Tron CEO, Justin Sun has now announced an Initial Exchange Offering (IEO) launchpad on Poloniex. The news “touched down” following an official announcement on the 5th of April and a series of tweets in which Sun explained the modalities of this new platform functionalities. Following the announcement, Tron’s native cryptocurrency, TRX has responded in a positive bias by gaining about 10% in one day.
Sunday 5th of April, founder of Tron, Justin Sun took to his twitter handle to both announce and explain the modalities of a new IEO launchpad that just went live on Tron Foundation’s newly acquired crypto exchange, Poloniex.
Justin Sun, in a series of Tweets, said that TRX will be used to participate in the Poloniex launch base in a similar manner to the way BNB is used on Binance launchpad. Adding that the crypto exchange, Poloniex has helped hundreds of projects to develop a stand and community within the crypto space.
“$TRX will be the only eligible currency for purchases. Over the past 6 years, @Poloniex has helped hundreds of quality blockchain grow and develop their community”
The crypto sector awoke to a new dawn of fundraising (IEO) in 2018 before which the highly conventional but now nearly extinct ICOs system caught the markets by a surprise in 2017. Binance which are the frontiers of the new system has launched more than 15 projects on its IEO launchpad to date. Other major crypto exchanges have adopted this method as the old system of fundraising known as ICOs becomes a thing of the past.
Tron-Based MakerDAO-Like Defi Platform
Justin Sun also announced a Decentralized Finance (Defi) system which involves generating USDJ, a stable coin pegged to the USD in the ratio 1:1 by just staking TRX on JUST’s CDP portal. JUST is the first Poloniex IEO labeled as a Defi system.
According to the announcement, Justin’s native cryptocurrency will be used to pay interests and perform maintenance on the project. Also, The CDP (collateralized debt position) component of JUST is similar to that of MarkerDao which utilizes Ehtereum as the collateral to issue DAI, the 1:1 USD stablecoin.
TRX Gains 9% In 24 Hours
Following the announcement, TRX has gained about 9% against bitcoin in the next 24 hours. The cryptocurrency saw a significant push towards the positive bias as it’s believed that investors acquired the coin in order to participate in the first Poloniex IEO.
TRX was changing hands at $0.013. Within 24 hours prior to the time of writing this piece, TRX was down by almost 10%, trading at just $0.0119.