRON holders. JUST Foundation will be hosting more AMAs real soon. This is really much awaited.

          Winterwind is a leading blockchain development agency integrating more than ten different blockchains.

Talk to us about your project today!

Get in touch by sending an email to anthony@winterwind.com

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