Justin’s Open Letter to Crypto Lovers on JustSwap Launch
Since its launch on August 18, 2020 at 23:00 (UTC+8), JustSwap has been highly sought-after and received huge support from the community and the crypto world.Within 15 hours, the trading volume on JustSwap has surpassed 5.8 million USD. I believe this is remarkable for a newly-born AMM decentralized exchange.
We’ve accomplished in a dozen hours what Uniswap took a dozen months to achieve. It is no mean feat for a newly-launched AMM DeFi product. Moreover, the TRON-powered JustSwap offers far better trading experience than Uniswap. Users who have tried it out last night would agree with that.
TRON and Just team are going All-In on the DeFi ecosystem. We will not back down until we see the decentralized financial revolution end in triumph. I have faith that as long as we race against time and keep upgrading our products, JustSwap will one day become the powerhouse of 100x cryptos and TRON will build a DeFi protocol that parallels Ethereum’s.
It’s true that we ran into some problems at the start of the launch. The past 15 hours felt like 15 months. We are sorry for the inconvenience users have experienced. Worsened by the recent market volatility, JustSwap and TRON ecosystem are met with challenges during this very stage. We very much share your concerns, for which we extend a sincere apology to all.
We shall confront any problem and challenge head-on and propose 8 measures to stimulate JustSwap and the TRON DeFi ecosystem:
1. Eliminate fake tokens. JustSwap team will crack down on fake tokens by reviewing each and every token in the dropdown list, making sure those which get on to the list are fully legit. In parallel, a report channel for fake tokens will be opened (report@JustSwap.org) and any identified fake token will be immediately delisted.
2. Invite and reward premium projects to TRON. High-quality projects are the backbone of the TRON ecosystem. We have made marked progress in inviting top project teams on Ethereum to join TRON. Announcements will be made soon. Moreover, TRON has initiated a DeFi fund of 10 million USD to sponsor and encourage good DeFi projects and developers to work on TRON.We are working wholeheartedly to develop the TRON DeFi ecosystem!
3. Incentivize liquidity-providing market makers. JustSwap cannot function without market makers providing liquidity. Currently, JustSwap has distributed all handling fees of every trading pair to market makers of all trading pairs without any extra charge. Going forward, JustSwap team will launch appropriate reward plans to further incentivize our market makers, making JustSwap the best-ever liquidity ecosystem!
4. Replace monthly JST airdrop rewards to TRX holders with JST liquidity mining rewards. We will stop distributing JST monthly airdrops to TRX holders in a bid to reduce JST market liquidity and drive up the value of JST. Meanwhile, we will offer generous liquidity mining rewards to incentivize users to stake TRX, BTT and JST for JST rewards. Rules regarding reward distribution will be announced soon and made public to all.
5. Strengthen cooperation with data display providers. Data display and integration are essential for exchanges. We will spare no efforts in enhancing our cooperation with top data display platforms such as CMC, Coingecko, Feixiaohao and mytoken to increase brand awareness for JustSwap and have more data shared on multiple platforms. Exchanges listed on JustSwap will be the first to have access to resources provided by these leading data platforms.
6. Enhance cooperation with world-class blockchain wallet providers.Wallets are the mobile gateways to JustSwap. JustSwap has secured collaborations with many wallets in the TRON ecosystem including Imtoken, Bitkeep, Tokenpocket, Trustwallet, Tronlink and huobiwallet. Moving forward, we will continue optimizing the performance of these gateways to deliver the smoothest-ever trading experience to users.
7. Improve user experience. It is not enough to simply create a good trading experience. Therefore, we have been working around the clock to collect users’ feedback in the first 12 hours since its launch to further improve the overall trading experience including wallet interfaces, web and plug-in ends. The ultimate goal is to create a smooth and seamless trading experience.
8. Publish tutorials for community members. AMM DeFi exchange is relatively new and the trading process on JustSwap may be unfamiliar to many crypto newcomers. We will create a series of targeted on-boarding tutorials for each end and add risk warning to help newcomers use JustSwap with ease and enjoy the TRON AMM ecosystem!
I personally believe that the DeFi revolution which will sweep across the crypto world and even the wider financial sector has just started. Throughout TRON’s exploration of the DeFi sphere, TRON has always maintained an “All in” approach to face all challenges and difficulties. We sincerely hope you could give JustSwap, a 15-hour old newborn, more time to grow. We will definitely confront all challenges head-on and build JustSwap into the best-ever Defi ecosystem, living up to the expectations and support you have given us!
Sincerely yours, Justin