The founder of Tron blockchain platform, Justin Sun, has just announced that the mainnet launch of TRON Stablecoin platform would be happening today. He further asserted that a rebranding has been done for the platform, changing the name from Djed to JUST.
TRON brought the new project into the blockchain ecosystem as a system for collateralized loans. Justin Sun had earlier teased the TRON community about the launch of the project in January, asking community members to suggest a name for the decentralized stablecoin.
Mike McCarthy, an avid TRON supporter, proposed the name Djed for the project that was previously backed by TRX and BitTorrent Token (BTT).
The name Djed which was gotten from the ancient Egypt was then accepted, and since then, the platform was regarded as Djed. Earlier on March 28, when Justin Sun hinted about the closeness of its launch, he also referred to the project as Djed.
However, founder Justin Sun broke the news today that Djed testnet has been successfully completed, and the project would be rebranded to JUST. He also noted that the name of the token would be $JST while its stablecoin would be called $USDJ.
The Chinese-American CEO also added that the mainnet launch of the project is scheduled for today.
Djed, the testnet of the TRON stablecoin platform has successfully completed the testings. We are excited to announce that we decided to upgrade brand from Djed to #JUST (Token: $JST Stablecoin: $USDJ) and launch the mainnet on April 4th. Link: https://t.co/8O7H1LGnmH pic.twitter.com/Ta2DLTGCU7
— Justin Sun (@justinsuntron) April 4, 2020
JUST platform is a credit system platform developed by Tronscan and governed by JST token holders. The project is very similar to Maker in terms of its website design and functions.
However, TRON users would be pledging their TRX token on the platform to get USDJ rather than Dai. Rather than MKR, its governance token is JST.
On March 28, when Justin Sun hinted about the launch of the decentralized stablecoin, critics knocked the project, labeling it as an imitation of MakerDAO.